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Model Note · ZODIAC-JRD-MKJ LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ZODIAC-JRD-MKJ LTD. Discounted cash flow · base FY26
ZODIAC-JRD-MKJ LTD.
Value per share, this model₹(135)
CMP 2026-09-10₹38.00
Difference(454.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ZODIAC-JRD-MKJ 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
9.5%
FY26 9.5% · 5-yr average 9.5%
Depreciation · capex, % of revenue
3.7% · 67.6%, fading to 1.2× depreciation
FY26 3.7% · 67.6%
Working capital, % of added revenue · tax
154.2% · 25.5%
563 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 1.04
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹5 · ₹0 · ₹0 cr
FY26 net debt ₹5 cr
Shares
1.10 crore
1.10 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
45
49
53
57
62
67
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
4
5
5
5
6
6
Depreciation
(2)
(2)
(2)
(2)
(2)
(2)
NOPAT
2
2
2
2
3
3
less capex
(31)
(33)
(27)
(21)
(12)
(3)
less working-capital build
—
(6)
(6)
(7)
(7)
(8)
Free cash flow to firm
—
(35)
(29)
(22)
(15)
(5)
Present value
(33)
(25)
(17)
(10)
(3)
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 · ZODIAC-JRD-MKJ LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(89)
PV of the terminal value (—% of EV)
(54)
Enterprise value
(143)
less net debt
(5)
less non-controlling interest
0
add non-operating investments
0
Equity value
(148)
÷ 1.10 crore shares
₹(135)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(138)
(142)
(148)
(156)
(165)
10.5%
(132)
(136)
(141)
(147)
(154)
11.0%
(127)
(131)
(135)
(139)
(145)
11.5%
(123)
(126)
(129)
(133)
(138)
12.0%
(119)
(122)
(124)
(128)
(132)
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
