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Model Note · IND MOTOR PART & ACC LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
IND MOTOR PART & ACC LTD Discounted cash flow · base FY24
IND MOTOR PART & ACC LTD
Value per share, this model₹553
CMP 2026-09-10₹1,116.00
Difference(50.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of IND MOTOR PART & ACC LTD, built on its filed FY24 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
FY24 2.1% · 5-yr CAGR —%
EBITDA margin
7.7%
FY24 7.7% · 5-yr average 8.3%
Depreciation · capex, % of revenue
0.2% · 0.3%, fading to 1.2× depreciation
FY24 0.2% · 0.3%
Working capital, % of added revenue · tax
15.5% · 18.8%
56 working-capital days · effective 18.8%
Discount rate
11.00%
1-yr beta 0.65
After FY29
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(27) · ₹0 · ₹0 cr
FY24 net debt ₹(27) cr
Shares
1.25 crore
1.25 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY24
FY25
FY26
FY27
FY28
FY29
Revenue
741
756
771
787
802
818
growth %
2.1
2.0
2.0
2.0
2.0
2.0
EBITDA
57
58
59
61
62
63
Depreciation
(1)
(2)
(2)
(2)
(2)
(2)
NOPAT
45
46
47
48
49
50
less capex
(2)
(2)
(2)
(2)
(2)
(2)
less working-capital build
—
(2)
(2)
(2)
(2)
(2)
Free cash flow to firm
—
43
44
45
46
47
Present value
41
38
35
32
29
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 · IND MOTOR PART & ACC LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
174
PV of the terminal value (74% of EV)
488
Enterprise value
663
less net debt
27
less non-controlling interest
0
add non-operating investments
0
Equity value
690
÷ 1.25 crore shares
₹553
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
570
609
656
713
784
10.5%
529
561
599
645
702
11.0%
494
521
553
590
635
11.5%
463
486
513
544
581
12.0%
436
456
479
505
536
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
