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Model Note · SWARAJ ENGINES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SWARAJ ENGINES LTD Discounted cash flow · base FY26
SWARAJ ENGINES LTD
Value per share, this model₹4,482
CMP 2026-09-10₹3,575.00
Difference25.4%
Growth the CMP implies13.6%/yr
This note states the assumptions and the arithmetic of one model of SWARAJ ENGINES 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
19.5% a year
FY26 19.3% · 5-yr CAGR 15.3%
EBITDA margin
13.4%
FY26 13.4% · 5-yr average 13.4%
Depreciation · capex, % of revenue
1.1% · 3.5%, fading to 1.2× depreciation
FY26 1.1% · 3.5%
Working capital, % of added revenue · tax
1.6% · 25.5%
6 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 0.82
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(17) · ₹0 · ₹0 cr
FY26 net debt ₹(17) cr
Shares
1.22 crore
1.22 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
2,007
2,399
2,866
3,425
4,093
4,891
growth %
19.3
19.5
19.5
19.5
19.5
19.5
EBITDA
269
321
384
459
548
655
Depreciation
(22)
(26)
(32)
(38)
(45)
(54)
NOPAT
183
220
263
314
375
448
less capex
(70)
(84)
(85)
(83)
(76)
(65)
less working-capital build
—
(6)
(7)
(9)
(11)
(13)
Free cash flow to firm
—
156
202
260
333
425
Present value
148
173
200
231
266
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 · SWARAJ ENGINES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,018
PV of the terminal value (81% of EV)
4,410
Enterprise value
5,428
less net debt
17
less non-controlling interest
0
add non-operating investments
0
Equity value
5,445
÷ 1.22 crore shares
₹4,482
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
4,635
4,997
5,431
5,961
6,624
10.5%
4,257
4,557
4,913
5,339
5,860
11.0%
3,933
4,186
4,482
4,830
5,249
11.5%
3,654
3,869
4,118
4,407
4,750
12.0%
3,409
3,594
3,806
4,050
4,335
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
