Models
THEJO ENGINEERING LIMITEDTHEJOIndustrial Manufacturing
₹421per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹421implied FY26 P/E 8.2× · EV/EBITDA 5.5×
Against CMP ₹2,055.00−79.5%close of 8 Oct 2026
Growth the CMP implies—%no growth rate between −20% and 45% a year brings the value to the CMP on your other inputs
Value after FY3186%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹321₹622
52-week rangetraded range, a fact not a value
₹1,444₹2,287
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 58 |
| PV of terminal value | 369 |
| Enterprise value | 427 |
| less net debt | 30 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 457 |
| ÷ 1.08 crore shares | ₹421 |
86% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 435 | 469 | 510 | 560 | 622 |
| 10.50% | 400 | 428 | 462 | 502 | 550 |
| 11.00% | 370 | 394 | 421 | 454 | 493 |
| 11.50% | 344 | 364 | 387 | 415 | 447 |
| 12.00% | 321 | 339 | 358 | 381 | 408 |
The outlined cell is your model. Green figures sit above the CMP of ₹2,055.00; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 250 · 416 · 576 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.84 |
| Rank correlation with revenue growth | −0.42 |
| Rank correlation with discount rate | −0.30 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 559 | 553 | 632 | 724 | 829 | 949 | 1,086 | 1,244 |
| growth % | — | (1.2) | 14.4 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 |
| EBITDA | 100 | 88 | 77 | 88 | 101 | 116 | 133 | 152 |
| margin % | 17.9 | 15.9 | 12.2 | 12.2 | 12.2 | 12.2 | 12.2 | 12.2 |
| less depreciation | (20) | (19) | (15) | (17) | (20) | (23) | (26) | (30) |
| EBIT | 80 | 68 | 62 | 71 | 81 | 93 | 106 | 122 |
| less tax on EBIT | (17) | (19) | (22) | (25) | (29) | (33) | ||
| NOPAT | 46 | 52 | 59 | 68 | 78 | 89 | ||
| add depreciation | 20 | 19 | 15 | 17 | 20 | 23 | 26 | 30 |
| less capex | (21) | (41) | (35) | (40) | (40) | (40) | (38) | (36) |
| less working-capital build | — | (28) | (32) | (36) | (42) | (48) | ||
| Free cash flow to firm | 31 | 32 | — | 2 | 7 | 15 | 24 | 36 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 2 | 6 | 11 | 17 | 22 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 5, dividends at 11% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 62 | 71 | 81 | 93 | 106 | 122 |
| Interest at 8% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 71 | 81 | 93 | 106 | 121 | |
| Profit after tax | 49 | 52 | 59 | 68 | 78 | 89 |
| Dividends | (5) | (6) | (7) | (7) | (9) | (10) |
| Balance sheet, year end | ||||||
| Cash | 35 | 31 | 32 | 38 | 53 | 79 |
| Working capital | 191 | 219 | 251 | 287 | 329 | 377 |
| Net block and other assets | 322 | 345 | 365 | 382 | 394 | 400 |
| Debt | 5 | 5 | 5 | 5 | 5 | 5 |
| Equity | 379 | 425 | 478 | 538 | 607 | 686 |
| Balance check | 0 | (0) | 0 | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 41 | 47 | 54 | 62 | 71 | |
| Investing (capex) | (40) | (40) | (40) | (38) | (36) | |
| Financing (dividends) | (6) | (7) | (7) | (9) | (10) | |
| Net change in cash | (4) | 1 | 7 | 15 | 25 | |
| Free cash flow to equity | 1 | 7 | 14 | 24 | 35 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 14.5% | 12.2% | 11.00% | 5% | ₹421 | (79.5)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.