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Model Note · VST TILLERS TRACTORS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
VST TILLERS TRACTORS LTD Discounted cash flow · base FY26
VST TILLERS TRACTORS LTD
Value per share, this model₹2,729
CMP 2026-09-10₹4,042.70
Difference(32.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of VST TILLERS TRACTORS 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
24.5% a year
FY26 24.7% · 5-yr CAGR —%
EBITDA margin
13.3%
FY26 13.3% · 5-yr average 12.4%
Depreciation · capex, % of revenue
2.1% · 2.1%, fading to 1.2× depreciation
FY26 2.1% · 2.1%
Working capital, % of added revenue · tax
15.6% · 26%
57 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 1.02
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(47) · ₹0 · ₹0 cr
FY26 net debt ₹(47) cr
Shares
0.87 crore
0.87 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
1,240
1,544
1,923
2,394
2,980
3,710
growth %
24.7
24.5
24.5
24.5
24.5
24.5
EBITDA
165
205
256
318
396
493
Depreciation
(26)
(32)
(40)
(50)
(63)
(78)
NOPAT
103
128
159
198
247
307
less capex
(26)
(32)
(42)
(55)
(72)
(93)
less working-capital build
—
(47)
(59)
(73)
(91)
(114)
Free cash flow to firm
—
81
98
120
146
178
Present value
76
84
92
101
111
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 · VST TILLERS TRACTORS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
466
PV of the terminal value (80% of EV)
1,849
Enterprise value
2,314
less net debt
47
less non-controlling interest
0
add non-operating investments
0
Equity value
2,361
÷ 0.87 crore shares
₹2,729
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,820
3,033
3,289
3,601
3,991
10.5%
2,597
2,774
2,983
3,234
3,541
11.0%
2,407
2,556
2,729
2,935
3,181
11.5%
2,242
2,368
2,515
2,685
2,887
12.0%
2,097
2,206
2,331
2,475
2,642
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
