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Model Note · JINDAL DRILLING IND. LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JINDAL DRILLING IND. LTD Discounted cash flow · base FY26
JINDAL DRILLING IND. LTD
Value per share, this model₹944
CMP 2026-09-10₹637.70
Difference48.1%
Growth the CMP implies0.6%/yr
This note states the assumptions and the arithmetic of one model of JINDAL DRILLING IND. 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
20.5% a year
FY26 20.4% · 5-yr CAGR 20.2%
EBITDA margin
34.6%
FY26 34.6% · 5-yr average 31.0%
Depreciation · capex, % of revenue
15.1% · 5.1%, fading to 1.2× depreciation
FY26 15.1% · 5.1%
Working capital, % of added revenue · tax
24.4% · 25.6%
89 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta -0.23
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹93 · ₹0 · ₹0 cr
FY26 net debt ₹93 cr
Shares
2.90 crore
2.90 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
997
1,201
1,447
1,744
2,101
2,532
growth %
20.4
20.5
20.5
20.5
20.5
20.5
EBITDA
345
415
501
603
727
876
Depreciation
(151)
(181)
(219)
(263)
(317)
(382)
NOPAT
145
174
210
253
305
367
less capex
(51)
(61)
(121)
(202)
(312)
(459)
less working-capital build
—
(50)
(60)
(72)
(87)
(105)
Free cash flow to firm
—
244
247
241
223
186
Present value
232
212
186
154
116
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 · JINDAL DRILLING IND. LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
900
PV of the terminal value (68% of EV)
1,929
Enterprise value
2,829
less net debt
(93)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,736
÷ 2.90 crore shares
₹944
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
975
1,041
1,121
1,218
1,339
10.5%
904
959
1,024
1,103
1,198
11.0%
844
890
944
1,008
1,085
11.5%
791
831
876
930
992
12.0%
745
779
818
863
915
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
