Models
AVIO SMART MRKT STACK LTDASMSIT - Services
₹4per 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₹4implied FY26 P/E 0.3× · EV/EBITDA 27.7×
Against CMP ₹6.93−40.8%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3185%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
₹3₹6
52-week rangetraded range, a fact not a value
₹7₹17
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 20 |
| PV of terminal value | 113 |
| Enterprise value | 133 |
| less net debt | (8) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 125 |
| ÷ 30.46 crore shares | ₹4 |
85% 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% | 4 | 5 | 5 | 6 | 6 |
| 10.50% | 4 | 4 | 5 | 5 | 6 |
| 11.00% | 4 | 4 | 4 | 4 | 5 |
| 11.50% | 3 | 3 | 4 | 4 | 4 |
| 12.00% | 3 | 3 | 3 | 4 | 4 |
The outlined cell is your model. Green figures sit above the CMP of ₹6.93; 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 | 3 · 4 · 5 |
| Draws below the CMP | 99% |
| Rank correlation with revenue growth | +0.70 |
| Rank correlation with ebitda margin | +0.49 |
| Rank correlation with discount rate | −0.46 |
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 | FY21 | FY22 | FY23 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 63 | 66 | 53 | 104 | 135 | 176 | 228 | 297 | 386 |
| growth % | (6.7) | 3.3 | (19.7) | 97.5 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 6 | 6 | 462 | 5 | 6 | 8 | 11 | 14 | 18 |
| margin % | 9.4 | 8.6 | 877.2 | 4.6 | 4.6 | 4.6 | 4.6 | 4.6 | 4.6 |
| less depreciation | (4) | (4) | (4) | (0) | (0) | (0) | (0) | (0) | (0) |
| EBIT | 2 | 1 | 457 | 5 | 6 | 8 | 10 | 13 | 17 |
| less tax on EBIT | (1) | (1) | (1) | (1) | (2) | (2) | |||
| NOPAT | 4 | 5 | 7 | 9 | 11 | 15 | |||
| add depreciation | 4 | 4 | 4 | 0 | 0 | 0 | 0 | 0 | 0 |
| less capex | 0 | (0) | (0) | (2) | (2) | (2) | (2) | (2) | (0) |
| less working-capital build | — | (1) | (2) | (2) | (3) | (4) | |||
| Free cash flow to firm | 27 | 4 | (3) | — | 2 | 3 | 5 | 7 | 11 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 2 | 2 | 4 | 5 | 7 |
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 9, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 5 | 6 | 8 | 10 | 13 | 17 |
| Interest at 8% on debt | (1) | (1) | (1) | (1) | (1) | |
| Profit before tax | 5 | 7 | 10 | 13 | 17 | |
| Profit after tax | 0 | 5 | 6 | 8 | 11 | 14 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 1 | 2 | 5 | 9 | 15 | 26 |
| Working capital | 5 | 6 | 8 | 10 | 13 | 17 |
| Net block and other assets | 62 | 64 | 67 | 68 | 70 | 70 |
| Debt | 9 | 9 | 9 | 9 | 9 | 9 |
| Equity | 34 | 39 | 45 | 53 | 64 | 78 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 3 | 5 | 6 | 8 | 11 | |
| Investing (capex) | (2) | (2) | (2) | (2) | (0) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 1 | 2 | 4 | 7 | 10 | |
| Free cash flow to equity | 1 | 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 | 30% | 4.6% | 11.00% | 5% | ₹4 | (40.8)% |
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.