Models
AXIS SOLUTIONS LIMITEDBSE 511144Industrial Manufacturing
₹36per 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₹36implied FY26 P/E 5.7× · EV/EBITDA 5.5×
Against CMP ₹639.60−94.3%close of 8 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 FY3188%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
₹23₹64
52-week rangetraded range, a fact not a value
₹40₹679
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 29 |
| PV of terminal value | 219 |
| Enterprise value | 248 |
| less net debt | (76) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 172 |
| ÷ 4.73 crore shares | ₹36 |
88% 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% | 38 | 43 | 48 | 55 | 64 |
| 10.50% | 33 | 37 | 42 | 47 | 54 |
| 11.00% | 29 | 33 | 36 | 41 | 46 |
| 11.50% | 26 | 29 | 32 | 35 | 40 |
| 12.00% | 23 | 25 | 28 | 31 | 34 |
The outlined cell is your model. Green figures sit above the CMP of ₹639.60; 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 | (0) · 36 · 65 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.69 |
| Rank correlation with revenue growth | −0.67 |
| Rank correlation with discount rate | −0.21 |
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 | FY20 | FY21 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 45 | 41 | 201 | 241 | 288 | 344 | 411 | 491 | 586 |
| growth % | 12.4 | (8.0) | 390.7 | 19.5 | 19.5 | 19.5 | 19.5 | 19.5 | 19.5 |
| EBITDA | 2 | 2 | 35 | 45 | 54 | 64 | 77 | 92 | 110 |
| margin % | 3.8 | 3.9 | 17.6 | 18.7 | 18.7 | 18.7 | 18.7 | 18.7 | 18.7 |
| less depreciation | (1) | (1) | (1) | (2) | (2) | (2) | (3) | (3) | (4) |
| EBIT | 1 | 1 | 34 | 43 | 52 | 62 | 74 | 88 | 106 |
| less tax on EBIT | (12) | (14) | (16) | (20) | (23) | (28) | |||
| NOPAT | 32 | 38 | 45 | 54 | 65 | 78 | |||
| add depreciation | 1 | 1 | 1 | 2 | 2 | 2 | 3 | 3 | 4 |
| less capex | — | (1) | (2) | (11) | (14) | (13) | (11) | (9) | (5) |
| less working-capital build | — | (27) | (33) | (39) | (47) | (56) | |||
| Free cash flow to firm | — | (3) | (22) | — | (1) | 2 | 7 | 13 | 21 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (1) | 2 | 5 | 9 | 13 |
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 81, dividends at 8% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 43 | 52 | 62 | 74 | 88 | 106 |
| Interest at 7.8% on debt | (6) | (6) | (6) | (6) | (6) | |
| Profit before tax | 45 | 56 | 68 | 82 | 99 | |
| Profit after tax | 29 | 33 | 41 | 50 | 60 | 73 |
| Dividends | (2) | (3) | (3) | (4) | (5) | (6) |
| Balance sheet, year end | ||||||
| Cash | 5 | (3) | (8) | (10) | (7) | 4 |
| Working capital | 140 | 167 | 200 | 239 | 286 | 341 |
| Net block and other assets | 138 | 150 | 160 | 169 | 174 | 175 |
| Debt | 81 | 81 | 81 | 81 | 81 | 81 |
| Equity | 142 | 172 | 210 | 256 | 311 | 378 |
| Balance check | 0 | 0 | 0 | (0) | 0 | (0) |
| Cash flow | ||||||
| From operations | 8 | 11 | 14 | 17 | 21 | |
| Investing (capex) | (14) | (13) | (11) | (9) | (5) | |
| Financing (dividends) | (3) | (3) | (4) | (5) | (6) | |
| Net change in cash | (8) | (6) | (2) | 3 | 11 | |
| Free cash flow to equity | (5) | (2) | 2 | 8 | 16 | |
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 | 19.5% | 18.7% | 11.00% | 5% | ₹36 | (94.3)% |
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.