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Model Note · JINDAL SAW LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JINDAL SAW LIMITED Discounted cash flow · base FY26
JINDAL SAW LIMITED
Value per share, this model₹199
CMP 2026-09-10₹313.00
Difference(36.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of JINDAL SAW 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
-5% a year
FY26 (14.1)% · 5-yr CAGR 10.9%
EBITDA margin
12.4%
FY26 12.4% · 5-yr average 12.9%
Depreciation · capex, % of revenue
3.5% · 6%, fading to 1.2× depreciation
FY26 3.5% · 6.0%
Working capital, % of added revenue · tax
32.1% · 14.2%
117 working-capital days · effective 14.2%
Discount rate
11.00%
1-yr beta 1.12
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4,284 · ₹0 · ₹0 cr
FY26 net debt ₹4,284 cr
Shares
63.95 crore
63.95 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
17,895
17,000
16,150
15,343
14,576
13,847
growth %
(14.1)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
2,215
2,108
2,003
1,903
1,807
1,717
Depreciation
(630)
(595)
(565)
(537)
(510)
(485)
NOPAT
1,359
1,298
1,233
1,172
1,113
1,057
less capex
(1,076)
(1,020)
(896)
(782)
(678)
(582)
less working-capital build
—
287
273
259
246
234
Free cash flow to firm
—
1,160
1,175
1,185
1,192
1,194
Present value
1,101
1,005
913
827
747
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 SAW LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
4,593
PV of the terminal value (73% of EV)
12,404
Enterprise value
16,997
less net debt
(4,284)
less non-controlling interest
0
add non-operating investments
0
Equity value
12,713
÷ 63.95 crore shares
₹199
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
207
227
250
278
314
10.5%
187
203
222
245
273
11.0%
170
183
199
217
240
11.5%
154
166
179
195
213
12.0%
141
151
162
175
191
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
