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Model Note · TATA MOTORS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TATA MOTORS LIMITED Discounted cash flow · base FY26
TATA MOTORS LIMITED
Value per share, this model₹140
CMP 2026-09-10₹434.10
Difference(67.8)%
Growth the CMP implies39.4%/yr
This note states the assumptions and the arithmetic of one model of TATA MOTORS 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
7.4%
FY26 7.4% · 5-yr average 7.4%
Depreciation · capex, % of revenue
2.3% · 1.6%, fading to 1.2× depreciation
FY26 2.3% · 1.6%
Working capital, % of added revenue · tax
0% · 36.3%
-33 working-capital days · effective 36.3%
Discount rate
11.00%
1-yr beta 1.81
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(2,082) · ₹0 · ₹0 cr
FY26 net debt ₹(2,082) cr
Shares
368.50 crore
368.50 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
83,855
90,563
97,808
1,05,633
1,14,084
1,23,211
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
6,189
6,702
7,238
7,817
8,442
9,118
Depreciation
(1,945)
(2,083)
(2,250)
(2,430)
(2,624)
(2,834)
NOPAT
2,703
2,942
3,178
3,432
3,706
4,003
less capex
(1,321)
(1,449)
(1,849)
(2,303)
(2,818)
(3,401)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
3,576
3,579
3,558
3,512
3,436
Present value
3,394
3,060
2,741
2,438
2,148
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 · TATA MOTORS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
13,781
PV of the terminal value (72% of EV)
35,684
Enterprise value
49,465
less net debt
2,082
less non-controlling interest
0
add non-operating investments
0
Equity value
51,547
÷ 368.50 crore shares
₹140
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
144
154
165
180
197
10.5%
134
142
151
163
177
11.0%
125
132
140
149
160
11.5%
118
123
130
138
147
12.0%
111
116
122
128
136
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
