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Model Note · SUPREME INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SUPREME INDUSTRIES LTD Discounted cash flow · base FY26
SUPREME INDUSTRIES LTD
Value per share, this model₹985
CMP 2026-09-10₹3,364.40
Difference(70.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SUPREME INDUSTRIES LTD, 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
7.5% a year
FY26 7.4% · 5-yr CAGR 12.0%
EBITDA margin
13.8%
FY26 13.8% · 5-yr average 14.4%
Depreciation · capex, % of revenue
3.8% · 10%, fading to 1.2× depreciation
FY26 3.8% · 10.0%
Working capital, % of added revenue · tax
9.6% · 25.2%
35 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.8
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(649) · ₹0 · ₹0 cr
FY26 net debt ₹(649) cr
Shares
12.71 crore
12.71 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
11,218
12,059
12,963
13,936
14,981
16,104
growth %
7.4
7.5
7.5
7.5
7.5
7.5
EBITDA
1,553
1,664
1,789
1,923
2,067
2,222
Depreciation
(428)
(458)
(493)
(530)
(569)
(612)
NOPAT
841
902
970
1,042
1,121
1,205
less capex
(1,117)
(1,206)
(1,120)
(1,015)
(887)
(734)
less working-capital build
—
(81)
(87)
(93)
(100)
(108)
Free cash flow to firm
—
74
255
464
703
974
Present value
70
218
358
488
609
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 · SUPREME INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,743
PV of the terminal value (85% of EV)
10,119
Enterprise value
11,862
less net debt
649
less non-controlling interest
0
add non-operating investments
0
Equity value
12,511
÷ 12.71 crore shares
₹985
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,018
1,097
1,192
1,309
1,454
10.5%
935
1,001
1,079
1,173
1,287
11.0%
864
920
985
1,061
1,153
11.5%
803
851
905
969
1,044
12.0%
750
791
837
891
953
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
