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Model Note · SURYA ROSHNI LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SURYA ROSHNI LTD Discounted cash flow · base FY26
SURYA ROSHNI LTD
Value per share, this model₹155
CMP 2026-09-10₹214.35
Difference(27.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SURYA ROSHNI 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
1.5% a year
FY26 1.4% · 5-yr CAGR 6.3%
EBITDA margin
6.5%
FY26 6.5% · 5-yr average 7.0%
Depreciation · capex, % of revenue
1.7% · 2.1%, fading to 1.2× depreciation
FY26 1.7% · 2.1%
Working capital, % of added revenue · tax
19.3% · 25.5%
71 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 1.04
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹20 · ₹0 · ₹0 cr
FY26 net debt ₹20 cr
Shares
21.76 crore
21.76 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
7,540
7,654
7,768
7,885
8,003
8,123
growth %
1.4
1.5
1.5
1.5
1.5
1.5
EBITDA
487
497
505
513
520
528
Depreciation
(130)
(130)
(132)
(134)
(136)
(138)
NOPAT
266
274
278
282
286
290
less capex
(160)
(161)
(162)
(163)
(164)
(166)
less working-capital build
—
(22)
(22)
(22)
(23)
(23)
Free cash flow to firm
—
221
226
230
235
240
Present value
210
193
177
163
150
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 · SURYA ROSHNI LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
893
PV of the terminal value (74% of EV)
2,489
Enterprise value
3,383
less net debt
(20)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,363
÷ 21.76 crore shares
₹155
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
160
171
185
201
222
10.5%
148
157
168
182
198
11.0%
137
145
155
166
179
11.5%
128
135
143
152
163
12.0%
121
126
133
141
150
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
