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Model Note · JBM AUTO LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JBM AUTO LIMITED Discounted cash flow · base FY26
JBM AUTO LIMITED
Value per share, this model₹119
CMP 2026-09-10₹618.00
Difference(80.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of JBM AUTO 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
11.5% a year
FY26 11.3% · 5-yr CAGR 25.2%
EBITDA margin
11.4%
FY26 11.4% · 5-yr average 11.3%
Depreciation · capex, % of revenue
2.9% · 5%, fading to 1.2× depreciation
FY26 2.9% · 5.0%
Working capital, % of added revenue · tax
18.4% · 21.1%
67 working-capital days · effective 21.1%
Discount rate
11.00%
1-yr beta 1.46
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,915 · ₹0 · ₹0 cr
FY26 net debt ₹2,915 cr
Shares
23.65 crore
23.65 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
6,088
6,789
7,569
8,440
9,410
10,492
growth %
11.3
11.5
11.5
11.5
11.5
11.5
EBITDA
695
774
863
962
1,073
1,196
Depreciation
(174)
(197)
(220)
(245)
(273)
(304)
NOPAT
411
455
508
566
631
704
less capex
(302)
(339)
(350)
(358)
(363)
(365)
less working-capital build
—
(129)
(144)
(160)
(179)
(199)
Free cash flow to firm
—
184
234
293
362
444
Present value
175
200
226
251
277
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 · JBM AUTO LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,129
PV of the terminal value (80% of EV)
4,608
Enterprise value
5,737
less net debt
(2,915)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,822
÷ 23.65 crore shares
₹119
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
128
147
170
199
234
10.5%
107
123
142
165
193
11.0%
90
103
119
138
161
11.5%
75
86
100
115
134
12.0%
62
72
83
96
111
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
