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Model Note · SUNFLAG IRON AND STEEL CO · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SUNFLAG IRON AND STEEL CO Discounted cash flow · base FY26
SUNFLAG IRON AND STEEL CO
Value per share, this model₹160
CMP 2026-09-10₹338.10
Difference(52.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SUNFLAG IRON AND STEEL CO, 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
11.5% a year
FY26 11.4% · 5-yr CAGR 15.8%
EBITDA margin
11.9%
FY26 11.9% · 5-yr average 19.1%
Depreciation · capex, % of revenue
2.9% · 3.2%, fading to 1.2× depreciation
FY26 2.9% · 3.2%
Working capital, % of added revenue · tax
19.5% · 32.9%
71 working-capital days · effective 32.9%
Discount rate
11.00%
1-yr beta 1.66
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹293 · ₹0 · ₹0 cr
FY26 net debt ₹293 cr
Shares
18.02 crore
18.02 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
3,939
4,392
4,898
5,461
6,089
6,789
growth %
11.4
11.5
11.5
11.5
11.5
11.5
EBITDA
468
523
583
650
725
808
Depreciation
(113)
(127)
(142)
(158)
(177)
(197)
NOPAT
238
265
296
330
368
410
less capex
(128)
(141)
(160)
(182)
(208)
(236)
less working-capital build
—
(88)
(98)
(110)
(122)
(137)
Free cash flow to firm
—
164
179
196
214
234
Present value
155
153
151
149
146
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 · SUNFLAG IRON AND STEEL CO · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
755
PV of the terminal value (76% of EV)
2,431
Enterprise value
3,185
less net debt
(293)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,892
÷ 18.02 crore shares
₹160
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
166
180
196
216
240
10.5%
152
163
177
192
212
11.0%
140
150
160
173
189
11.5%
130
138
147
158
170
12.0%
121
127
135
144
155
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
