Models
BENARES HOTELS LTD.BENARASLeisure Services
₹3,769per 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₹3,769implied FY26 P/E 11.3× · EV/EBITDA 8.2×
Against CMP ₹11,099.00−66.0%close of 2026-09-10
Growth the CMP implies27.3%revenue, a year for 5 years, on your other inputs
Value after FY3192%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
₹2,762₹5,786
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 41 |
| PV of terminal value | 446 |
| Enterprise value | 487 |
| less net debt | 3 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 490 |
| ÷ 0.13 crore shares | ₹3,769 |
92% 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% | 3,908 | 4,249 | 4,659 | 5,160 | 5,786 |
| 10.50% | 3,553 | 3,837 | 4,173 | 4,575 | 5,067 |
| 11.00% | 3,251 | 3,490 | 3,769 | 4,098 | 4,493 |
| 11.50% | 2,990 | 3,193 | 3,428 | 3,701 | 4,025 |
| 12.00% | 2,762 | 2,936 | 3,136 | 3,367 | 3,636 |
The outlined cell is your model. Green figures sit above the CMP of ₹11,099.00; 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 | 3,048 · 3,733 · 4,604 |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.68 |
| Rank correlation with ebitda margin | +0.68 |
| Rank correlation with revenue growth | +0.13 |
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 | 93 | 121 | 135 | 139 | 143 | 146 | 150 | 154 | 157 |
| growth % | 87.3 | 29.2 | 12.4 | 2.7 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 |
| EBITDA | 36 | 51 | 59 | 59 | 61 | 63 | 64 | 66 | 67 |
| margin % | 38.7 | 42.4 | 43.8 | 42.8 | 42.8 | 42.8 | 42.8 | 42.8 | 42.8 |
| less depreciation | (6) | (6) | (6) | (7) | (7) | (7) | (7) | (8) | (8) |
| EBIT | 30 | 45 | 53 | 53 | 54 | 55 | 57 | 58 | 60 |
| less tax on EBIT | (13) | (14) | (14) | (14) | (15) | (15) | |||
| NOPAT | 39 | 40 | 41 | 42 | 43 | 44 | |||
| add depreciation | 6 | 6 | 6 | 7 | 7 | 7 | 7 | 8 | 8 |
| less capex | (2) | (11) | (17) | (60) | (62) | (50) | (37) | (23) | (9) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | 26 | 29 | 24 | — | (14) | (1) | 13 | 28 | 43 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (14) | (1) | 10 | 19 | 27 |
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 0, dividends at 7.5% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 53 | 54 | 55 | 57 | 58 | 60 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 54 | 55 | 57 | 58 | 60 | |
| Profit after tax | 43 | 40 | 41 | 42 | 43 | 44 |
| Dividends | (3) | (3) | (3) | (3) | (3) | (3) |
| Balance sheet, year end | ||||||
| Cash | 3 | (14) | (18) | (8) | 16 | 55 |
| Working capital | (1) | (1) | (1) | (1) | (1) | (1) |
| Net block and other assets | 255 | 309 | 351 | 381 | 397 | 398 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 213 | 250 | 288 | 327 | 367 | 408 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 47 | 48 | 50 | 51 | 52 | |
| Investing (capex) | (62) | (50) | (37) | (23) | (9) | |
| Financing (dividends) | (3) | (3) | (3) | (3) | (3) | |
| Net change in cash | (17) | (4) | 10 | 24 | 40 | |
| Free cash flow to equity | (14) | (1) | 13 | 28 | 43 | |
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 | 2.5% | 42.8% | 11.00% | 5% | ₹3,769 | (66.0)% |
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.