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Model Note · MAJESTIC AUTO LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MAJESTIC AUTO LTD. Discounted cash flow · base FY26
MAJESTIC AUTO LTD.
Value per share, this model₹803
CMP 2026-09-10₹365.00
Difference120.0%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of MAJESTIC AUTO 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
-5% a year
FY26 (45.0)% · 5-yr CAGR (9.0)%
EBITDA margin
277.3%
FY26 277.3% · 5-yr average 99.2%
Depreciation · capex, % of revenue
22.8% · 28.2%, fading to 1.2× depreciation
FY26 22.8% · 28.2%
Working capital, % of added revenue · tax
0% · 25.8%
-7 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 0.93
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(91) · ₹0 · ₹0 cr
FY26 net debt ₹(91) cr
Shares
1.04 crore
1.04 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
35
34
32
30
29
27
growth %
(45.0)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
98
93
89
84
80
76
Depreciation
(8)
(8)
(7)
(7)
(7)
(6)
NOPAT
67
63
60
57
54
52
less capex
(10)
(9)
(9)
(8)
(8)
(7)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
62
59
56
53
50
Present value
59
50
43
37
32
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 · MAJESTIC AUTO LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
220
PV of the terminal value (70% of EV)
524
Enterprise value
744
less net debt
91
less non-controlling interest
0
add non-operating investments
0
Equity value
835
÷ 1.04 crore shares
₹803
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
826
876
936
1,010
1,102
10.5%
773
814
864
923
995
11.0%
727
762
803
852
910
11.5%
688
717
752
792
840
12.0%
653
679
708
742
782
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
