This note states the assumptions and the arithmetic of one model of TEXMACO RAIL & ENG. 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 (14.3)% · 5-yr CAGR 21.0%
EBITDA margin
8.8%
FY26 8.8% · 5-yr average 8.1%
Depreciation · capex, % of revenue
1.1% · 3.8%, fading to 1.2× depreciation
FY26 1.1% · 3.8%
Working capital, % of added revenue · tax
34.5% · 32.9%
126 working-capital days · effective 32.9%
Discount rate
11.00%
1-yr beta 1.86
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹783 · ₹0 · ₹0 cr
FY26 net debt ₹783 cr
Shares
40.69 crore
40.69 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
4,377
4,158
3,950
3,753
3,565
3,387
growth %
(14.3)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
387
366
348
330
314
298
Depreciation
(47)
(46)
(43)
(41)
(39)
(37)
NOPAT
228
215
204
194
184
175
less capex
(167)
(158)
(126)
(96)
(69)
(45)
less working-capital build
—
76
72
68
65
62
Free cash flow to firm
—
178
194
207
219
229
Present value
169
166
160
152
143
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 · TEXMACO RAIL & ENG. LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
789
PV of the terminal value (75% of EV)
2,379
Enterprise value
3,168
less net debt
(783)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,385
÷ 40.69 crore shares
₹59
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
61
67
74
83
93
10.5%
55
60
66
72
81
11.0%
50
54
59
64
71
11.5%
45
49
53
57
63
12.0%
41
44
48
52
56
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
