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Model Note · BHARAT SEATS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BHARAT SEATS LIMITED Discounted cash flow · base FY26
BHARAT SEATS LIMITED
Value per share, this model₹274
CMP 2026-09-10₹218.00
Difference25.7%
Growth the CMP implies23.9%/yr
This note states the assumptions and the arithmetic of one model of BHARAT SEATS 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
30% a year
FY26 51.4% · 5-yr CAGR 28.9%
EBITDA margin
5%
FY26 5.0% · 5-yr average 5.0%
Depreciation · capex, % of revenue
1.8% · 2.6%, fading to 1.2× depreciation
FY26 1.8% · 2.6%
Working capital, % of added revenue · tax
0.2% · 26.7%
1 working-capital days · effective 26.7%
Discount rate
11.00%
1-yr beta 2.02
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹35 · ₹0 · ₹0 cr
FY26 net debt ₹35 cr
Shares
6.28 crore
6.28 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
1,951
2,536
3,297
4,286
5,572
7,244
growth %
51.4
30.0
30.0
30.0
30.0
30.0
EBITDA
98
127
165
214
279
362
Depreciation
(35)
(46)
(59)
(77)
(100)
(130)
NOPAT
46
59
77
101
131
170
less capex
(51)
(66)
(82)
(102)
(126)
(156)
less working-capital build
—
(1)
(2)
(2)
(3)
(3)
Free cash flow to firm
—
38
53
74
102
140
Present value
36
45
57
71
88
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 SEATS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
297
PV of the terminal value (83% of EV)
1,459
Enterprise value
1,756
less net debt
(35)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,721
÷ 6.28 crore shares
₹274
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
284
307
335
369
411
10.5%
260
279
302
329
362
11.0%
239
255
274
296
323
11.5%
221
235
251
269
291
12.0%
205
217
231
246
265
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
