Models
AVENUESAI LIMITEDCCAVENUEFinancial Technology (Fintech)
₹26per 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₹26implied FY26 P/E 26.1× · EV/EBITDA 24.7×
Against CMP ₹16.30+61.8%close of 2026-09-10
Growth the CMP implies16.0%revenue, a year for 5 years, on your other inputs
Value after FY3190%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
₹20₹40
52-week rangetraded range, a fact not a value
₹13₹21
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 841 |
| PV of terminal value | 7,857 |
| Enterprise value | 8,698 |
| less net debt | 514 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 9,212 |
| ÷ 349.23 crore shares | ₹26 |
90% 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% | 27 | 30 | 32 | 36 | 40 |
| 10.50% | 25 | 27 | 29 | 32 | 35 |
| 11.00% | 23 | 25 | 26 | 29 | 31 |
| 11.50% | 21 | 23 | 24 | 26 | 28 |
| 12.00% | 20 | 21 | 22 | 24 | 26 |
The outlined cell is your model. Green figures sit above the CMP of ₹16.30; 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 | 19 · 26 · 36 |
| Draws below the CMP | 2% |
| Rank correlation with revenue growth | +0.76 |
| Rank correlation with ebitda margin | +0.45 |
| Rank correlation with discount rate | −0.41 |
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 | 1,962 | 3,171 | 3,993 | 8,116 | 10,551 | 13,716 | 17,831 | 23,180 | 30,134 |
| growth % | 51.7 | 61.6 | 25.9 | 103.3 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 180 | 253 | 308 | 352 | 454 | 590 | 767 | 997 | 1,296 |
| margin % | 9.2 | 8.0 | 7.7 | 4.3 | 4.3 | 4.3 | 4.3 | 4.3 | 4.3 |
| less depreciation | (62) | (69) | (70) | (77) | (95) | (123) | (160) | (209) | (271) |
| EBIT | 118 | 184 | 237 | 275 | 359 | 466 | 606 | 788 | 1,025 |
| less tax on EBIT | (37) | (48) | (62) | (81) | (106) | (137) | |||
| NOPAT | 238 | 311 | 404 | 525 | 683 | 887 | |||
| add depreciation | 62 | 69 | 70 | 77 | 95 | 123 | 160 | 209 | 271 |
| less capex | (63) | (292) | (376) | (341) | (443) | (469) | (471) | (431) | (325) |
| less working-capital build | — | (27) | (35) | (45) | (59) | (76) | |||
| Free cash flow to firm | 50 | 428 | (304) | — | (64) | 23 | 169 | 401 | 757 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (61) | 20 | 131 | 278 | 473 |
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 399, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 275 | 359 | 466 | 606 | 788 | 1,025 |
| Interest at 6.8% on debt | (27) | (27) | (27) | (27) | (27) | |
| Profit before tax | 332 | 439 | 579 | 761 | 997 | |
| Profit after tax | 279 | 287 | 380 | 501 | 659 | 864 |
| Dividends | (0) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 913 | 825 | 825 | 971 | 1,349 | 2,082 |
| Working capital | 89 | 116 | 151 | 196 | 255 | 331 |
| Net block and other assets | 6,300 | 6,648 | 6,994 | 7,304 | 7,526 | 7,581 |
| Debt | 399 | 399 | 399 | 399 | 399 | 399 |
| Equity | 4,977 | 5,264 | 5,645 | 6,146 | 6,805 | 7,669 |
| Balance check | 0 | 0 | 0 | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 355 | 469 | 617 | 809 | 1,058 | |
| Investing (capex) | (443) | (469) | (471) | (431) | (325) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (88) | (0) | 146 | 378 | 733 | |
| Free cash flow to equity | (88) | (0) | 146 | 378 | 733 | |
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% | 4.3% | 11.00% | 5% | ₹26 | 61.8% |
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.