The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · TINNA RUBBER AND INFR LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TINNA RUBBER AND INFR LTD Discounted cash flow · base FY26
TINNA RUBBER AND INFR LTD
Value per share, this model₹370
CMP 2026-09-10₹1,036.30
Difference(64.3)%
Growth the CMP implies43.6%/yr
This note states the assumptions and the arithmetic of one model of TINNA RUBBER AND INFR 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
8% a year
FY26 8.0% · 5-yr CAGR 33.2%
EBITDA margin
17.1%
FY26 17.1% · 5-yr average 15.6%
Depreciation · capex, % of revenue
2.3% · 20.1%, fading to 1.2× depreciation
FY26 2.3% · 20.1%
Working capital, % of added revenue · tax
15% · 26.5%
55 working-capital days · effective 26.5%
Discount rate
11.00%
1-yr beta 1.18
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹120 · ₹0 · ₹0 cr
FY26 net debt ₹120 cr
Shares
1.80 crore
1.80 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
546
589
637
688
743
802
growth %
8.0
8.0
8.0
8.0
8.0
8.0
EBITDA
94
101
109
118
127
137
Depreciation
(12)
(14)
(15)
(16)
(17)
(18)
NOPAT
60
64
69
75
81
87
less capex
(109)
(118)
(100)
(79)
(53)
(22)
less working-capital build
—
(7)
(7)
(8)
(8)
(9)
Free cash flow to firm
—
(47)
(24)
4
37
75
Present value
(45)
(20)
3
26
47
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 · TINNA RUBBER AND INFR LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
11
PV of the terminal value (99% of EV)
775
Enterprise value
786
less net debt
(120)
less non-controlling interest
0
add non-operating investments
0
Equity value
666
÷ 1.80 crore shares
₹370
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
386
429
481
544
622
10.5%
342
378
420
471
532
11.0%
305
335
370
411
460
11.5%
272
298
327
361
402
12.0%
244
266
291
320
353
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
