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Model Note · BOSCH LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BOSCH LIMITED Discounted cash flow · base FY26
BOSCH LIMITED
Value per share, this model₹15,014
CMP 2026-09-10₹48,385.00
Difference(69.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BOSCH 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
11% a year
FY26 10.8% · 5-yr CAGR 15.6%
EBITDA margin
16%
FY26 16.0% · 5-yr average 14.2%
Depreciation · capex, % of revenue
2% · 1.6%, fading to 1.2× depreciation
FY26 2.0% · 1.6%
Working capital, % of added revenue · tax
7.3% · 23.9%
27 working-capital days · effective 23.9%
Discount rate
11.00%
1-yr beta 1.12
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(396) · ₹0 · ₹0 cr
FY26 net debt ₹(396) cr
Shares
2.95 crore
2.95 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
20,035
22,239
24,685
27,400
30,414
33,760
growth %
10.8
11.0
11.0
11.0
11.0
11.0
EBITDA
3,206
3,558
3,950
4,384
4,866
5,402
Depreciation
(392)
(445)
(494)
(548)
(608)
(675)
NOPAT
2,142
2,369
2,630
2,919
3,240
3,597
less capex
(317)
(356)
(444)
(548)
(669)
(810)
less working-capital build
—
(161)
(179)
(198)
(220)
(244)
Free cash flow to firm
—
2,297
2,501
2,721
2,959
3,217
Present value
2,181
2,138
2,096
2,054
2,012
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 · BOSCH LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
10,481
PV of the terminal value (76% of EV)
33,415
Enterprise value
43,896
less net debt
396
less non-controlling interest
0
add non-operating investments
0
Equity value
44,292
÷ 2.95 crore shares
₹15,014
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
15,506
16,635
17,989
19,644
21,714
10.5%
14,319
15,257
16,366
17,696
19,321
11.0%
13,303
14,093
15,014
16,103
17,409
11.5%
12,424
13,096
13,871
14,776
15,845
12.0%
11,655
12,233
12,893
13,655
14,543
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
