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Model Note · JUBILANT FOODWORKS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JUBILANT FOODWORKS LTD Discounted cash flow · base FY26
JUBILANT FOODWORKS LTD
Value per share, this model₹177
CMP 2026-09-10₹470.25
Difference(62.4)%
Growth the CMP implies42.2%/yr
This note states the assumptions and the arithmetic of one model of JUBILANT FOODWORKS 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
17% a year
FY26 16.8% · 5-yr CAGR 23.5%
EBITDA margin
19.5%
FY26 19.5% · 5-yr average 21.9%
Depreciation · capex, % of revenue
10.1% · 10.5%, fading to 1.2× depreciation
FY26 10.1% · 10.5%
Working capital, % of added revenue · tax
0% · 29%
-13 working-capital days · effective 29.0%
Discount rate
11.00%
1-yr beta 1.19
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,616 · ₹0 · ₹0 cr
FY26 net debt ₹1,616 cr
Shares
65.98 crore
65.98 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
9,513
11,130
13,022
15,235
17,825
20,856
growth %
16.8
17.0
17.0
17.0
17.0
17.0
EBITDA
1,854
2,170
2,539
2,971
3,476
4,067
Depreciation
(959)
(1,124)
(1,315)
(1,539)
(1,800)
(2,106)
NOPAT
636
743
869
1,017
1,190
1,392
less capex
(999)
(1,169)
(1,420)
(1,723)
(2,088)
(2,528)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
698
764
832
902
971
Present value
663
654
641
626
607
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 · JUBILANT FOODWORKS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,190
PV of the terminal value (76% of EV)
10,080
Enterprise value
13,271
less net debt
(1,616)
less non-controlling interest
0
add non-operating investments
0
Equity value
11,655
÷ 65.98 crore shares
₹177
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
183
198
217
239
267
10.5%
167
180
195
213
235
11.0%
154
164
177
191
209
11.5%
142
151
161
173
188
12.0%
131
139
148
158
170
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
