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Model Note · JSW INFRASTRUCTURE LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JSW INFRASTRUCTURE LTD Discounted cash flow · base FY26
JSW INFRASTRUCTURE LTD
Value per share, this model₹137
CMP 2026-09-10₹343.50
Difference(60.2)%
Growth the CMP implies44.6%/yr
This note states the assumptions and the arithmetic of one model of JSW INFRASTRUCTURE 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
20% a year
FY26 19.8% · 5-yr CAGR —%
EBITDA margin
47.1%
FY26 47.1% · 5-yr average 49.9%
Depreciation · capex, % of revenue
11.5% · 46.5%, fading to 1.2× depreciation
FY26 11.5% · 46.5%
Working capital, % of added revenue · tax
15.5% · 17.4%
57 working-capital days · effective 17.4%
Discount rate
11.00%
1-yr beta 1.22
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹5,612 · ₹0 · ₹0 cr
FY26 net debt ₹5,612 cr
Shares
232.35 crore
232.35 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
5,361
6,434
7,720
9,265
11,117
13,341
growth %
19.8
20.0
20.0
20.0
20.0
20.0
EBITDA
2,524
3,030
3,636
4,364
5,236
6,284
Depreciation
(614)
(740)
(888)
(1,065)
(1,279)
(1,534)
NOPAT
1,578
1,892
2,270
2,724
3,269
3,923
less capex
(2,492)
(2,992)
(2,959)
(2,793)
(2,443)
(1,841)
less working-capital build
—
(166)
(199)
(239)
(287)
(345)
Free cash flow to firm
—
(526)
(0)
757
1,817
3,272
Present value
(499)
(0)
583
1,261
2,045
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 · JSW INFRASTRUCTURE LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,390
PV of the terminal value (91% of EV)
33,976
Enterprise value
37,366
less net debt
(5,612)
less non-controlling interest
0
add non-operating investments
0
Equity value
31,754
÷ 232.35 crore shares
₹137
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
143
157
175
196
223
10.5%
127
140
154
171
192
11.0%
115
125
137
151
168
11.5%
103
112
122
134
148
12.0%
94
101
110
120
131
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
