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Model Note · LUMAX AUTO TECH LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
LUMAX AUTO TECH LTD Discounted cash flow · base FY26
LUMAX AUTO TECH LTD
Value per share, this model₹1,359
CMP 2026-09-10₹1,991.10
Difference(31.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of LUMAX AUTO TECH 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
30% a year
FY26 33.9% · 5-yr CAGR 34.5%
EBITDA margin
13.2%
FY26 13.2% · 5-yr average 11.9%
Depreciation · capex, % of revenue
3.7% · 5.1%, fading to 1.2× depreciation
FY26 3.7% · 5.1%
Working capital, % of added revenue · tax
11.6% · 16.9%
43 working-capital days · effective 16.9%
Discount rate
11.00%
1-yr beta 1.33
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹919 · ₹0 · ₹0 cr
FY26 net debt ₹919 cr
Shares
6.82 crore
6.82 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
4,870
6,331
8,231
10,700
13,910
18,083
growth %
33.9
30.0
30.0
30.0
30.0
30.0
EBITDA
644
836
1,086
1,412
1,836
2,387
Depreciation
(179)
(234)
(305)
(396)
(515)
(669)
NOPAT
386
500
650
845
1,098
1,428
less capex
(248)
(323)
(406)
(510)
(641)
(803)
less working-capital build
—
(169)
(220)
(286)
(372)
(484)
Free cash flow to firm
—
242
328
444
600
810
Present value
229
280
342
416
506
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 · LUMAX AUTO TECH LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,774
PV of the terminal value (83% of EV)
8,409
Enterprise value
10,183
less net debt
(919)
less non-controlling interest
0
add non-operating investments
0
Equity value
9,264
÷ 6.82 crore shares
₹1,359
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,411
1,534
1,681
1,862
2,087
10.5%
1,283
1,385
1,506
1,650
1,827
11.0%
1,173
1,259
1,359
1,478
1,620
11.5%
1,078
1,151
1,236
1,334
1,451
12.0%
995
1,058
1,130
1,213
1,310
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
