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Model Note · PIX TRANSMISSIONS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PIX TRANSMISSIONS LIMITED Discounted cash flow · base FY26
PIX TRANSMISSIONS LIMITED
Value per share, this model₹1,002
CMP 2026-09-10₹1,722.90
Difference(41.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PIX TRANSMISSIONS LIMITED, 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
-1% a year
FY26 (1.2)% · 5-yr CAGR 7.8%
EBITDA margin
26.3%
FY26 26.3% · 5-yr average 25.0%
Depreciation · capex, % of revenue
4% · 4.3%, fading to 1.2× depreciation
FY26 4.0% · 4.3%
Working capital, % of added revenue · tax
36.2% · 25.8%
132 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 0.54
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(77) · ₹0 · ₹0 cr
FY26 net debt ₹(77) cr
Shares
1.36 crore
1.36 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
582
576
571
565
559
554
growth %
(1.2)
(1.0)
(1.0)
(1.0)
(1.0)
(1.0)
EBITDA
153
152
150
149
147
146
Depreciation
(23)
(23)
(23)
(23)
(22)
(22)
NOPAT
96
95
94
93
93
92
less capex
(25)
(25)
(25)
(26)
(26)
(27)
less working-capital build
—
2
2
2
2
2
Free cash flow to firm
—
96
94
92
91
89
Present value
91
80
71
63
56
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 · PIX TRANSMISSIONS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
361
PV of the terminal value (72% of EV)
927
Enterprise value
1,288
less net debt
77
less non-controlling interest
0
add non-operating investments
0
Equity value
1,365
÷ 1.36 crore shares
₹1,002
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,032
1,100
1,181
1,281
1,405
10.5%
961
1,017
1,083
1,163
1,261
11.0%
899
947
1,002
1,067
1,146
11.5%
846
886
933
987
1,052
12.0%
800
834
874
920
973
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
