JASH ENGINEERING LIMITED — valuation model

JASH ENGINEERING LIMITEDJASHIndustrial Manufacturing

₹136per share · Base Model Note

Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.

Scenario

Value per share, your model₹136implied FY26 P/E 10.0× · EV/EBITDA 8.8×

Against CMP ₹515.00−73.5%close of 2026-09-10

Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs

Value after FY3175%share of enterprise value in the terminal

This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.

Where the methods land · ₹ per share · the dashed line is the CMP

DCF, rate ±1 · growth ±1your model across the sensitivity grid

₹104₹200

52-week rangetraded range, a fact not a value

₹327₹573

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	226
PV of terminal value	676
Enterprise value	902
less net debt	(41)
less non-controlling interest	0
add non-operating investments	0
Equity value	861
÷ 6.32 crore shares	₹136

Free cash flow, filed and modelled · ₹ '000 crore

Filed, cash from operations − capexModelled free cash flow to firm

Sensitivity · ₹ per share

Down Across

WACC ↓terminal growth →	4.0%	4.5%	5.0%	5.5%	6.0%
10.00%	141	152	164	180	200
10.50%	130	139	149	162	177
11.00%	120	128	136	147	159
11.50%	112	118	125	134	144
12.00%	104	110	116	123	132

The outlined cell is your model. Green figures sit above the CMP of ₹515.00; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.

Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together

10th · 50th · 90th percentile, ₹ per share	113 · 136 · 165
Draws below the CMP	100%
Rank correlation with ebitda margin	+0.73
Rank correlation with discount rate	−0.66
Rank correlation with revenue growth	−0.03

Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.

Projected cash flow to the firm · ₹ crore

History Forward

₹ crore	FY23	FY24	FY25	FY26	FY27	FY28	FY29	FY30	FY31
Revenue	402	516	735	736	736	736	736	736	736
growth %	—	28.3	42.6	0.1	0.0	0.0	0.0	0.0	0.0
EBITDA	64	99	127	102	102	102	102	102	102
margin %	15.9	19.1	17.3	13.9	13.9	13.9	13.9	13.9	13.9
less depreciation	(11)	(11)	(17)	(20)	(20)	(20)	(20)	(20)	(20)
EBIT	53	88	110	82	82	82	82	82	82
less tax on EBIT				(13)	(13)	(13)	(13)	(13)	(13)
NOPAT				69	69	69	69	69	69
add depreciation	11	11	17	20	20	20	20	20	20
less capex	(16)	(24)	(44)	(37)	(37)	(34)	(30)	(27)	(24)
less working-capital build				—	0	0	0	0	0
Free cash flow to firm	18	34	11	—	52	55	59	62	65
Discount factor					0.949	0.855	0.770	0.694	0.625
Present value					50	47	45	43	41

History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.

The three statements, projected · ₹ crore · debt held at 83, dividends at 15% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	82	82	82	82	82	82
Interest at 15.5% on debt		(13)	(13)	(13)	(13)	(13)
Profit before tax		70	70	70	70	70
Profit after tax	76	58	58	58	58	58
Dividends	(11)	(9)	(9)	(9)	(9)	(9)
Balance sheet, year end
Cash	42	75	110	149	192	237
Working capital	392	392	392	392	392	392
Net block and other assets	447	464	478	488	495	499
Debt	83	83	83	83	83	83
Equity	525	574	624	673	723	773
Balance check	0	0	0	(0)	0	0
Cash flow
From operations		78	78	78	78	78
Investing (capex)		(37)	(34)	(30)	(27)	(24)
Financing (dividends)		(9)	(9)	(9)	(9)	(9)
Net change in cash		33	36	39	42	46
Free cash flow to equity		41	45	48	51	54

Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.

Scenarios side by side · ₹ per share

Scenario	Template	Growth	Margin	Rate	Terminal	₹ / share	vs CMP
Base · editing	DCF	0%	13.9%	11.00%	5%	₹136	(73.5)%

A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.