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 · TVS ELECTRONICS LTD · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TVS ELECTRONICS LTD Discounted cash flow · base FY19
TVS ELECTRONICS LTD
Value per share, this model₹129
CMP, 8 Oct 2026₹385.00
Difference(66.6)%
Growth the CMP implies37.6%/yr
This note states the assumptions and the arithmetic of one model of TVS ELECTRONICS LTD, built on its filed FY19 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
FY19 —% · 5-yr CAGR —%
EBITDA margin
0.6%
FY19 0.6% · 5-yr average 0.6%
Depreciation · capex, % of revenue
0.1% · 0%, fading to 1.2× depreciation
FY19 0.1% · 0.0%
Working capital, % of added revenue · tax
0% · 13.7%
0 working-capital days · effective 13.7%
Discount rate
11.00%
1-yr beta 1.35
After FY24
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(3) · ₹0 · ₹0 cr
FY19 net debt ₹(3) cr
Shares
1.87 crore
1.87 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY19
FY20
FY21
FY22
FY23
FY24
Revenue
2,761
2,982
3,220
3,478
3,756
4,056
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
16
18
19
21
23
24
Depreciation
(4)
(3)
(3)
(3)
(4)
(4)
NOPAT
11
13
14
15
16
18
less capex
0
0
(1)
(2)
(3)
(5)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
16
16
16
17
17
Present value
15
14
13
12
10
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 · TVS ELECTRONICS LTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
63
PV of the terminal value (73% of EV)
173
Enterprise value
237
less net debt
3
less non-controlling interest
0
add non-operating investments
0
Equity value
240
÷ 1.87 crore shares
₹129
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
133
142
153
167
184
10.5%
123
131
140
151
164
11.0%
115
121
129
138
148
11.5%
107
113
119
127
135
12.0%
101
106
111
117
125
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
