Models
JTEKT INDIA LIMITEDJTEKTINDIAAuto Components
₹24per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹24implied FY23 P/E 6.9× · EV/EBITDA 3.6×
Against CMP ₹121.25−80.6%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY2880%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹18₹35
52-week rangetraded range, a fact not a value
₹117₹188
From enterprise to equity · ₹ crore
| PV of FY24–FY28 free cash flow | 131 |
| PV of terminal value | 533 |
| Enterprise value | 664 |
| less net debt | (11) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 653 |
| ÷ 27.74 crore shares | ₹24 |
80% of the value sits after FY28. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 24 | 26 | 29 | 31 | 35 |
| 10.50% | 22 | 24 | 26 | 28 | 31 |
| 11.00% | 21 | 22 | 24 | 25 | 28 |
| 11.50% | 19 | 20 | 22 | 23 | 25 |
| 12.00% | 18 | 19 | 20 | 21 | 23 |
The outlined cell is your model. Green figures sit above the CMP of ₹121.25; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | (6) · 23 · 46 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.89 |
| Rank correlation with revenue growth | −0.42 |
| Rank correlation with discount rate | −0.10 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,511 | 1,333 | 1,589 | 2,044 | 2,626 | 3,375 | 4,337 | 5,573 | 7,161 |
| growth % | (13.9) | (11.8) | 19.2 | 28.6 | 28.5 | 28.5 | 28.5 | 28.5 | 28.5 |
| EBITDA | 137 | 103 | 121 | 184 | 236 | 304 | 390 | 502 | 645 |
| margin % | 9.1 | 7.7 | 7.6 | 9.0 | 9.0 | 9.0 | 9.0 | 9.0 | 9.0 |
| less depreciation | (93) | (83) | (71) | (73) | (95) | (121) | (156) | (201) | (258) |
| EBIT | 44 | 20 | 50 | 110 | 142 | 182 | 234 | 301 | 387 |
| less tax on EBIT | (26) | (34) | (43) | (56) | (71) | (92) | |||
| NOPAT | 84 | 108 | 139 | 179 | 230 | 295 | |||
| add depreciation | 93 | 83 | 71 | 73 | 95 | 121 | 156 | 201 | 258 |
| less capex | — | (30) | (121) | (85) | (110) | (143) | (185) | (239) | (309) |
| less working-capital build | — | (70) | (91) | (116) | (150) | (192) | |||
| Free cash flow to firm | — | 61 | (13) | — | 22 | 27 | 34 | 42 | 51 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 21 | 23 | 26 | 29 | 32 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 58, dividends at 17.6% of profit
| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 110 | 142 | 182 | 234 | 301 | 387 |
| Interest at 7.6% on debt | (4) | (4) | (4) | (4) | (4) | |
| Profit before tax | 137 | 178 | 230 | 297 | 382 | |
| Profit after tax | 81 | 105 | 136 | 175 | 226 | 292 |
| Dividends | (14) | (18) | (24) | (31) | (40) | (51) |
| Balance sheet, year end | ||||||
| Cash | 47 | 47 | 47 | 46 | 45 | 41 |
| Working capital | 248 | 319 | 409 | 526 | 675 | 867 |
| Net block and other assets | 780 | 795 | 817 | 845 | 884 | 935 |
| Debt | 58 | 58 | 58 | 58 | 58 | 58 |
| Equity | 734 | 820 | 932 | 1,076 | 1,263 | 1,503 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 129 | 167 | 215 | 277 | 357 | |
| Investing (capex) | (110) | (143) | (185) | (239) | (309) | |
| Financing (dividends) | (18) | (24) | (31) | (40) | (51) | |
| Net change in cash | 0 | (0) | (1) | (2) | (3) | |
| Free cash flow to equity | 19 | 24 | 30 | 38 | 48 | |
Other liabilities are held at their FY23 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 28.5% | 9% | 11.00% | 5% | ₹24 | (80.6)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.