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 · JK TYRE & INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JK TYRE & INDUSTRIES LTD Discounted cash flow · base FY26
JK TYRE & INDUSTRIES LTD
Value per share, this model₹233
CMP 2026-09-10₹355.00
Difference(34.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of JK TYRE & INDUSTRIES 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
11% a year
FY26 11.1% · 5-yr CAGR 12.4%
EBITDA margin
11.6%
FY26 11.6% · 5-yr average 10.7%
Depreciation · capex, % of revenue
2.9% · 8.7%, fading to 1.2× depreciation
FY26 2.9% · 8.7%
Working capital, % of added revenue · tax
22.7% · 25.8%
83 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.7
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4,509 · ₹0 · ₹0 cr
FY26 net debt ₹4,509 cr
Shares
28.83 crore
28.83 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
16,327
18,123
20,116
22,329
24,785
27,511
growth %
11.1
11.0
11.0
11.0
11.0
11.0
EBITDA
1,886
2,102
2,333
2,590
2,875
3,191
Depreciation
(472)
(526)
(583)
(648)
(719)
(798)
NOPAT
1,049
1,170
1,299
1,441
1,600
1,776
less capex
(1,424)
(1,577)
(1,488)
(1,360)
(1,186)
(957)
less working-capital build
—
(408)
(453)
(502)
(558)
(619)
Free cash flow to firm
—
(289)
(58)
227
575
998
Present value
(274)
(50)
175
399
624
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 · JK TYRE & INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
874
PV of the terminal value (92% of EV)
10,360
Enterprise value
11,233
less net debt
(4,509)
less non-controlling interest
0
add non-operating investments
0
Equity value
6,724
÷ 28.83 crore shares
₹233
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
248
284
326
379
445
10.5%
211
240
276
318
369
11.0%
179
204
233
268
309
11.5%
152
173
198
226
260
12.0%
128
146
167
191
219
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
