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Model Note · JAMES WARREN TEA LTD · 23 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JAMES WARREN TEA LTD Discounted cash flow · base FY20
JAMES WARREN TEA LTD
Value per share, this model₹117
CMP, 23 Oct 2026₹235.05
Difference(50.2)%
Growth the CMP implies27.7%/yr
This note states the assumptions and the arithmetic of one model of JAMES WARREN TEA LTD, built on its filed FY20 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
-0.5% a year
FY20 (0.3)% · 5-yr CAGR —%
EBITDA margin
4.1%
FY20 4.1% · 5-yr average 3.6%
Depreciation · capex, % of revenue
2.2% · 0%, fading to 1.2× depreciation
FY20 2.2% · 0.0%
Working capital, % of added revenue · tax
0% · 29.3%
-13 working-capital days · effective 29.3%
Discount rate
11.00%
1-yr beta 0.66
After FY25
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(17) · ₹0 · ₹0 cr
FY20 net debt ₹(17) cr
Shares
0.37 crore
0.37 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY20
FY21
FY22
FY23
FY24
FY25
Revenue
144
144
143
142
141
141
growth %
(0.3)
(0.5)
(0.5)
(0.5)
(0.5)
(0.5)
EBITDA
6
6
6
6
6
6
Depreciation
(3)
(3)
(3)
(3)
(3)
(3)
NOPAT
2
2
2
2
2
2
less capex
0
0
(1)
(2)
(3)
(4)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
5
4
3
2
1
Present value
5
4
2
2
1
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 · JAMES WARREN TEA LTD · 23 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
13
PV of the terminal value (50% of EV)
13
Enterprise value
26
less net debt
17
less non-controlling interest
0
add non-operating investments
0
Equity value
43
÷ 0.37 crore shares
₹117
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
119
122
127
132
138
10.5%
115
118
121
126
131
11.0%
112
114
117
121
125
11.5%
109
111
113
116
120
12.0%
106
108
110
112
115
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
