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Model Note · BHARAT GEARS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BHARAT GEARS LTD Discounted cash flow · base FY26
BHARAT GEARS LTD
Value per share, this model₹136
CMP 2026-09-10₹101.11
Difference34.3%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of BHARAT GEARS 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
21% a year
FY26 21.1% · 5-yr CAGR 9.3%
EBITDA margin
6.7%
FY26 6.7% · 5-yr average 6.4%
Depreciation · capex, % of revenue
2.9% · 1.4%, fading to 1.2× depreciation
FY26 2.9% · 1.4%
Working capital, % of added revenue · tax
8.4% · 25%
31 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 1.2
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹58 · ₹0 · ₹0 cr
FY26 net debt ₹58 cr
Shares
1.54 crore
1.54 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
784
949
1,148
1,389
1,681
2,034
growth %
21.1
21.0
21.0
21.0
21.0
21.0
EBITDA
52
64
77
93
113
136
Depreciation
(23)
(28)
(33)
(40)
(49)
(59)
NOPAT
22
27
33
40
48
58
less capex
(11)
(13)
(22)
(34)
(50)
(71)
less working-capital build
—
(14)
(17)
(20)
(25)
(30)
Free cash flow to firm
—
27
27
26
22
17
Present value
26
23
20
16
10
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 · BHARAT GEARS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
95
PV of the terminal value (64% of EV)
172
Enterprise value
267
less net debt
(58)
less non-controlling interest
0
add non-operating investments
0
Equity value
209
÷ 1.54 crore shares
₹136
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
141
152
166
182
202
10.5%
129
138
149
162
179
11.0%
119
127
136
147
159
11.5%
110
117
124
133
144
12.0%
102
108
115
122
131
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
