ENKEI WHEELS (INDIA) LTD. — valuation model

ENKEI WHEELS (INDIA) LTD.ENKEIWHELAuto Components

₹100per share · Base Model Note

Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.

Scenario

Value per share, your model₹100implied FY19 P/E 12.4× · EV/EBITDA 5.9×

Against CMP ₹399.05−75.0%close of 2026-09-10

Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs

Value after FY2455%share of enterprise value in the terminal

This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.

Where the methods land · ₹ per share · the dashed line is the CMP

DCF, rate ±1 · growth ±1your model across the sensitivity grid

₹78₹142

From enterprise to equity · ₹ crore

PV of FY20–FY24 free cash flow	104
PV of terminal value	127
Enterprise value	231
less net debt	(52)
less non-controlling interest	0
add non-operating investments	0
Equity value	179
÷ 1.80 crore shares	₹100

Free cash flow, filed and modelled · ₹ '000 crore

Filed, cash from operations − capexModelled free cash flow to firm

Sensitivity · ₹ per share

Down Across

WACC ↓terminal growth →	4.0%	4.5%	5.0%	5.5%	6.0%
10.00%	103	110	119	129	142
10.50%	96	101	108	117	127
11.00%	89	94	100	106	115
11.50%	83	87	92	98	105
12.00%	78	82	86	91	96

The outlined cell is your model. Green figures sit above the CMP of ₹399.05; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.

Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together

10th · 50th · 90th percentile, ₹ per share	57 · 98 · 142
Draws below the CMP	100%
Rank correlation with ebitda margin	+0.96
Rank correlation with discount rate	−0.25
Rank correlation with revenue growth	−0.04

Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.

Projected cash flow to the firm · ₹ crore

History Forward

₹ crore	FY19	FY20	FY21	FY22	FY23	FY24
Revenue	474	512	553	598	646	697
growth %	—	8.0	8.0	8.0	8.0	8.0
EBITDA	39	42	45	49	53	57
margin %	8.2	8.2	8.2	8.2	8.2	8.2
less depreciation	(21)	(23)	(25)	(27)	(29)	(31)
EBIT	18	19	20	22	24	26
less tax on EBIT	(1)	(1)	(1)	(2)	(2)	(2)
NOPAT	17	18	19	21	22	24
add depreciation	21	23	25	27	29	31
less capex	0	0	(7)	(16)	(26)	(38)
less working-capital build	—	(4)	(4)	(5)	(5)	(6)
Free cash flow to firm	—	37	32	27	20	12
Discount factor		0.949	0.855	0.770	0.694	0.625
Present value		35	27	20	14	8

History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.

The three statements, projected · ₹ crore · debt held at 72, dividends at 0% of profit

₹ crore	FY19	FY20	FY21	FY22	FY23	FY24
Income statement
EBIT	18	19	20	22	24	26
Interest at 7.7% on debt		(6)	(6)	(6)	(6)	(6)
Profit before tax		13	15	17	18	20
Profit after tax	13	12	14	15	17	19
Dividends	0	0	0	0	0	0
Balance sheet, year end
Cash	20	52	79	100	115	122
Working capital	51	55	59	64	69	74
Net block and other assets	262	239	221	210	207	214
Debt	72	72	72	72	72	72
Equity	129	142	155	171	188	207
Balance check	0	0	0	0	(0)	0
Cash flow
From operations		31	34	38	41	45
Investing (capex)		0	(7)	(16)	(26)	(38)
Financing (dividends)		0	0	0	0	0
Net change in cash		31	27	21	15	7
Free cash flow to equity		31	27	21	15	7

Other liabilities are held at their FY19 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.

Scenarios side by side · ₹ per share

Scenario	Template	Growth	Margin	Rate	Terminal	₹ / share	vs CMP
Base · editing	DCF	8%	8.2%	11.00%	5%	₹100	(75.0)%

A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.