Models
ARO GRANITE IND. LTD.AROGRANITEConsumer Durables
₹-69per 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₹(69)implied FY26 P/E —× · EV/EBITDA 28.5×
Against CMP ₹22.11−411.1%close of 9 Oct 2026
Growth the CMP implies—%no growth rate between −20% and 45% a year brings the value to the CMP on your other inputs
Value after FY3133%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
₹(72)₹(63)
52-week rangetraded range, a fact not a value
₹19₹40
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 29 |
| PV of terminal value | 14 |
| Enterprise value | 43 |
| less net debt | (148) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (105) |
| ÷ 1.53 crore shares | ₹(69) |
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% | (68) | (67) | (66) | (65) | (63) |
| 10.50% | (69) | (68) | (68) | (67) | (65) |
| 11.00% | (70) | (70) | (69) | (68) | (67) |
| 11.50% | (71) | (70) | (70) | (69) | (68) |
| 12.00% | (72) | (71) | (71) | (70) | (69) |
The outlined cell is your model. Green figures sit above the CMP of ₹22.11; 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 | (70) · (69) · (67) |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.90 |
| Rank correlation with ebitda margin | +0.42 |
| Rank correlation with revenue growth | −0.03 |
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 | 164 | 155 | 123 | 74 | 70 | 66 | 63 | 60 | 57 |
| growth % | (27.1) | (5.4) | (20.6) | (40.3) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 19 | 31 | 6 | 2 | 1 | 1 | 1 | 1 | 1 |
| margin % | 11.6 | 19.9 | 5.1 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 |
| less depreciation | (13) | (12) | (10) | (10) | (9) | (9) | (8) | (8) | (8) |
| EBIT | 6 | 19 | (4) | (8) | (8) | (8) | (7) | (7) | (6) |
| less tax on EBIT | 2 | 2 | 2 | 2 | 2 | 2 | |||
| NOPAT | (6) | (6) | (6) | (5) | (5) | (5) | |||
| add depreciation | 13 | 12 | 10 | 10 | 9 | 9 | 8 | 8 | 8 |
| less capex | (3) | (0) | (0) | (0) | (0) | (3) | (5) | (7) | (9) |
| less working-capital build | — | 9 | 9 | 9 | 8 | 8 | |||
| Free cash flow to firm | 11 | 19 | 41 | — | 13 | 9 | 7 | 4 | 1 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 12 | 8 | 5 | 3 | 1 |
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 152, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | (8) | (8) | (8) | (7) | (7) | (6) |
| Interest at 9.7% on debt | (15) | (15) | (15) | (15) | (15) | |
| Profit before tax | (23) | (22) | (22) | (22) | (21) | |
| Profit after tax | (12) | (17) | (17) | (16) | (16) | (16) |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 3 | 5 | 3 | (1) | (8) | (18) |
| Working capital | 190 | 180 | 171 | 163 | 155 | 147 |
| Net block and other assets | 201 | 192 | 186 | 183 | 182 | 183 |
| Debt | 152 | 152 | 152 | 152 | 152 | 152 |
| Equity | 174 | 157 | 140 | 124 | 108 | 92 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 2 | 1 | 1 | 0 | (1) | |
| Investing (capex) | (0) | (3) | (5) | (7) | (9) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 2 | (2) | (4) | (7) | (10) | |
| Free cash flow to equity | 2 | (2) | (4) | (7) | (10) | |
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 | -5% | 2% | 11.00% | 5% | ₹(69) | (411.1)% |
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.