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Model Note · JOSTS ENGINEERING CO.LTD. · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JOSTS ENGINEERING CO.LTD. Discounted cash flow · base FY26
JOSTS ENGINEERING CO.LTD.
Value per share, this model₹460
CMP 2026-09-10₹227.65
Difference102.2%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of JOSTS ENGINEERING CO.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
3% a year
FY26 3.2% · 5-yr CAGR 20.7%
EBITDA margin
19.9%
FY26 19.9% · 5-yr average 11.7%
Depreciation · capex, % of revenue
2.5% · 0%, fading to 1.2× depreciation
FY26 2.5% · 0.0%
Working capital, % of added revenue · tax
26.9% · 16.4%
98 working-capital days · effective 16.4%
Discount rate
11.00%
1-yr beta 0.91
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹6 · ₹0 · ₹0 cr
FY26 net debt ₹6 cr
Shares
1.18 crore
1.18 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
247
254
262
270
278
286
growth %
3.2
3.0
3.0
3.0
3.0
3.0
EBITDA
49
51
52
54
55
57
Depreciation
(6)
(6)
(7)
(7)
(7)
(7)
NOPAT
36
37
38
39
40
42
less capex
0
0
(2)
(4)
(6)
(9)
less working-capital build
—
(2)
(2)
(2)
(2)
(2)
Free cash flow to firm
—
41
41
40
39
38
Present value
39
35
31
27
24
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 · JOSTS ENGINEERING CO.LTD. · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
155
PV of the terminal value (72% of EV)
394
Enterprise value
549
less net debt
(6)
less non-controlling interest
0
add non-operating investments
0
Equity value
543
÷ 1.18 crore shares
₹460
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
475
508
548
597
658
10.5%
440
468
500
539
587
11.0%
410
433
460
492
531
11.5%
384
404
426
453
485
12.0%
361
378
397
420
446
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
