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Model Note · JAMNA AUTO IND LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JAMNA AUTO IND LTD Discounted cash flow · base FY26
JAMNA AUTO IND LTD
Value per share, this model₹139
CMP 2026-09-10₹135.99
Difference2.2%
Growth the CMP implies14.3%/yr
This note states the assumptions and the arithmetic of one model of JAMNA AUTO IND 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
15% a year
FY26 15.0% · 5-yr CAGR 19.3%
EBITDA margin
14.7%
FY26 14.7% · 5-yr average 13.2%
Depreciation · capex, % of revenue
2.3% · 0%, fading to 1.2× depreciation
FY26 2.3% · 0.0%
Working capital, % of added revenue · tax
7.5% · 27.8%
27 working-capital days · effective 27.8%
Discount rate
11.00%
1-yr beta 1.54
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(102) · ₹0 · ₹0 cr
FY26 net debt ₹(102) cr
Shares
39.98 crore
39.98 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
2,612
3,003
3,454
3,972
4,568
5,253
growth %
15.0
15.0
15.0
15.0
15.0
15.0
EBITDA
384
441
508
584
671
772
Depreciation
(61)
(69)
(79)
(91)
(105)
(121)
NOPAT
234
269
309
356
409
470
less capex
0
0
(24)
(55)
(95)
(145)
less working-capital build
—
(29)
(34)
(39)
(45)
(51)
Free cash flow to firm
—
309
331
353
375
395
Present value
293
283
272
260
247
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 · JAMNA AUTO IND LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,355
PV of the terminal value (75% of EV)
4,099
Enterprise value
5,454
less net debt
102
less non-controlling interest
0
add non-operating investments
0
Equity value
5,556
÷ 39.98 crore shares
₹139
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
143
154
166
181
200
10.5%
133
141
151
163
178
11.0%
123
131
139
149
161
11.5%
116
122
129
137
146
12.0%
109
114
120
127
135
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
