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Model Note · TVS MOTOR COMPANY LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TVS MOTOR COMPANY LTD Discounted cash flow · base FY26
TVS MOTOR COMPANY LTD
Value per share, this model₹3,243
CMP 2026-09-10₹4,125.00
Difference(21.4)%
Growth the CMP implies32.6%/yr
This note states the assumptions and the arithmetic of one model of TVS MOTOR COMPANY 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
27% a year
FY26 27.2% · 5-yr CAGR 23.6%
EBITDA margin
14.9%
FY26 14.9% · 5-yr average 13.6%
Depreciation · capex, % of revenue
2.3% · 5.8%, fading to 1.2× depreciation
FY26 2.3% · 5.8%
Working capital, % of added revenue · tax
0% · 33.6%
-31 working-capital days · effective 33.6%
Discount rate
11.00%
1-yr beta 1.21
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹27,697 · ₹0 · ₹0 cr
FY26 net debt ₹27,697 cr
Shares
47.51 crore
47.51 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
56,070
71,208
90,435
1,14,852
1,45,862
1,85,245
growth %
27.2
27.0
27.0
27.0
27.0
27.0
EBITDA
8,343
10,610
13,475
17,113
21,733
27,601
Depreciation
(1,273)
(1,638)
(2,080)
(2,642)
(3,355)
(4,261)
NOPAT
4,695
5,958
7,566
9,609
12,203
15,498
less capex
(3,235)
(4,130)
(4,558)
(4,916)
(5,134)
(5,113)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
3,465
5,088
7,335
10,424
14,646
Present value
3,289
4,351
5,650
7,234
9,157
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 MOTOR COMPANY LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
29,682
PV of the terminal value (84% of EV)
1,52,106
Enterprise value
1,81,789
less net debt
(27,697)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,54,092
÷ 47.51 crore shares
₹3,243
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
3,377
3,696
4,079
4,547
5,131
10.5%
3,044
3,309
3,623
3,999
4,458
11.0%
2,760
2,983
3,243
3,551
3,920
11.5%
2,514
2,704
2,923
3,179
3,481
12.0%
2,299
2,463
2,649
2,864
3,116
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
