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Model Note · SURAJ ESTATE DEVELOPERS L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SURAJ ESTATE DEVELOPERS L Discounted cash flow · base FY26
SURAJ ESTATE DEVELOPERS L
Value per share, this model₹319
CMP 2026-09-10₹175.01
Difference82.3%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SURAJ ESTATE DEVELOPERS L, 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
1% a year
FY26 1.2% · 5-yr CAGR —%
EBITDA margin
39.2%
FY26 39.2% · 5-yr average 44.2%
Depreciation · capex, % of revenue
0.8% · 0.6%, fading to 1.2× depreciation
FY26 0.8% · 0.6%
Working capital, % of added revenue · tax
184.3% · 28.2%
673 working-capital days · effective 28.2%
Discount rate
11.00%
1-yr beta 1.4
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹602 · ₹0 · ₹0 cr
FY26 net debt ₹602 cr
Shares
4.78 crore
4.78 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
556
561
567
573
578
584
growth %
1.2
1.0
1.0
1.0
1.0
1.0
EBITDA
218
220
222
225
227
229
Depreciation
(5)
(4)
(5)
(5)
(5)
(5)
NOPAT
153
155
156
158
159
161
less capex
(3)
(3)
(4)
(4)
(5)
(6)
less working-capital build
—
(10)
(10)
(10)
(11)
(11)
Free cash flow to firm
—
146
147
148
149
149
Present value
138
125
114
103
93
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 · SURAJ ESTATE DEVELOPERS L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
574
PV of the terminal value (73% of EV)
1,552
Enterprise value
2,126
less net debt
(602)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,524
÷ 4.78 crore shares
₹319
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
333
366
405
452
511
10.5%
299
326
358
396
443
11.0%
270
293
319
350
388
11.5%
245
264
286
312
343
12.0%
222
239
258
280
305
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
