Models
AETHER INDUSTRIES LIMITEDAETHERChemicals & Petrochemicals
₹92per 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₹92implied FY26 P/E 5.2× · EV/EBITDA 4.7×
Against CMP ₹1,675.00−94.5%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3184%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
₹61₹153
52-week rangetraded range, a fact not a value
₹726₹1,717
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 267 |
| PV of terminal value | 1,385 |
| Enterprise value | 1,652 |
| less net debt | (436) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,216 |
| ÷ 13.27 crore shares | ₹92 |
84% 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% | 96 | 106 | 119 | 134 | 153 |
| 10.50% | 85 | 94 | 104 | 116 | 131 |
| 11.00% | 76 | 83 | 92 | 102 | 114 |
| 11.50% | 68 | 74 | 81 | 89 | 99 |
| 12.00% | 61 | 66 | 72 | 79 | 87 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,675.00; 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 | (63) · 91 · 199 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.75 |
| Rank correlation with revenue growth | −0.63 |
| Rank correlation with discount rate | −0.12 |
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 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 651 | 598 | 839 | 1,160 | 1,508 | 1,961 | 2,549 | 3,313 | 4,308 |
| growth % | — | (8.1) | 40.2 | 38.3 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 186 | 118 | 229 | 355 | 462 | 600 | 780 | 1,014 | 1,318 |
| margin % | 28.6 | 19.8 | 27.3 | 30.6 | 30.6 | 30.6 | 30.6 | 30.6 | 30.6 |
| less depreciation | (23) | (40) | (45) | (66) | (86) | (112) | (145) | (189) | (246) |
| EBIT | 163 | 79 | 184 | 288 | 376 | 488 | 635 | 825 | 1,073 |
| less tax on EBIT | (71) | (92) | (120) | (156) | (203) | (264) | |||
| NOPAT | 217 | 283 | 368 | 479 | 622 | 809 | |||
| add depreciation | 23 | 40 | 45 | 66 | 86 | 112 | 145 | 189 | 246 |
| less capex | (401) | (248) | (304) | (91) | (119) | (150) | (188) | (235) | (295) |
| less working-capital build | — | (219) | (285) | (371) | (482) | (626) | |||
| Free cash flow to firm | (408) | (265) | (170) | — | 31 | 45 | 65 | 94 | 133 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 29 | 39 | 50 | 65 | 83 |
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 442, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 288 | 376 | 488 | 635 | 825 | 1,073 |
| Interest at 5.7% on debt | (25) | (25) | (25) | (25) | (25) | |
| Profit before tax | 350 | 463 | 609 | 800 | 1,047 | |
| Profit after tax | 219 | 264 | 349 | 460 | 603 | 790 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 6 | 17 | 44 | 90 | 165 | 279 |
| Working capital | 731 | 950 | 1,235 | 1,606 | 2,087 | 2,714 |
| Net block and other assets | 2,465 | 2,498 | 2,536 | 2,579 | 2,625 | 2,674 |
| Debt | 442 | 442 | 442 | 442 | 442 | 442 |
| Equity | 2,456 | 2,720 | 3,069 | 3,529 | 4,132 | 4,922 |
| Balance check | 0 | 0 | 0 | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 131 | 176 | 234 | 310 | 409 | |
| Investing (capex) | (119) | (150) | (188) | (235) | (295) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 12 | 26 | 46 | 75 | 114 | |
| Free cash flow to equity | 12 | 26 | 46 | 75 | 114 | |
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 | 30% | 30.6% | 11.00% | 5% | ₹92 | (94.5)% |
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.