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Model Note · EICHER MOTORS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EICHER MOTORS LTD Discounted cash flow · base FY26
EICHER MOTORS LTD
Value per share, this model₹4,784
CMP 2026-09-10₹7,530.00
Difference(36.5)%
Growth the CMP implies36.5%/yr
This note states the assumptions and the arithmetic of one model of EICHER MOTORS 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
24% a year
FY26 24.0% · 5-yr CAGR 21.8%
EBITDA margin
24.5%
FY26 24.5% · 5-yr average 24.1%
Depreciation · capex, % of revenue
3.6% · 5.4%, fading to 1.2× depreciation
FY26 3.6% · 5.4%
Working capital, % of added revenue · tax
0% · 25.2%
-6 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.28
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹85 · ₹0 · ₹0 cr
FY26 net debt ₹85 cr
Shares
27.45 crore
27.45 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
23,408
29,025
35,991
44,629
55,340
68,622
growth %
24.0
24.0
24.0
24.0
24.0
24.0
EBITDA
5,730
7,111
8,818
10,934
13,558
16,812
Depreciation
(840)
(1,045)
(1,296)
(1,607)
(1,992)
(2,470)
NOPAT
3,657
4,538
5,627
6,977
8,651
10,728
less capex
(1,275)
(1,567)
(1,846)
(2,169)
(2,540)
(2,964)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
4,015
5,076
6,415
8,104
10,234
Present value
3,811
4,340
4,942
5,624
6,399
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 · EICHER MOTORS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
25,116
PV of the terminal value (81% of EV)
1,06,282
Enterprise value
1,31,397
less net debt
(85)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,31,312
÷ 27.45 crore shares
₹4,784
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
4,948
5,333
5,796
6,362
7,070
10.5%
4,544
4,865
5,244
5,698
6,254
11.0%
4,199
4,469
4,784
5,156
5,602
11.5%
3,900
4,130
4,395
4,704
5,070
12.0%
3,640
3,837
4,063
4,323
4,627
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
