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Model Note · JAY USHIN LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JAY USHIN LTD. Discounted cash flow · base FY19
JAY USHIN LTD.
Value per share, this model₹312
CMP 2026-09-10₹831.45
Difference(62.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of JAY USHIN LTD., built on its filed FY19 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
FY19 —% · 5-yr CAGR —%
EBITDA margin
4.1%
FY19 4.1% · 5-yr average 4.1%
Depreciation · capex, % of revenue
1.9% · 0%, fading to 1.2× depreciation
FY19 1.9% · 0.0%
Working capital, % of added revenue · tax
6.4% · 8.9%
23 working-capital days · effective 8.9%
Discount rate
11.00%
1-yr beta 0.89
After FY24
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹126 · ₹0 · ₹0 cr
FY19 net debt ₹126 cr
Shares
0.39 crore
0.39 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY19
FY20
FY21
FY22
FY23
FY24
Revenue
855
923
997
1,077
1,163
1,256
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
35
38
41
44
48
52
Depreciation
(16)
(18)
(19)
(20)
(22)
(24)
NOPAT
17
19
20
22
23
25
less capex
0
0
(6)
(12)
(20)
(29)
less working-capital build
—
(4)
(5)
(5)
(6)
(6)
Free cash flow to firm
—
32
29
25
20
14
Present value
30
24
19
14
9
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 · JAY USHIN LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
96
PV of the terminal value (61% of EV)
150
Enterprise value
246
less net debt
(126)
less non-controlling interest
0
add non-operating investments
0
Equity value
120
÷ 0.39 crore shares
₹312
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
330
369
415
472
543
10.5%
289
321
359
404
460
11.0%
253
280
312
349
394
11.5%
222
245
272
303
339
12.0%
195
215
237
263
294
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
