Models
AEROFLEX INDUSTRIES LTDAEROFLEXIndustrial Products
₹60per 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₹60implied FY26 P/E 11.7× · EV/EBITDA 7.8×
Against CMP ₹565.00−89.4%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3191%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
₹44₹91
52-week rangetraded range, a fact not a value
₹158₹584
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 72 |
| PV of terminal value | 705 |
| Enterprise value | 778 |
| less net debt | 18 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 796 |
| ÷ 13.23 crore shares | ₹60 |
91% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
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% | 62 | 68 | 74 | 82 | 91 |
| 10.50% | 57 | 61 | 66 | 73 | 80 |
| 11.00% | 52 | 56 | 60 | 65 | 71 |
| 11.50% | 48 | 51 | 55 | 59 | 64 |
| 12.00% | 44 | 47 | 50 | 54 | 58 |
The outlined cell is your model. Green figures sit above the CMP of ₹565.00; 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 | 41 · 59 · 79 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.88 |
| Rank correlation with discount rate | −0.41 |
| Rank correlation with revenue growth | +0.05 |
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 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 318 | 376 | 442 | 519 | 610 | 717 | 842 | 990 |
| growth % | — | 18.3 | 17.5 | 17.5 | 17.5 | 17.5 | 17.5 | 17.5 |
| EBITDA | 62 | 79 | 100 | 117 | 138 | 162 | 190 | 224 |
| margin % | 19.4 | 21.0 | 22.6 | 22.6 | 22.6 | 22.6 | 22.6 | 22.6 |
| less depreciation | (6) | (11) | (26) | (31) | (36) | (42) | (50) | (58) |
| EBIT | 56 | 68 | 74 | 87 | 102 | 120 | 141 | 165 |
| less tax on EBIT | (18) | (22) | (25) | (30) | (35) | (41) | ||
| NOPAT | 55 | 65 | 76 | 90 | 106 | 124 | ||
| add depreciation | 6 | 11 | 26 | 31 | 36 | 42 | 50 | 58 |
| less capex | (38) | (103) | (71) | (84) | (84) | (83) | (79) | (70) |
| less working-capital build | — | (23) | (27) | (32) | (38) | (44) | ||
| Free cash flow to firm | 6 | (77) | — | (11) | 1 | 17 | 39 | 68 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | (11) | 1 | 13 | 27 | 42 |
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 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 74 | 87 | 102 | 120 | 141 | 165 |
| Interest at 8% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 87 | 102 | 120 | 141 | 165 | |
| Profit after tax | 0 | 65 | 76 | 90 | 105 | 124 |
| Dividends | (4) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 19 | 8 | 8 | 25 | 64 | 132 |
| Working capital | 133 | 156 | 183 | 216 | 253 | 298 |
| Net block and other assets | 413 | 466 | 515 | 555 | 584 | 596 |
| Debt | 1 | 1 | 1 | 1 | 1 | 1 |
| Equity | 447 | 512 | 589 | 678 | 784 | 908 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 72 | 85 | 100 | 117 | 138 | |
| Investing (capex) | (84) | (84) | (83) | (79) | (70) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (11) | 1 | 17 | 39 | 68 | |
| Free cash flow to equity | (11) | 1 | 17 | 39 | 68 | |
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 | 17.5% | 22.6% | 11.00% | 5% | ₹60 | (89.4)% |
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.