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Model Note · PPAP AUTOMOTIVE LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PPAP AUTOMOTIVE LIMITED Discounted cash flow · base FY26
PPAP AUTOMOTIVE LIMITED
Value per share, this model₹375
CMP 2026-09-10₹237.35
Difference58.0%
Growth the CMP implies(10.0)%/yr
This note states the assumptions and the arithmetic of one model of PPAP AUTOMOTIVE 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
2.5% a year
FY26 2.4% · 5-yr CAGR 12.0%
EBITDA margin
17.9%
FY26 17.9% · 5-yr average 10.7%
Depreciation · capex, % of revenue
6.3% · 8.9%, fading to 1.2× depreciation
FY26 6.3% · 8.9%
Working capital, % of added revenue · tax
17.7% · 14.2%
65 working-capital days · effective 14.2%
Discount rate
11.00%
1-yr beta 1.47
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹198 · ₹0 · ₹0 cr
FY26 net debt ₹198 cr
Shares
1.42 crore
1.42 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
567
581
596
611
626
642
growth %
2.4
2.5
2.5
2.5
2.5
2.5
EBITDA
102
104
107
109
112
115
Depreciation
(36)
(37)
(38)
(38)
(39)
(40)
NOPAT
57
58
59
61
62
64
less capex
(50)
(52)
(51)
(50)
(49)
(49)
less working-capital build
—
(3)
(3)
(3)
(3)
(3)
Free cash flow to firm
—
40
43
46
50
53
Present value
38
37
36
34
33
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 · PPAP AUTOMOTIVE LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
178
PV of the terminal value (76% of EV)
550
Enterprise value
729
less net debt
(198)
less non-controlling interest
0
add non-operating investments
0
Equity value
531
÷ 1.42 crore shares
₹375
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
392
431
477
534
605
10.5%
351
383
422
467
523
11.0%
316
343
375
412
457
11.5%
286
309
336
367
404
12.0%
260
280
302
328
359
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
