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Model Note · JARO INS OF TEC MG N RE L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JARO INS OF TEC MG N RE L Discounted cash flow · base FY26
JARO INS OF TEC MG N RE L
Value per share, this model₹436
CMP 2026-09-10₹452.40
Difference(3.6)%
Growth the CMP implies8.9%/yr
This note states the assumptions and the arithmetic of one model of JARO INS OF TEC MG N RE L, 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
26.3%
FY26 26.3% · 5-yr average 26.3%
Depreciation · capex, % of revenue
3.6% · 0.3%, fading to 1.2× depreciation
FY26 3.6% · 0.3%
Working capital, % of added revenue · tax
0% · 24.7%
-9 working-capital days · effective 24.7%
Discount rate
11.00%
1-yr beta 0.98
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(24) · ₹0 · ₹0 cr
FY26 net debt ₹(24) cr
Shares
2.19 crore
2.19 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
274
296
319
345
373
402
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
72
78
84
91
98
106
Depreciation
(10)
(11)
(12)
(12)
(13)
(14)
NOPAT
47
51
55
59
64
69
less capex
(1)
(1)
(4)
(8)
(12)
(17)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
60
62
63
65
66
Present value
57
53
49
45
41
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 · JARO INS OF TEC MG N RE L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
245
PV of the terminal value (74% of EV)
684
Enterprise value
929
less net debt
24
less non-controlling interest
0
add non-operating investments
0
Equity value
953
÷ 2.19 crore shares
₹436
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
450
481
518
564
621
10.5%
417
443
473
510
555
11.0%
389
411
436
466
502
11.5%
364
383
404
429
459
12.0%
343
359
377
398
423
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
