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Model Note · SWASTIKA INVESTMART LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SWASTIKA INVESTMART LIMITED Discounted cash flow · base FY26
SWASTIKA INVESTMART LIMITED
Value per share, this model₹114
CMP 2026-09-10₹155.40
Difference(27.0)%
Growth the CMP implies2.6%/yr
This note states the assumptions and the arithmetic of one model of SWASTIKA INVESTMART 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
-5% a year
FY26 (22.0)% · 5-yr CAGR 7.5%
EBITDA margin
25.4%
FY26 25.4% · 5-yr average 20.9%
Depreciation · capex, % of revenue
0.9% · 1.1%, fading to 1.2× depreciation
FY26 0.9% · 1.1%
Working capital, % of added revenue · tax
2.2% · 28.2%
8 working-capital days · effective 28.2%
Discount rate
11.00%
1-yr beta 1.01
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(10) · ₹0 · ₹0 cr
FY26 net debt ₹(10) cr
Shares
2.02 crore
2.02 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
110
104
99
94
89
85
growth %
(22.0)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
28
26
25
24
23
22
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
19
18
17
17
16
15
less capex
(1)
(1)
(1)
(1)
(1)
(1)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
18
17
16
16
15
Present value
17
15
13
11
9
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 · SWASTIKA INVESTMART LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
65
PV of the terminal value (70% of EV)
154
Enterprise value
219
less net debt
10
less non-controlling interest
0
add non-operating investments
0
Equity value
229
÷ 2.02 crore shares
₹114
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
117
125
134
145
159
10.5%
109
115
123
132
143
11.0%
102
107
114
121
130
11.5%
96
101
106
112
119
12.0%
91
95
99
104
110
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
