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Model Note · THEJO ENGINEERING LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
THEJO ENGINEERING LIMITED Discounted cash flow · base FY26
THEJO ENGINEERING LIMITED
Value per share, this model₹421
CMP, 8 Oct 2026₹2,055.00
Difference(79.5)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of THEJO ENGINEERING 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
14.5% a year
FY26 14.4% · 5-yr CAGR —%
EBITDA margin
12.2%
FY26 12.2% · 5-yr average 15.3%
Depreciation · capex, % of revenue
2.4% · 5.5%, fading to 1.2× depreciation
FY26 2.4% · 5.5%
Working capital, % of added revenue · tax
30.3% · 26.8%
111 working-capital days · effective 26.8%
Discount rate
11.00%
1-yr beta 0.76
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(30) · ₹0 · ₹0 cr
FY26 net debt ₹(30) cr
Shares
1.08 crore
1.08 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
632
724
829
949
1,086
1,244
growth %
14.4
14.5
14.5
14.5
14.5
14.5
EBITDA
77
88
101
116
133
152
Depreciation
(15)
(17)
(20)
(23)
(26)
(30)
NOPAT
46
52
59
68
78
89
less capex
(35)
(40)
(40)
(40)
(38)
(36)
less working-capital build
—
(28)
(32)
(36)
(42)
(48)
Free cash flow to firm
—
2
7
15
24
36
Present value
2
6
11
17
22
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 · THEJO ENGINEERING LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
58
PV of the terminal value (86% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
435
469
510
560
622
10.5%
400
428
462
502
550
11.0%
370
394
421
454
493
11.5%
344
364
387
415
447
12.0%
321
339
358
381
408
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
