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Model Note · BAJAJ AUTO LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BAJAJ AUTO LIMITED Discounted cash flow · base FY26
BAJAJ AUTO LIMITED
Value per share, this model₹11,266
CMP 2026-09-10₹11,678.00
Difference(3.5)%
Growth the CMP implies24.4%/yr
This note states the assumptions and the arithmetic of one model of BAJAJ AUTO 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
23.5% a year
FY26 23.4% · 5-yr CAGR 17.8%
EBITDA margin
20.7%
FY26 20.7% · 5-yr average 19.4%
Depreciation · capex, % of revenue
1% · 0.9%, fading to 1.2× depreciation
FY26 1.0% · 0.9%
Working capital, % of added revenue · tax
1.5% · 25.2%
6 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.84
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹18,991 · ₹0 · ₹0 cr
FY26 net debt ₹18,991 cr
Shares
27.95 crore
27.95 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
62,905
77,688
95,944
1,18,491
1,46,337
1,80,726
growth %
23.4
23.5
23.5
23.5
23.5
23.5
EBITDA
13,022
16,081
19,860
24,528
30,292
37,410
Depreciation
(645)
(777)
(959)
(1,185)
(1,463)
(1,807)
NOPAT
9,258
11,448
14,138
17,460
21,564
26,631
less capex
(560)
(699)
(935)
(1,244)
(1,646)
(2,169)
less working-capital build
—
(222)
(274)
(338)
(418)
(516)
Free cash flow to firm
—
11,304
13,888
17,063
20,963
25,754
Present value
10,729
11,876
13,145
14,549
16,102
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 · BAJAJ AUTO LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
66,400
PV of the terminal value (80% of EV)
2,67,463
Enterprise value
3,33,863
less net debt
(18,991)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,14,872
÷ 27.95 crore shares
₹11,266
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
11,672
12,626
13,770
15,168
16,917
10.5%
10,674
11,467
12,403
13,527
14,900
11.0%
9,820
10,487
11,266
12,185
13,289
11.5%
9,082
9,649
10,305
11,069
11,972
12.0%
8,436
8,924
9,482
10,126
10,876
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
