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Model Note · AUTOMOBILE CORPN OF GOA L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AUTOMOBILE CORPN OF GOA L Discounted cash flow · base FY26
AUTOMOBILE CORPN OF GOA L
Value per share, this model₹3,937
CMP 2026-09-10₹1,770.10
Difference122.4%
Growth the CMP implies6.8%/yr
This note states the assumptions and the arithmetic of one model of AUTOMOBILE CORPN OF GOA L, 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 41.3% · 5-yr CAGR 51.8%
EBITDA margin
8.8%
FY26 8.8% · 5-yr average 6.2%
Depreciation · capex, % of revenue
0.6% · 4%, fading to 1.2× depreciation
FY26 0.6% · 4.0%
Working capital, % of added revenue · tax
2.3% · 25.8%
8 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(113) · ₹0 · ₹0 cr
FY26 net debt ₹(113) cr
Shares
0.61 crore
0.61 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
934
1,214
1,578
2,051
2,667
3,467
growth %
41.3
30.0
30.0
30.0
30.0
30.0
EBITDA
82
107
139
181
235
305
Depreciation
(6)
(7)
(9)
(12)
(16)
(21)
NOPAT
57
74
96
125
162
211
less capex
(37)
(49)
(50)
(48)
(41)
(25)
less working-capital build
—
(6)
(8)
(11)
(14)
(18)
Free cash flow to firm
—
26
47
78
123
188
Present value
25
40
60
85
118
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 · AUTOMOBILE CORPN OF GOA L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
328
PV of the terminal value (86% of EV)
1,956
Enterprise value
2,284
less net debt
113
less non-controlling interest
0
add non-operating investments
0
Equity value
2,397
÷ 0.61 crore shares
₹3,937
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
4,070
4,390
4,774
5,243
5,830
10.5%
3,737
4,003
4,317
4,694
5,155
11.0%
3,452
3,676
3,937
4,246
4,616
11.5%
3,206
3,396
3,616
3,873
4,176
12.0%
2,991
3,155
3,342
3,558
3,810
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
