The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · JINDAL STAINLESS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JINDAL STAINLESS LIMITED Discounted cash flow · base FY26
JINDAL STAINLESS LIMITED
Value per share, this model₹583
CMP 2026-09-10₹755.65
Difference(22.9)%
Growth the CMP implies17.8%/yr
This note states the assumptions and the arithmetic of one model of JINDAL STAINLESS 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
9.5% a year
FY26 9.3% · 5-yr CAGR 28.7%
EBITDA margin
12.8%
FY26 12.8% · 5-yr average 12.4%
Depreciation · capex, % of revenue
2.5% · 6.2%, fading to 1.2× depreciation
FY26 2.5% · 6.2%
Working capital, % of added revenue · tax
10.1% · 24.9%
37 working-capital days · effective 24.9%
Discount rate
11.00%
1-yr beta 1.08
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹6,926 · ₹0 · ₹0 cr
FY26 net debt ₹6,926 cr
Shares
82.41 crore
82.41 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
42,955
47,035
51,504
56,397
61,754
67,621
growth %
9.3
9.5
9.5
9.5
9.5
9.5
EBITDA
5,519
6,021
6,592
7,219
7,905
8,655
Depreciation
(1,060)
(1,176)
(1,288)
(1,410)
(1,544)
(1,691)
NOPAT
3,348
3,638
3,984
4,362
4,777
5,231
less capex
(2,658)
(2,916)
(2,781)
(2,594)
(2,347)
(2,029)
less working-capital build
—
(412)
(451)
(494)
(541)
(593)
Free cash flow to firm
—
1,486
2,039
2,684
3,433
4,300
Present value
1,410
1,744
2,068
2,383
2,689
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 STAINLESS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
10,293
PV of the terminal value (81% of EV)
44,658
Enterprise value
54,950
less net debt
(6,926)
less non-controlling interest
0
add non-operating investments
0
Equity value
48,024
÷ 82.41 crore shares
₹583
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
606
660
724
804
903
10.5%
549
594
647
711
789
11.0%
501
539
583
635
697
11.5%
459
491
528
572
623
12.0%
423
450
482
518
561
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
