Models
ADOR WELDING LTDADORIndustrial Products
₹587per 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₹587implied FY26 P/E 9.0× · EV/EBITDA 8.3×
Against CMP ₹1,610.30−63.6%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3173%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
₹464₹830
52-week rangetraded range, a fact not a value
₹848₹1,766
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 263 |
| PV of terminal value | 716 |
| Enterprise value | 980 |
| less net debt | 41 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,021 |
| ÷ 1.74 crore shares | ₹587 |
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% | 605 | 646 | 695 | 755 | 830 |
| 10.50% | 562 | 596 | 636 | 684 | 743 |
| 11.00% | 524 | 553 | 587 | 626 | 674 |
| 11.50% | 492 | 517 | 545 | 578 | 617 |
| 12.00% | 464 | 485 | 509 | 537 | 569 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,610.30; 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 | 494 · 583 · 689 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.73 |
| Rank correlation with discount rate | −0.65 |
| Rank correlation with revenue growth | +0.02 |
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 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 448 | 661 | 1,123 | 1,140 | 1,157 | 1,174 | 1,192 | 1,210 | 1,228 |
| growth % | (15.0) | 47.8 | 69.7 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 |
| EBITDA | (4) | 67 | 91 | 119 | 120 | 122 | 124 | 126 | 128 |
| margin % | (0.9) | 10.2 | 8.1 | 10.4 | 10.4 | 10.4 | 10.4 | 10.4 | 10.4 |
| less depreciation | (11) | (11) | (18) | (19) | (20) | (20) | (20) | (21) | (21) |
| EBIT | (15) | 56 | 72 | 99 | 101 | 102 | 104 | 105 | 107 |
| less tax on EBIT | (28) | (29) | (29) | (30) | (30) | (31) | |||
| NOPAT | 71 | 72 | 73 | 74 | 75 | 76 | |||
| add depreciation | 11 | 11 | 18 | 19 | 20 | 20 | 20 | 21 | 21 |
| less capex | (9) | (17) | (41) | (22) | (22) | (23) | (23) | (24) | (25) |
| less working-capital build | — | (3) | (3) | (3) | (3) | (3) | |||
| Free cash flow to firm | 70 | 9 | 96 | — | 67 | 67 | 68 | 68 | 69 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 63 | 57 | 52 | 47 | 43 |
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 1, dividends at 42.5% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 99 | 101 | 102 | 104 | 105 | 107 |
| Interest at 8% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 101 | 102 | 104 | 105 | 107 | |
| Profit after tax | 82 | 72 | 73 | 74 | 75 | 76 |
| Dividends | (35) | (30) | (31) | (31) | (32) | (32) |
| Balance sheet, year end | ||||||
| Cash | 42 | 78 | 115 | 151 | 187 | 224 |
| Working capital | 190 | 193 | 196 | 199 | 202 | 205 |
| Net block and other assets | 599 | 602 | 604 | 608 | 611 | 615 |
| Debt | 1 | 1 | 1 | 1 | 1 | 1 |
| Equity | 554 | 596 | 638 | 680 | 723 | 767 |
| Balance check | 0 | 0 | 0 | (0) | (0) | 0 |
| Cash flow | ||||||
| From operations | 89 | 90 | 91 | 93 | 94 | |
| Investing (capex) | (22) | (23) | (23) | (24) | (25) | |
| Financing (dividends) | (30) | (31) | (31) | (32) | (32) | |
| Net change in cash | 36 | 36 | 36 | 36 | 37 | |
| Free cash flow to equity | 67 | 67 | 68 | 68 | 69 | |
Other liabilities are held at their FY26 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 | 1.5% | 10.4% | 11.00% | 5% | ₹587 | (63.6)% |
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.