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Model Note · SUNDARAM CLAYTON LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SUNDARAM CLAYTON LIMITED Discounted cash flow · base FY26
SUNDARAM CLAYTON LIMITED
Value per share, this model₹940
CMP 2026-09-10₹1,303.00
Difference(27.8)%
Growth the CMP implies1.9%/yr
This note states the assumptions and the arithmetic of one model of SUNDARAM CLAYTON LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
-5% a year
FY26 (10.3)% · 5-yr CAGR —%
EBITDA margin
30.6%
FY26 30.6% · 5-yr average 15.2%
Depreciation · capex, % of revenue
10.2% · 13.6%, fading to 1.2× depreciation
FY26 10.2% · 13.6%
Working capital, % of added revenue · tax
18.2% · 23.1%
66 working-capital days · effective 23.1%
Discount rate
11.00%
1-yr beta 1.09
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,252 · ₹0 · ₹0 cr
FY26 net debt ₹1,252 cr
Shares
2.20 crore
2.20 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
2,026
1,924
1,828
1,737
1,650
1,567
growth %
(10.3)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
619
589
559
531
505
480
Depreciation
(206)
(196)
(186)
(177)
(168)
(160)
NOPAT
318
302
287
272
259
246
less capex
(275)
(262)
(242)
(224)
(208)
(192)
less working-capital build
—
18
18
17
16
15
Free cash flow to firm
—
255
248
242
235
229
Present value
242
212
186
163
143
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · SUNDARAM CLAYTON LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
947
PV of the terminal value (72% of EV)
2,377
Enterprise value
3,325
less net debt
(1,252)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,073
÷ 2.20 crore shares
₹940
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
988
1,096
1,225
1,382
1,580
10.5%
875
964
1,070
1,196
1,351
11.0%
777
853
940
1,044
1,168
11.5%
693
757
831
917
1,019
12.0%
619
674
737
810
894
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
