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Model Note · JNK INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JNK INDIA LIMITED Discounted cash flow · base FY26
JNK INDIA LIMITED
Value per share, this model₹162
CMP 2026-09-10₹428.00
Difference(62.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of JNK INDIA 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
30% a year
FY26 71.7% · 5-yr CAGR —%
EBITDA margin
11.2%
FY26 11.2% · 5-yr average 13.9%
Depreciation · capex, % of revenue
1.1% · 1.1%, fading to 1.2× depreciation
FY26 1.1% · 1.1%
Working capital, % of added revenue · tax
21.8% · 23.9%
80 working-capital days · effective 23.9%
Discount rate
11.00%
1-yr beta 1.23
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹42 · ₹0 · ₹0 cr
FY26 net debt ₹42 cr
Shares
5.60 crore
5.60 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
819
1,064
1,383
1,798
2,338
3,039
growth %
71.7
30.0
30.0
30.0
30.0
30.0
EBITDA
92
119
155
201
262
340
Depreciation
(9)
(12)
(15)
(20)
(26)
(33)
NOPAT
63
82
106
138
180
234
less capex
(9)
(12)
(16)
(22)
(30)
(40)
less working-capital build
—
(54)
(70)
(90)
(118)
(153)
Free cash flow to firm
—
28
36
46
58
74
Present value
27
31
35
40
46
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 · JNK INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
180
PV of the terminal value (81% of EV)
769
Enterprise value
948
less net debt
(42)
less non-controlling interest
0
add non-operating investments
0
Equity value
906
÷ 5.60 crore shares
₹162
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
168
181
198
218
243
10.5%
153
165
178
194
214
11.0%
141
151
162
175
191
11.5%
131
139
148
159
172
12.0%
121
128
136
146
156
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
