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Model Note · SYRMA SGS TECHNOLOGY LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SYRMA SGS TECHNOLOGY LTD Discounted cash flow · base FY26
SYRMA SGS TECHNOLOGY LTD
Value per share, this model₹279
CMP 2026-09-10₹1,594.80
Difference(82.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SYRMA SGS TECHNOLOGY 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
27.5% a year
FY26 27.3% · 5-yr CAGR —%
EBITDA margin
11.2%
FY26 11.2% · 5-yr average 25.9%
Depreciation · capex, % of revenue
1.7% · 3.8%, fading to 1.2× depreciation
FY26 1.7% · 3.8%
Working capital, % of added revenue · tax
19.6% · 22.4%
72 working-capital days · effective 22.4%
Discount rate
11.00%
1-yr beta 1.29
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹161 · ₹0 · ₹0 cr
FY26 net debt ₹161 cr
Shares
19.26 crore
19.26 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
4,819
6,144
7,834
9,988
12,735
16,237
growth %
27.3
27.5
27.5
27.5
27.5
27.5
EBITDA
540
688
877
1,119
1,426
1,819
Depreciation
(84)
(104)
(133)
(170)
(216)
(276)
NOPAT
354
453
578
736
939
1,197
less capex
(184)
(233)
(263)
(292)
(316)
(331)
less working-capital build
—
(260)
(331)
(422)
(538)
(686)
Free cash flow to firm
—
64
116
192
301
455
Present value
61
99
148
209
285
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 · SYRMA SGS TECHNOLOGY LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
802
PV of the terminal value (85% of EV)
4,729
Enterprise value
5,531
less net debt
(161)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,370
÷ 19.26 crore shares
₹279
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
289
313
343
379
424
10.5%
264
284
308
337
372
11.0%
242
259
279
302
331
11.5%
223
238
254
274
297
12.0%
207
219
233
250
269
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
