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Model Note · JAYASWAL NECO INDUSTR LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JAYASWAL NECO INDUSTR LTD Discounted cash flow · base FY26
JAYASWAL NECO INDUSTR LTD
Value per share, this model₹146
CMP 2026-09-10₹89.80
Difference62.7%
Growth the CMP implies(0.6)%/yr
This note states the assumptions and the arithmetic of one model of JAYASWAL NECO INDUSTR 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
19% a year
FY26 18.9% · 5-yr CAGR 14.0%
EBITDA margin
18.5%
FY26 18.5% · 5-yr average 22.7%
Depreciation · capex, % of revenue
4.2% · 1.6%, fading to 1.2× depreciation
FY26 4.2% · 1.6%
Working capital, % of added revenue · tax
20.2% · 23.3%
74 working-capital days · effective 23.3%
Discount rate
11.00%
1-yr beta 1.56
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,971 · ₹0 · ₹0 cr
FY26 net debt ₹1,971 cr
Shares
97.10 crore
97.10 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
7,132
8,487
10,099
12,018
14,302
17,019
growth %
18.9
19.0
19.0
19.0
19.0
19.0
EBITDA
1,318
1,570
1,868
2,223
2,646
3,149
Depreciation
(301)
(356)
(424)
(505)
(601)
(715)
NOPAT
780
931
1,108
1,318
1,569
1,867
less capex
(116)
(136)
(248)
(399)
(598)
(858)
less working-capital build
—
(274)
(326)
(388)
(461)
(549)
Free cash flow to firm
—
878
958
1,036
1,110
1,175
Present value
833
819
798
771
735
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 · JAYASWAL NECO INDUSTR LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,955
PV of the terminal value (76% of EV)
12,201
Enterprise value
16,156
less net debt
(1,971)
less non-controlling interest
0
add non-operating investments
0
Equity value
14,185
÷ 97.10 crore shares
₹146
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
152
164
179
197
220
10.5%
138
149
161
176
194
11.0%
127
136
146
158
173
11.5%
117
125
133
143
155
12.0%
109
115
123
131
141
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
