Models
3M INDIA LIMITED3MINDIADiversified
₹9,134per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹9,134implied FY24 P/E 16.8× · EV/EBITDA 12.2×
Against CMP ₹32,595.00−72.0%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY2974%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹7,333₹12,723
52-week rangetraded range, a fact not a value
₹28,730₹38,030
From enterprise to equity · ₹ crore
| PV of FY25–FY29 free cash flow | 2,417 |
| PV of terminal value | 6,832 |
| Enterprise value | 9,250 |
| less net debt | 1,044 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 10,294 |
| ÷ 1.13 crore shares | ₹9,134 |
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 9,400 | 10,004 | 10,729 | 11,615 | 12,723 |
| 10.50% | 8,764 | 9,266 | 9,859 | 10,571 | 11,441 |
| 11.00% | 8,218 | 8,641 | 9,134 | 9,716 | 10,416 |
| 11.50% | 7,746 | 8,106 | 8,521 | 9,005 | 9,577 |
| 12.00% | 7,333 | 7,642 | 7,995 | 8,403 | 8,879 |
The outlined cell is your model. Green figures sit above the CMP of ₹32,595.00; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 7,827 · 9,089 · 10,645 |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.68 |
| Rank correlation with ebitda margin | +0.63 |
| Rank correlation with revenue growth | +0.28 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,605 | 3,336 | 3,959 | 4,189 | 4,441 | 4,707 | 4,990 | 5,289 | 5,606 |
| growth % | (12.8) | 28.1 | 18.7 | 5.8 | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 |
| EBITDA | 259 | 389 | 604 | 759 | 804 | 852 | 903 | 957 | 1,015 |
| margin % | 10.0 | 11.7 | 15.3 | 18.1 | 18.1 | 18.1 | 18.1 | 18.1 | 18.1 |
| less depreciation | (62) | (55) | (58) | (53) | (58) | (61) | (65) | (69) | (73) |
| EBIT | 198 | 334 | 547 | 706 | 746 | 791 | 838 | 889 | 942 |
| less tax on EBIT | (179) | (189) | (200) | (212) | (225) | (238) | |||
| NOPAT | 527 | 557 | 591 | 626 | 664 | 704 | |||
| add depreciation | 62 | 55 | 58 | 53 | 58 | 61 | 65 | 69 | 73 |
| less capex | (42) | (70) | (60) | 0 | 0 | (18) | (39) | (62) | (87) |
| less working-capital build | — | (25) | (26) | (28) | (29) | (31) | |||
| Free cash flow to firm | 280 | 257 | 405 | — | 590 | 607 | 624 | 641 | 658 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 560 | 519 | 481 | 445 | 411 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 0, dividends at 0% of profit
| ₹ crore | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 706 | 746 | 791 | 838 | 889 | 942 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 746 | 791 | 838 | 889 | 942 | |
| Profit after tax | 0 | 557 | 591 | 626 | 664 | 704 |
| Dividends | (113) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 1,044 | 1,635 | 2,242 | 2,867 | 3,508 | 4,166 |
| Working capital | 411 | 436 | 462 | 489 | 519 | 550 |
| Net block and other assets | 1,793 | 1,735 | 1,692 | 1,667 | 1,660 | 1,674 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 2,147 | 2,704 | 3,295 | 3,921 | 4,585 | 5,288 |
| Balance check | 0 | 0 | 0 | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 590 | 626 | 663 | 703 | 745 | |
| Investing (capex) | 0 | (18) | (39) | (62) | (87) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 590 | 607 | 624 | 641 | 658 | |
| Free cash flow to equity | 590 | 607 | 624 | 641 | 658 | |
Other liabilities are held at their FY24 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 6% | 18.1% | 11.00% | 5% | ₹9,134 | (72.0)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.