Models
APTECH LIMITEDAPTECHTOther Consumer Services
₹50per 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₹50implied FY26 P/E 11.9× · EV/EBITDA 9.1×
Against CMP ₹85.00−41.1%close of 8 Oct 2026
Growth the CMP implies26.8%revenue, a year for 5 years, on your other inputs
Value after FY3171%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
₹40₹69
52-week rangetraded range, a fact not a value
₹69₹128
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 76 |
| PV of terminal value | 187 |
| Enterprise value | 263 |
| less net debt | 27 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 290 |
| ÷ 5.80 crore shares | ₹50 |
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% | 51 | 55 | 59 | 63 | 69 |
| 10.50% | 48 | 51 | 54 | 58 | 62 |
| 11.00% | 45 | 47 | 50 | 53 | 57 |
| 11.50% | 43 | 45 | 47 | 49 | 52 |
| 12.00% | 40 | 42 | 44 | 46 | 49 |
The outlined cell is your model. Green figures sit above the CMP of ₹85.00; 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 · 50 · 60 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.72 |
| Rank correlation with discount rate | −0.53 |
| Rank correlation with revenue growth | +0.36 |
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 | 457 | 437 | 460 | 503 | 551 | 604 | 661 | 724 | 793 |
| growth % | 102.1 | (4.4) | 5.3 | 9.4 | 9.5 | 9.5 | 9.5 | 9.5 | 9.5 |
| EBITDA | 76 | 34 | 28 | 29 | 31 | 34 | 38 | 41 | 45 |
| margin % | 16.6 | 7.8 | 6.1 | 5.7 | 5.7 | 5.7 | 5.7 | 5.7 | 5.7 |
| less depreciation | (7) | (8) | (9) | (8) | (9) | (10) | (11) | (12) | (13) |
| EBIT | 69 | 26 | 20 | 21 | 23 | 25 | 27 | 30 | 32 |
| less tax on EBIT | (7) | (8) | (8) | (9) | (10) | (11) | |||
| NOPAT | 14 | 15 | 16 | 18 | 20 | 22 | |||
| add depreciation | 7 | 8 | 9 | 8 | 9 | 10 | 11 | 12 | 13 |
| less capex | (7) | (14) | (7) | (3) | (3) | (5) | (8) | (11) | (15) |
| less working-capital build | — | (1) | (1) | (1) | (1) | (1) | |||
| Free cash flow to firm | 92 | (22) | 13 | — | 20 | 20 | 20 | 19 | 18 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 19 | 17 | 15 | 13 | 11 |
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 100% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 21 | 23 | 25 | 27 | 30 | 32 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 23 | 25 | 27 | 30 | 32 | |
| Profit after tax | 24 | 15 | 16 | 18 | 20 | 22 |
| Dividends | (26) | (15) | (16) | (18) | (20) | (22) |
| Balance sheet, year end | ||||||
| Cash | 27 | 32 | 36 | 38 | 37 | 34 |
| Working capital | 8 | 8 | 9 | 10 | 11 | 12 |
| Net block and other assets | 393 | 387 | 383 | 380 | 380 | 382 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 249 | 249 | 249 | 249 | 249 | 249 |
| Balance check | 0 | 0 | 0 | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 23 | 25 | 28 | 30 | 33 | |
| Investing (capex) | (3) | (5) | (8) | (11) | (15) | |
| Financing (dividends) | (15) | (16) | (18) | (20) | (22) | |
| Net change in cash | 5 | 4 | 2 | (1) | (4) | |
| Free cash flow to equity | 20 | 20 | 20 | 19 | 18 | |
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 | 9.5% | 5.7% | 11.00% | 5% | ₹50 | (41.1)% |
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.