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Model Note · TATA TECHNOLOGIES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TATA TECHNOLOGIES LIMITED Discounted cash flow · base FY26
TATA TECHNOLOGIES LIMITED
Value per share, this model₹175
CMP 2026-09-10₹765.60
Difference(77.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of TATA TECHNOLOGIES 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
6.5% a year
FY26 6.5% · 5-yr CAGR —%
EBITDA margin
13.5%
FY26 13.5% · 5-yr average 16.7%
Depreciation · capex, % of revenue
2.6% · 0.6%, fading to 1.2× depreciation
FY26 2.6% · 0.6%
Working capital, % of added revenue · tax
11% · 29.4%
40 working-capital days · effective 29.4%
Discount rate
11.00%
1-yr beta 1.1
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(17) · ₹0 · ₹0 cr
FY26 net debt ₹(17) cr
Shares
40.61 crore
40.61 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
5,506
5,863
6,245
6,650
7,083
7,543
growth %
6.5
6.5
6.5
6.5
6.5
6.5
EBITDA
745
792
843
898
956
1,018
Depreciation
(145)
(152)
(162)
(173)
(184)
(196)
NOPAT
424
451
481
512
545
580
less capex
(34)
(35)
(77)
(124)
(176)
(235)
less working-capital build
—
(39)
(42)
(45)
(48)
(51)
Free cash flow to firm
—
529
524
516
505
491
Present value
502
448
398
351
307
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 TECHNOLOGIES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,006
PV of the terminal value (72% of EV)
5,095
Enterprise value
7,101
less net debt
17
less non-controlling interest
0
add non-operating investments
0
Equity value
7,118
÷ 40.61 crore shares
₹175
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
181
193
208
227
250
10.5%
168
178
190
205
223
11.0%
156
165
175
187
202
11.5%
147
154
163
173
184
12.0%
138
144
152
160
170
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
