The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · SWARAJ SUITING LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SWARAJ SUITING LIMITED Discounted cash flow · base FY26
SWARAJ SUITING LIMITED
Value per share, this model₹148
CMP, 8 Oct 2026₹365.50
Difference(59.5)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of SWARAJ SUITING LIMITED, 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
30% a year
FY26 38.5% · 5-yr CAGR —%
EBITDA margin
19.3%
FY26 19.3% · 5-yr average 19.3%
Depreciation · capex, % of revenue
3.9% · 14.3%, fading to 1.2× depreciation
FY26 3.9% · 14.3%
Working capital, % of added revenue · tax
34.2% · 22%
125 working-capital days · effective 22.0%
Discount rate
11.00%
1-yr beta 0.62
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹316 · ₹0 · ₹0 cr
FY26 net debt ₹316 cr
Shares
2.64 crore
2.64 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
577
750
975
1,267
1,647
2,141
growth %
38.5
30.0
30.0
30.0
30.0
30.0
EBITDA
112
145
188
245
318
413
Depreciation
(23)
(29)
(38)
(49)
(64)
(84)
NOPAT
69
90
117
152
198
257
less capex
(82)
(107)
(116)
(120)
(117)
(100)
less working-capital build
—
(59)
(77)
(100)
(130)
(169)
Free cash flow to firm
—
(47)
(38)
(19)
15
72
Present value
(45)
(32)
(14)
11
45
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 SUITING LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(36)
PV of the terminal value (105% of EV)
743
Enterprise value
707
less net debt
(316)
less non-controlling interest
0
add non-operating investments
0
Equity value
391
÷ 2.64 crore shares
₹148
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
159
187
220
261
313
10.5%
130
153
181
214
254
11.0%
105
125
148
175
207
11.5%
84
101
120
143
169
12.0%
66
80
97
116
138
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
