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 · TUBE INVEST OF INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TUBE INVEST OF INDIA LTD Discounted cash flow · base FY26
TUBE INVEST OF INDIA LTD
Value per share, this model₹393
CMP 2026-09-10₹2,606.10
Difference(84.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of TUBE INVEST OF INDIA 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
17.5% a year
FY26 17.4% · 5-yr CAGR 30.3%
EBITDA margin
9.6%
FY26 9.6% · 5-yr average 11.0%
Depreciation · capex, % of revenue
2.9% · 6.3%, fading to 1.2× depreciation
FY26 2.9% · 6.3%
Working capital, % of added revenue · tax
13.9% · 39.7%
51 working-capital days · effective 39.7%
Discount rate
11.00%
1-yr beta 1.06
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(140) · ₹0 · ₹0 cr
FY26 net debt ₹(140) cr
Shares
19.36 crore
19.36 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
22,847
26,846
31,544
37,064
43,550
51,171
growth %
17.4
17.5
17.5
17.5
17.5
17.5
EBITDA
2,190
2,577
3,028
3,558
4,181
4,912
Depreciation
(664)
(779)
(915)
(1,075)
(1,263)
(1,484)
NOPAT
920
1,085
1,274
1,497
1,759
2,067
less capex
(1,433)
(1,691)
(1,765)
(1,812)
(1,823)
(1,781)
less working-capital build
—
(556)
(653)
(767)
(902)
(1,059)
Free cash flow to firm
—
(384)
(229)
(7)
298
711
Present value
(364)
(196)
(6)
207
445
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 · TUBE INVEST OF INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
86
PV of the terminal value (99% of EV)
7,386
Enterprise value
7,472
less net debt
140
less non-controlling interest
0
add non-operating investments
0
Equity value
7,612
÷ 19.36 crore shares
₹393
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
408
446
492
548
617
10.5%
369
401
438
483
537
11.0%
336
362
393
430
474
11.5%
307
329
356
386
422
12.0%
282
301
323
349
379
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
