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Model Note · G.G.AUTOMOTIVE GEARS LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
G.G.AUTOMOTIVE GEARS LTD. Discounted cash flow · base FY26
G.G.AUTOMOTIVE GEARS LTD.
Value per share, this model₹143
CMP 2026-09-10₹174.05
Difference(17.9)%
Growth the CMP implies9.8%/yr
This note states the assumptions and the arithmetic of one model of G.G.AUTOMOTIVE GEARS 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
2% a year
FY26 1.8% · 5-yr CAGR 31.1%
EBITDA margin
18.1%
FY26 18.1% · 5-yr average 13.6%
Depreciation · capex, % of revenue
4.3% · 9.3%, fading to 1.2× depreciation
FY26 4.3% · 9.3%
Working capital, % of added revenue · tax
20.1% · 21.2%
73 working-capital days · effective 21.2%
Discount rate
11.00%
1-yr beta 1.07
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹21 · ₹0 · ₹0 cr
FY26 net debt ₹21 cr
Shares
1.00 crore
1.00 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
116
119
121
123
126
128
growth %
1.8
2.0
2.0
2.0
2.0
2.0
EBITDA
21
21
22
22
23
23
Depreciation
(5)
(5)
(5)
(5)
(5)
(6)
NOPAT
13
13
13
13
14
14
less capex
(11)
(11)
(10)
(9)
(8)
(7)
less working-capital build
—
(0)
(0)
(0)
(0)
(1)
Free cash flow to firm
—
7
8
9
11
12
Present value
6
7
7
8
8
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 · G.G.AUTOMOTIVE GEARS LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
35
PV of the terminal value (78% of EV)
128
Enterprise value
164
less net debt
(21)
less non-controlling interest
0
add non-operating investments
0
Equity value
143
÷ 1.00 crore shares
₹143
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
148
161
177
195
219
10.5%
135
146
158
173
192
11.0%
123
132
143
155
170
11.5%
113
121
130
140
152
12.0%
105
111
119
127
138
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
