This note states the assumptions and the arithmetic of one model of WIRES & FABRIKS (SA) 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
6% a year
FY26 5.9% · 5-yr CAGR 5.3%
EBITDA margin
19.8%
FY26 19.8% · 5-yr average 16.4%
Depreciation · capex, % of revenue
12.2% · 1%, fading to 1.2× depreciation
FY26 12.2% · 1.0%
Working capital, % of added revenue · tax
51.7% · 49.8%
189 working-capital days · effective 49.8%
Discount rate
11.00%
1-yr beta 0.06
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹105 · ₹0 · ₹0 cr
FY26 net debt ₹105 cr
Shares
0.31 crore
0.31 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
115
122
130
138
146
154
growth %
5.9
6.0
6.0
6.0
6.0
6.0
EBITDA
23
24
26
27
29
31
Depreciation
(14)
(15)
(16)
(17)
(18)
(19)
NOPAT
4
5
5
5
6
6
less capex
(1)
(1)
(6)
(11)
(16)
(23)
less working-capital build
—
(4)
(4)
(4)
(4)
(5)
Free cash flow to firm
—
15
11
7
3
(2)
Present value
14
10
6
2
(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 · WIRES & FABRIKS (SA) LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
30
PV of the terminal value (-525% of EV)
(25)
Enterprise value
5
less net debt
(105)
less non-controlling interest
0
add non-operating investments
0
Equity value
(100)
÷ 0.31 crore shares
₹(328)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(330)
(338)
(348)
(360)
(375)
10.5%
(322)
(329)
(337)
(347)
(358)
11.0%
(316)
(321)
(328)
(336)
(345)
11.5%
(310)
(315)
(321)
(327)
(335)
12.0%
(306)
(310)
(314)
(320)
(326)
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
