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Model Note · FORCE MOTORS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
FORCE MOTORS LIMITED Discounted cash flow · base FY26
FORCE MOTORS LIMITED
Value per share, this model₹18,585
CMP 2026-09-10₹17,705.00
Difference5.0%
Growth the CMP implies10.7%/yr
This note states the assumptions and the arithmetic of one model of FORCE MOTORS 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
12% a year
FY26 12.2% · 5-yr CAGR 35.4%
EBITDA margin
18.7%
FY26 18.7% · 5-yr average 12.6%
Depreciation · capex, % of revenue
3.2% · 6%, fading to 1.2× depreciation
FY26 3.2% · 6.0%
Working capital, % of added revenue · tax
4.5% · 20.1%
17 working-capital days · effective 20.1%
Discount rate
11.00%
1-yr beta 1.88
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(830) · ₹0 · ₹0 cr
FY26 net debt ₹(830) cr
Shares
1.32 crore
1.32 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
9,057
10,144
11,361
12,725
14,251
15,962
growth %
12.2
12.0
12.0
12.0
12.0
12.0
EBITDA
1,694
1,897
2,125
2,379
2,665
2,985
Depreciation
(286)
(325)
(364)
(407)
(456)
(511)
NOPAT
1,125
1,256
1,407
1,576
1,765
1,977
less capex
(540)
(609)
(620)
(626)
(624)
(613)
less working-capital build
—
(49)
(55)
(61)
(69)
(77)
Free cash flow to firm
—
923
1,095
1,296
1,528
1,798
Present value
876
937
998
1,061
1,124
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 · FORCE MOTORS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
4,996
PV of the terminal value (79% of EV)
18,669
Enterprise value
23,665
less net debt
830
less non-controlling interest
0
add non-operating investments
0
Equity value
24,495
÷ 1.32 crore shares
₹18,585
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
19,191
20,602
22,296
24,366
26,954
10.5%
17,712
18,885
20,271
21,934
23,967
11.0%
16,446
17,433
18,585
19,946
21,580
11.5%
15,350
16,191
17,161
18,292
19,629
12.0%
14,393
15,116
15,941
16,894
18,005
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
