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Model Note · CEAT LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CEAT LIMITED Discounted cash flow · base FY26
CEAT LIMITED
Value per share, this model₹3,911
CMP 2026-09-10₹3,285.00
Difference19.1%
Growth the CMP implies15.1%/yr
This note states the assumptions and the arithmetic of one model of CEAT 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
18.5% a year
FY26 18.6% · 5-yr CAGR 15.6%
EBITDA margin
12.6%
FY26 12.6% · 5-yr average 10.5%
Depreciation · capex, % of revenue
4.4% · 14.5%, fading to 1.2× depreciation
FY26 4.4% · 14.5%
Working capital, % of added revenue · tax
1.1% · 29%
4 working-capital days · effective 29.0%
Discount rate
11.00%
1-yr beta 1.42
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,971 · ₹0 · ₹0 cr
FY26 net debt ₹2,971 cr
Shares
4.00 crore
4.00 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
15,678
18,578
22,015
26,088
30,915
36,634
growth %
18.6
18.5
18.5
18.5
18.5
18.5
EBITDA
1,976
2,341
2,774
3,287
3,895
4,616
Depreciation
(697)
(817)
(969)
(1,148)
(1,360)
(1,612)
NOPAT
908
1,082
1,282
1,519
1,800
2,133
less capex
(2,267)
(2,694)
(2,685)
(2,580)
(2,345)
(1,934)
less working-capital build
—
(32)
(38)
(45)
(53)
(63)
Free cash flow to firm
—
(827)
(472)
42
762
1,748
Present value
(785)
(404)
32
529
1,093
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 · CEAT LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
465
PV of the terminal value (97% of EV)
18,149
Enterprise value
18,614
less net debt
(2,971)
less non-controlling interest
0
add non-operating investments
0
Equity value
15,643
÷ 4.00 crore shares
₹3,911
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
4,089
4,541
5,084
5,747
6,576
10.5%
3,623
3,999
4,443
4,976
5,627
11.0%
3,226
3,542
3,911
4,347
4,870
11.5%
2,882
3,152
3,462
3,825
4,253
12.0%
2,583
2,815
3,079
3,384
3,740
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
