Models
BHANSALI ENG. POLYMERS LTBEPLChemicals & Petrochemicals
₹89per 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₹89implied FY26 P/E 11.0× · EV/EBITDA 8.4×
Against CMP ₹127.80−30.6%close of 2026-09-10
Growth the CMP implies13.1%revenue, a year for 5 years, on your other inputs
Value after FY3172%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
₹73₹120
52-week rangetraded range, a fact not a value
₹74₹139
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 504 |
| PV of terminal value | 1,314 |
| Enterprise value | 1,819 |
| less net debt | 387 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,206 |
| ÷ 24.89 crore shares | ₹89 |
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% | 91 | 96 | 103 | 110 | 120 |
| 10.50% | 85 | 90 | 95 | 101 | 109 |
| 11.00% | 81 | 84 | 89 | 94 | 100 |
| 11.50% | 77 | 80 | 83 | 87 | 92 |
| 12.00% | 73 | 76 | 79 | 82 | 86 |
The outlined cell is your model. Green figures sit above the CMP of ₹127.80; 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 | 78 · 89 · 101 |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.77 |
| Rank correlation with ebitda margin | +0.62 |
| 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 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,363 | 1,222 | 1,398 | 1,276 | 1,212 | 1,152 | 1,094 | 1,039 | 987 |
| growth % | (2.3) | (10.3) | 14.4 | (8.7) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 177 | 212 | 214 | 216 | 205 | 195 | 185 | 176 | 167 |
| margin % | 13.0 | 17.4 | 15.3 | 16.9 | 16.9 | 16.9 | 16.9 | 16.9 | 16.9 |
| less depreciation | (10) | (10) | (9) | (8) | (8) | (8) | (8) | (7) | (7) |
| EBIT | 167 | 202 | 205 | 208 | 196 | 187 | 177 | 168 | 160 |
| less tax on EBIT | (57) | (54) | (51) | (48) | (46) | (44) | |||
| NOPAT | 151 | 143 | 136 | 129 | 122 | 116 | |||
| add depreciation | 10 | 10 | 9 | 8 | 8 | 8 | 8 | 7 | 7 |
| less capex | (5) | (21) | (6) | (35) | (34) | (27) | (20) | (14) | (8) |
| less working-capital build | — | 14 | 14 | 13 | 12 | 12 | |||
| Free cash flow to firm | 148 | 209 | 103 | — | 132 | 131 | 129 | 128 | 127 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 125 | 112 | 100 | 89 | 79 |
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 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 208 | 196 | 187 | 177 | 168 | 160 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 196 | 187 | 177 | 168 | 160 | |
| Profit after tax | 0 | 143 | 136 | 129 | 122 | 116 |
| Dividends | (100) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 387 | 518 | 649 | 779 | 907 | 1,033 |
| Working capital | 286 | 271 | 258 | 245 | 233 | 221 |
| Net block and other assets | 613 | 638 | 657 | 669 | 676 | 677 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 1,083 | 1,226 | 1,362 | 1,490 | 1,613 | 1,729 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 166 | 157 | 149 | 142 | 135 | |
| Investing (capex) | (34) | (27) | (20) | (14) | (8) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 132 | 131 | 129 | 128 | 127 | |
| Free cash flow to equity | 132 | 131 | 129 | 128 | 127 | |
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% | 16.9% | 11.00% | 5% | ₹89 | (30.6)% |
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.