Models
BF UTILITIES LIMITEDBFUTILITIETransport Infrastructure
₹1,011per 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₹1,011implied FY25 P/E 24.1× · EV/EBITDA 7.6×
Against CMP ₹549.00+84.2%close of 2026-09-10
Growth the CMP implies(16.8)%revenue, a year for 5 years, on your other inputs
Value after FY3069%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
₹756₹1,519
52-week rangetraded range, a fact not a value
₹369₹899
From enterprise to equity · ₹ crore
| PV of FY26–FY30 free cash flow | 1,458 |
| PV of terminal value | 3,224 |
| Enterprise value | 4,682 |
| less net debt | (873) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 3,809 |
| ÷ 3.77 crore shares | ₹1,011 |
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% | 1,050 | 1,135 | 1,237 | 1,362 | 1,519 |
| 10.50% | 959 | 1,030 | 1,114 | 1,214 | 1,337 |
| 11.00% | 882 | 942 | 1,011 | 1,093 | 1,192 |
| 11.50% | 815 | 865 | 924 | 992 | 1,073 |
| 12.00% | 756 | 800 | 849 | 907 | 974 |
The outlined cell is your model. Green figures sit above the CMP of ₹549.00; 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 | 833 · 1,013 · 1,229 |
| Draws below the CMP | 0% |
| Rank correlation with discount rate | −0.71 |
| Rank correlation with ebitda margin | +0.68 |
| Rank correlation with revenue growth | −0.03 |
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 | FY22 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 513 | 759 | 969 | 837 | 795 | 755 | 717 | 682 | 648 |
| growth % | 38.5 | 47.9 | 27.7 | (13.7) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 320 | 498 | 581 | 619 | 588 | 559 | 531 | 504 | 479 |
| margin % | 62.4 | 65.6 | 59.9 | 74.0 | 74.0 | 74.0 | 74.0 | 74.0 | 74.0 |
| less depreciation | (55) | (58) | (66) | (70) | (67) | (63) | (60) | (57) | (54) |
| EBIT | 265 | 440 | 515 | 549 | 522 | 495 | 471 | 447 | 425 |
| less tax on EBIT | (147) | (139) | (132) | (126) | (119) | (113) | |||
| NOPAT | 402 | 382 | 363 | 345 | 328 | 311 | |||
| add depreciation | 55 | 58 | 66 | 70 | 67 | 63 | 60 | 57 | 54 |
| less capex | (79) | (113) | (243) | (33) | (31) | (41) | (50) | (58) | (65) |
| less working-capital build | — | 12 | 12 | 11 | 10 | 10 | |||
| Free cash flow to firm | 246 | 323 | 340 | — | 430 | 397 | 366 | 337 | 310 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 408 | 340 | 282 | 234 | 194 |
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 932, dividends at 5.6% of profit
| ₹ crore | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 549 | 522 | 495 | 471 | 447 | 425 |
| Interest at 10.1% on debt | (94) | (94) | (94) | (94) | (94) | |
| Profit before tax | 427 | 401 | 377 | 353 | 331 | |
| Profit after tax | 146 | 313 | 294 | 276 | 259 | 242 |
| Dividends | (8) | (18) | (16) | (15) | (14) | (14) |
| Balance sheet, year end | ||||||
| Cash | 58 | 402 | 714 | 995 | 1,249 | 1,477 |
| Working capital | 243 | 231 | 220 | 209 | 198 | 188 |
| Net block and other assets | 2,127 | 2,091 | 2,069 | 2,059 | 2,060 | 2,071 |
| Debt | 932 | 932 | 932 | 932 | 932 | 932 |
| Equity | 956 | 1,252 | 1,529 | 1,790 | 2,034 | 2,263 |
| Balance check | 0 | (0) | (0) | (0) | (0) | 0 |
| Cash flow | ||||||
| From operations | 392 | 369 | 347 | 326 | 307 | |
| Investing (capex) | (31) | (41) | (50) | (58) | (65) | |
| Financing (dividends) | (18) | (16) | (15) | (14) | (14) | |
| Net change in cash | 344 | 312 | 282 | 254 | 228 | |
| Free cash flow to equity | 361 | 328 | 297 | 268 | 241 | |
Other liabilities are held at their FY25 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% | 74% | 11.00% | 5% | ₹1,011 | 84.2% |
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.