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Model Note · UNIPARTS INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
UNIPARTS INDIA LIMITED Discounted cash flow · base FY26
UNIPARTS INDIA LIMITED
Value per share, this model₹516
CMP 2026-09-10₹902.00
Difference(42.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of UNIPARTS INDIA 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
21.5% a year
FY26 21.4% · 5-yr CAGR —%
EBITDA margin
20.8%
FY26 20.8% · 5-yr average 18.8%
Depreciation · capex, % of revenue
3.9% · 2.1%, fading to 1.2× depreciation
FY26 3.9% · 2.1%
Working capital, % of added revenue · tax
37.2% · 23%
136 working-capital days · effective 23.0%
Discount rate
11.00%
1-yr beta 1.2
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹45 · ₹0 · ₹0 cr
FY26 net debt ₹45 cr
Shares
4.51 crore
4.51 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
1,170
1,422
1,728
2,099
2,551
3,099
growth %
21.4
21.5
21.5
21.5
21.5
21.5
EBITDA
244
296
359
437
531
645
Depreciation
(45)
(55)
(67)
(82)
(99)
(121)
NOPAT
153
185
225
273
332
403
less capex
(24)
(30)
(47)
(71)
(103)
(145)
less working-capital build
—
(94)
(114)
(138)
(168)
(204)
Free cash flow to firm
—
117
131
146
161
175
Present value
111
112
112
111
109
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 · UNIPARTS INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
556
PV of the terminal value (77% of EV)
1,818
Enterprise value
2,375
less net debt
(45)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,330
÷ 4.51 crore shares
₹516
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
534
574
622
681
754
10.5%
491
525
564
611
669
11.0%
455
483
516
555
601
11.5%
424
448
475
508
546
12.0%
397
417
441
468
499
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
