Models
BANSWARA SYNTEX LIMITEDBANSWRASTextiles & Apparels
₹-83per 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₹(83)implied FY26 P/E (7.7)× · EV/EBITDA 1.6×
Against CMP ₹113.79−173.4%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY31107%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
₹(100)₹(49)
52-week rangetraded range, a fact not a value
₹94₹144
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (13) |
| PV of terminal value | 200 |
| Enterprise value | 186 |
| less net debt | (472) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (286) |
| ÷ 3.42 crore shares | ₹(83) |
107% 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% | (81) | (75) | (68) | (60) | (49) |
| 10.50% | (87) | (82) | (77) | (70) | (61) |
| 11.00% | (92) | (88) | (83) | (78) | (71) |
| 11.50% | (97) | (93) | (89) | (85) | (79) |
| 12.00% | (100) | (98) | (94) | (90) | (86) |
The outlined cell is your model. Green figures sit above the CMP of ₹113.79; 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 | (137) · (84) · (34) |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.87 |
| Rank correlation with revenue growth | −0.46 |
| Rank correlation with discount rate | −0.15 |
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 | 1,499 | 1,264 | 1,293 | 1,356 | 1,424 | 1,495 | 1,570 | 1,649 | 1,731 |
| growth % | 26.0 | (15.7) | 2.3 | 4.9 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 |
| EBITDA | 197 | 101 | 101 | 120 | 125 | 132 | 138 | 145 | 152 |
| margin % | 13.2 | 8.0 | 7.8 | 8.8 | 8.8 | 8.8 | 8.8 | 8.8 | 8.8 |
| less depreciation | (41) | (43) | (48) | (53) | (56) | (58) | (61) | (64) | (68) |
| EBIT | 157 | 57 | 53 | 66 | 70 | 73 | 77 | 81 | 85 |
| less tax on EBIT | (19) | (20) | (21) | (22) | (23) | (24) | |||
| NOPAT | 48 | 50 | 53 | 55 | 58 | 61 | |||
| add depreciation | 41 | 43 | 48 | 53 | 56 | 58 | 61 | 64 | 68 |
| less capex | (103) | (98) | (144) | (97) | (103) | (98) | (93) | (88) | (81) |
| less working-capital build | — | (23) | (24) | (26) | (27) | (28) | |||
| Free cash flow to firm | (83) | 45 | (67) | — | (20) | (12) | (2) | 8 | 19 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (19) | (10) | (2) | 5 | 12 |
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 474, dividends at 11% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 66 | 70 | 73 | 77 | 81 | 85 |
| Interest at 9.2% on debt | (44) | (44) | (44) | (44) | (44) | |
| Profit before tax | 26 | 30 | 33 | 37 | 41 | |
| Profit after tax | 31 | 19 | 21 | 24 | 27 | 30 |
| Dividends | (3) | (2) | (2) | (3) | (3) | (3) |
| Balance sheet, year end | ||||||
| Cash | 2 | (52) | (97) | (134) | (160) | (176) |
| Working capital | 466 | 490 | 514 | 540 | 567 | 595 |
| Net block and other assets | 804 | 851 | 891 | 923 | 946 | 960 |
| Debt | 474 | 474 | 474 | 474 | 474 | 474 |
| Equity | 585 | 602 | 621 | 642 | 666 | 692 |
| Balance check | 0 | 0 | 0 | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 51 | 55 | 60 | 64 | 69 | |
| Investing (capex) | (103) | (98) | (93) | (88) | (81) | |
| Financing (dividends) | (2) | (2) | (3) | (3) | (3) | |
| Net change in cash | (54) | (45) | (36) | (26) | (15) | |
| Free cash flow to equity | (51) | (43) | (34) | (23) | (12) | |
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% | 8.8% | 11.00% | 5% | ₹(83) | (173.4)% |
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.