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Model Note · The Southern Gas Limited · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
The Southern Gas Limited Discounted cash flow · base FY26
The Southern Gas Limited
Value per share, this model₹11,037
CMP 2025-08-17₹25.00
Difference44049.0%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of The Southern Gas 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
3% a year
FY26 3.2% · 5-yr CAGR 3.5%
EBITDA margin
11.1%
FY26 11.1% · 5-yr average 9.4%
Depreciation · capex, % of revenue
4.1% · 4%, fading to 1.2× depreciation
FY26 4.1% · 4.0%
Working capital, % of added revenue · tax
13.5% · 26.4%
49 working-capital days · effective 26.4%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1) · ₹0 · ₹0 cr
FY26 net debt ₹(1) cr
Shares
0.00 crore
0.00 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
37
38
39
40
41
43
growth %
3.2
3.0
3.0
3.0
3.0
3.0
EBITDA
4
4
4
4
5
5
Depreciation
(2)
(2)
(2)
(2)
(2)
(2)
NOPAT
2
2
2
2
2
2
less capex
(1)
(2)
(2)
(2)
(2)
(2)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
2
2
2
2
2
Present value
2
2
1
1
1
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 · The Southern Gas Limited · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
7
PV of the terminal value (72% of EV)
17
Enterprise value
24
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
25
÷ 0.00 crore shares
₹11,037
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
11,375
12,132
13,041
14,151
15,539
10.5%
10,575
11,204
11,948
12,840
13,930
11.0%
9,890
10,419
11,037
11,767
12,643
11.5%
9,296
9,747
10,267
10,874
11,591
12.0%
8,777
9,164
9,607
10,118
10,714
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
