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Model Note · GNA AXLES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GNA AXLES LIMITED Discounted cash flow · base FY26
GNA AXLES LIMITED
Value per share, this model₹300
CMP 2026-09-10₹549.00
Difference(45.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GNA AXLES 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
-4% a year
FY26 (4.0)% · 5-yr CAGR —%
EBITDA margin
16.1%
FY26 16.1% · 5-yr average 14.4%
Depreciation · capex, % of revenue
4.7% · 10.7%, fading to 1.2× depreciation
FY26 4.7% · 10.7%
Working capital, % of added revenue · tax
39.7% · 25.8%
145 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.67
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹183 · ₹0 · ₹0 cr
FY26 net debt ₹183 cr
Shares
4.29 crore
4.29 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
1,478
1,419
1,363
1,308
1,256
1,205
growth %
(4.0)
(4.0)
(4.0)
(4.0)
(4.0)
(4.0)
EBITDA
238
229
219
211
202
194
Depreciation
(70)
(67)
(64)
(61)
(59)
(57)
NOPAT
125
120
115
111
106
102
less capex
(158)
(152)
(129)
(107)
(87)
(68)
less working-capital build
—
23
23
22
21
20
Free cash flow to firm
—
58
73
87
99
111
Present value
55
63
67
69
69
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 · GNA AXLES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
323
PV of the terminal value (78% of EV)
1,148
Enterprise value
1,471
less net debt
(183)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,288
÷ 4.29 crore shares
₹300
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
312
338
370
409
458
10.5%
284
306
332
363
402
11.0%
260
278
300
326
357
11.5%
239
255
273
295
320
12.0%
221
235
250
268
289
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
