This note states the assumptions and the arithmetic of one model of SVARAJ TRADING & AGENCIES 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 14.9%
EBITDA margin
46.6%
FY26 46.6% · 5-yr average 42.1%
Depreciation · capex, % of revenue
15.8% · 1.5%, fading to 1.2× depreciation
FY26 15.8% · 1.5%
Working capital, % of added revenue · tax
359.6% · -6.8%
1313 working-capital days · effective (6.8)%
Discount rate
11.00%
1-yr beta 0.28
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY26 net debt ₹(0) cr
Shares
1.48 crore
1.48 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
1
1
1
2
2
2
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
1
1
1
1
1
1
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
0
0
0
1
1
1
less capex
(0)
(0)
(0)
(0)
(0)
(0)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
0
0
0
0
0
Present value
0
0
0
0
0
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 · SVARAJ TRADING & AGENCIES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1
PV of the terminal value (45% of EV)
1
Enterprise value
1
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
1
÷ 1.48 crore shares
₹1
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1
1
1
1
1
10.5%
1
1
1
1
1
11.0%
1
1
1
1
1
11.5%
1
1
1
1
1
12.0%
1
1
1
1
1
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
