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Model Note · SURAJ PRODUCTS LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SURAJ PRODUCTS LTD. Discounted cash flow · base FY26
SURAJ PRODUCTS LTD.
Value per share, this model₹255
CMP 2026-09-10₹253.90
Difference0.4%
Growth the CMP implies7.5%/yr
This note states the assumptions and the arithmetic of one model of SURAJ PRODUCTS 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
10.3%
FY26 10.3% · 5-yr average 10.3%
Depreciation · capex, % of revenue
2.3% · 0.4%, fading to 1.2× depreciation
FY26 2.3% · 0.4%
Working capital, % of added revenue · tax
17.7% · 22.5%
65 working-capital days · effective 22.5%
Discount rate
11.00%
1-yr beta 0.58
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(2) · ₹0 · ₹0 cr
FY26 net debt ₹(2) cr
Shares
1.14 crore
1.14 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
304
328
354
383
413
446
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
31
34
36
39
43
46
Depreciation
(7)
(8)
(8)
(9)
(10)
(10)
NOPAT
19
20
22
24
26
28
less capex
(1)
(1)
(4)
(6)
(9)
(12)
less working-capital build
—
(4)
(5)
(5)
(5)
(6)
Free cash flow to firm
—
22
22
21
21
20
Present value
21
19
17
14
12
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 PRODUCTS LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
83
PV of the terminal value (71% of EV)
205
Enterprise value
289
less net debt
2
less non-controlling interest
0
add non-operating investments
0
Equity value
291
÷ 1.14 crore shares
₹255
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
263
281
302
329
362
10.5%
244
259
276
298
323
11.0%
228
240
255
272
293
11.5%
214
224
237
251
268
12.0%
201
210
221
233
247
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
