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Model Note · JASH ENGINEERING LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JASH ENGINEERING LIMITED Discounted cash flow · base FY26
JASH ENGINEERING LIMITED
Value per share, this model₹136
CMP 2026-09-10₹515.00
Difference(73.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of JASH ENGINEERING LIMITED, 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
0% a year
FY26 0.1% · 5-yr CAGR —%
EBITDA margin
13.9%
FY26 13.9% · 5-yr average 16.6%
Depreciation · capex, % of revenue
2.7% · 5%, fading to 1.2× depreciation
FY26 2.7% · 5.0%
Working capital, % of added revenue · tax
53.2% · 16.2%
194 working-capital days · effective 16.2%
Discount rate
11.00%
1-yr beta 1.08
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹41 · ₹0 · ₹0 cr
FY26 net debt ₹41 cr
Shares
6.32 crore
6.32 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
736
736
736
736
736
736
growth %
0.1
0.0
0.0
0.0
0.0
0.0
EBITDA
102
102
102
102
102
102
Depreciation
(20)
(20)
(20)
(20)
(20)
(20)
NOPAT
69
69
69
69
69
69
less capex
(37)
(37)
(34)
(30)
(27)
(24)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
52
55
59
62
65
Present value
50
47
45
43
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 · JASH ENGINEERING LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
226
PV of the terminal value (75% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
141
152
164
180
200
10.5%
130
139
149
162
177
11.0%
120
128
136
147
159
11.5%
112
118
125
134
144
12.0%
104
110
116
123
132
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
