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Model Note · JINDAL STEEL LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JINDAL STEEL LIMITED Discounted cash flow · base FY26
JINDAL STEEL LIMITED
Value per share, this model₹338
CMP 2026-09-10₹1,120.50
Difference(69.8)%
Growth the CMP implies29.0%/yr
This note states the assumptions and the arithmetic of one model of JINDAL STEEL 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
7% a year
FY26 7.0% · 5-yr CAGR 6.4%
EBITDA margin
16.5%
FY26 16.5% · 5-yr average 19.9%
Depreciation · capex, % of revenue
6% · 18%, fading to 1.2× depreciation
FY26 6.0% · 18.0%
Working capital, % of added revenue · tax
1.8% · 23.8%
7 working-capital days · effective 23.8%
Discount rate
11.00%
1-yr beta 1.1
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹20,148 · ₹0 · ₹0 cr
FY26 net debt ₹20,148 cr
Shares
101.78 crore
101.78 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
53,225
56,951
60,937
65,203
69,767
74,651
growth %
7.0
7.0
7.0
7.0
7.0
7.0
EBITDA
8,788
9,397
10,055
10,758
11,512
12,317
Depreciation
(3,171)
(3,417)
(3,656)
(3,912)
(4,186)
(4,479)
NOPAT
4,280
4,557
4,876
5,217
5,582
5,973
less capex
(9,574)
(10,251)
(9,323)
(8,216)
(6,907)
(5,375)
less working-capital build
—
(67)
(72)
(77)
(82)
(88)
Free cash flow to firm
—
(2,345)
(863)
837
2,779
4,989
Present value
(2,225)
(738)
645
1,929
3,119
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 STEEL LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,729
PV of the terminal value (95% of EV)
51,814
Enterprise value
54,543
less net debt
(20,148)
less non-controlling interest
0
add non-operating investments
0
Equity value
34,395
÷ 101.78 crore shares
₹338
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
358
409
470
544
637
10.5%
306
348
398
458
531
11.0%
261
297
338
387
446
11.5%
222
253
287
328
376
12.0%
189
215
244
279
318
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
