The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · BAJAJ STEEL INDS. LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BAJAJ STEEL INDS. LTD. Discounted cash flow · base FY26
BAJAJ STEEL INDS. LTD.
Value per share, this model₹157
CMP 2026-09-10₹368.80
Difference(57.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BAJAJ STEEL INDS. 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
-5% a year
FY26 (10.4)% · 5-yr CAGR 0.5%
EBITDA margin
11.5%
FY26 11.5% · 5-yr average 15.3%
Depreciation · capex, % of revenue
3.3% · 11.9%, fading to 1.2× depreciation
FY26 3.3% · 11.9%
Working capital, % of added revenue · tax
26.6% · 26.2%
97 working-capital days · effective 26.2%
Discount rate
11.00%
1-yr beta 0.15
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
2.08 crore
2.08 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
524
498
473
449
427
406
growth %
(10.4)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
60
57
54
52
49
47
Depreciation
(18)
(16)
(16)
(15)
(14)
(13)
NOPAT
32
30
29
27
26
25
less capex
(63)
(59)
(47)
(36)
(25)
(16)
less working-capital build
—
7
7
6
6
6
Free cash flow to firm
—
(6)
4
13
21
28
Present value
(5)
3
10
14
17
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 STEEL INDS. LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
39
PV of the terminal value (88% of EV)
286
Enterprise value
325
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
326
÷ 2.08 crore shares
₹157
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
163
176
193
213
238
10.5%
148
160
173
189
209
11.0%
136
146
157
170
186
11.5%
126
134
143
154
167
12.0%
116
123
131
141
151
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
