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Model Note · GOODYEAR INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GOODYEAR INDIA LIMITED Discounted cash flow · base FY26
GOODYEAR INDIA LIMITED
Value per share, this model₹365
CMP 2026-09-10₹720.00
Difference(49.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GOODYEAR INDIA 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
-5% a year
FY26 (5.1)% · 5-yr CAGR 6.7%
EBITDA margin
4.8%
FY26 4.8% · 5-yr average 6.0%
Depreciation · capex, % of revenue
2% · 0.6%, fading to 1.2× depreciation
FY26 2.0% · 0.6%
Working capital, % of added revenue · tax
3.4% · 26%
12 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 0.64
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(231) · ₹0 · ₹0 cr
FY26 net debt ₹(231) cr
Shares
2.31 crore
2.31 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
2,476
2,352
2,234
2,123
2,017
1,916
growth %
(5.1)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
119
113
107
102
97
92
Depreciation
(49)
(47)
(45)
(42)
(40)
(38)
NOPAT
52
49
46
44
42
40
less capex
(14)
(14)
(23)
(32)
(39)
(46)
less working-capital build
—
4
4
4
4
3
Free cash flow to firm
—
86
72
58
46
35
Present value
82
61
45
32
22
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 · GOODYEAR INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
242
PV of the terminal value (60% of EV)
368
Enterprise value
610
less net debt
231
less non-controlling interest
0
add non-operating investments
0
Equity value
841
÷ 2.31 crore shares
₹365
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
372
388
407
431
460
10.5%
355
368
384
403
426
11.0%
341
352
365
380
398
11.5%
328
337
348
361
376
12.0%
317
325
334
345
357
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
