Models
BAAZAR STYLE RETAIL LTDSTYLEBAAZA
₹-35per 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₹(35)implied FY26 P/E (5.5)× · EV/EBITDA 0.2×
Against CMP ₹387.55−108.9%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY31-161%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
₹(43)₹(31)
52-week rangetraded range, a fact not a value
₹230₹447
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 186 |
| PV of terminal value | (115) |
| Enterprise value | 71 |
| less net debt | (335) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (264) |
| ÷ 7.61 crore shares | ₹(35) |
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% | (35) | (36) | (38) | (40) | (43) |
| 10.50% | (34) | (35) | (36) | (38) | (40) |
| 11.00% | (32) | (33) | (35) | (36) | (38) |
| 11.50% | (31) | (32) | (33) | (35) | (36) |
| 12.00% | (31) | (31) | (32) | (33) | (34) |
The outlined cell is your model. Green figures sit above the CMP of ₹387.55; 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 | (226) · (33) · 108 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.87 |
| Rank correlation with revenue growth | −0.48 |
| Rank correlation with discount rate | +0.02 |
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 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,344 | 1,841 | 2,393 | 3,111 | 4,045 | 5,258 | 6,835 |
| growth % | — | 37.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 179 | 297 | 385 | 501 | 651 | 847 | 1,100 |
| margin % | 13.3 | 16.1 | 16.1 | 16.1 | 16.1 | 16.1 | 16.1 |
| less depreciation | (100) | (170) | (220) | (286) | (372) | (484) | (629) |
| EBIT | 79 | 126 | 165 | 215 | 279 | 363 | 472 |
| less tax on EBIT | (30) | (39) | (50) | (66) | (85) | (111) | |
| NOPAT | 97 | 126 | 164 | 213 | 278 | 361 | |
| add depreciation | 100 | 170 | 220 | 286 | 372 | 484 | 629 |
| less capex | (103) | (145) | (189) | (270) | (383) | (539) | (755) |
| less working-capital build | — | (86) | (112) | (146) | (189) | (246) | |
| Free cash flow to firm | (51) | — | 71 | 68 | 57 | 33 | (11) |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | 68 | 58 | 44 | 23 | (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 348, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 126 | 165 | 215 | 279 | 363 | 472 |
| Interest at 8% on debt | (28) | (28) | (28) | (28) | (28) | |
| Profit before tax | 137 | 187 | 251 | 335 | 444 | |
| Profit after tax | 0 | 105 | 143 | 192 | 256 | 340 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 13 | 63 | 109 | 145 | 157 | 124 |
| Working capital | 288 | 374 | 486 | 632 | 821 | 1,067 |
| Net block and other assets | 1,582 | 1,551 | 1,535 | 1,546 | 1,601 | 1,727 |
| Debt | 348 | 348 | 348 | 348 | 348 | 348 |
| Equity | 450 | 555 | 698 | 890 | 1,147 | 1,486 |
| Balance check | 0 | 0 | (0) | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 239 | 317 | 419 | 551 | 722 | |
| Investing (capex) | (189) | (270) | (383) | (539) | (755) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 50 | 47 | 36 | 12 | (32) | |
| Free cash flow to equity | 50 | 47 | 36 | 12 | (32) | |
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% | 16.1% | 11.00% | 5% | ₹(35) | (108.9)% |
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.