Models
BIKAJI FOODS INTERN LTDBIKAJIFood Products
₹182per 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₹182implied FY26 P/E 17.7× · EV/EBITDA 11.7×
Against CMP ₹549.75−66.9%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3181%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
₹137₹272
52-week rangetraded range, a fact not a value
₹565₹801
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 912 |
| PV of terminal value | 3,822 |
| Enterprise value | 4,734 |
| less net debt | (170) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 4,564 |
| ÷ 25.07 crore shares | ₹182 |
81% 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% | 188 | 204 | 222 | 244 | 272 |
| 10.50% | 173 | 185 | 200 | 218 | 240 |
| 11.00% | 159 | 170 | 182 | 197 | 214 |
| 11.50% | 147 | 156 | 167 | 179 | 193 |
| 12.00% | 137 | 145 | 154 | 164 | 176 |
The outlined cell is your model. Green figures sit above the CMP of ₹549.75; 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 | 141 · 180 · 230 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.66 |
| Rank correlation with discount rate | −0.52 |
| Rank correlation with revenue growth | +0.47 |
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 | 1,966 | 2,329 | 2,622 | 2,994 | 3,413 | 3,891 | 4,436 | 5,057 | 5,764 |
| growth % | — | 18.5 | 12.6 | 14.2 | 14.0 | 14.0 | 14.0 | 14.0 | 14.0 |
| EBITDA | 214 | 391 | 328 | 406 | 464 | 529 | 603 | 688 | 784 |
| margin % | 10.9 | 16.8 | 12.5 | 13.6 | 13.6 | 13.6 | 13.6 | 13.6 | 13.6 |
| less depreciation | (11) | (60) | (82) | (95) | (109) | (125) | (142) | (162) | (184) |
| EBIT | 203 | 331 | 247 | 311 | 355 | 405 | 461 | 526 | 600 |
| less tax on EBIT | (82) | (93) | (106) | (121) | (138) | (157) | |||
| NOPAT | 230 | 262 | 299 | 340 | 388 | 442 | |||
| add depreciation | 11 | 60 | 82 | 95 | 109 | 125 | 142 | 162 | 184 |
| less capex | (86) | (128) | (123) | (178) | (205) | (212) | (218) | (221) | (221) |
| less working-capital build | — | (22) | (25) | (29) | (33) | (38) | |||
| Free cash flow to firm | 90 | 116 | 71 | — | 144 | 185 | 235 | 296 | 368 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 137 | 159 | 181 | 205 | 230 |
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 210, dividends at 9.7% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 311 | 355 | 405 | 461 | 526 | 600 |
| Interest at 9.8% on debt | (21) | (21) | (21) | (21) | (21) | |
| Profit before tax | 334 | 384 | 441 | 505 | 579 | |
| Profit after tax | 258 | 247 | 283 | 325 | 373 | 427 |
| Dividends | (25) | (24) | (27) | (32) | (36) | (41) |
| Balance sheet, year end | ||||||
| Cash | 40 | 145 | 288 | 476 | 720 | 1,032 |
| Working capital | 160 | 182 | 207 | 236 | 269 | 307 |
| Net block and other assets | 2,040 | 2,135 | 2,223 | 2,300 | 2,359 | 2,396 |
| Debt | 210 | 210 | 210 | 210 | 210 | 210 |
| Equity | 1,707 | 1,930 | 2,186 | 2,480 | 2,817 | 3,203 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 334 | 383 | 438 | 502 | 574 | |
| Investing (capex) | (205) | (212) | (218) | (221) | (221) | |
| Financing (dividends) | (24) | (27) | (32) | (36) | (41) | |
| Net change in cash | 105 | 143 | 189 | 244 | 311 | |
| Free cash flow to equity | 129 | 170 | 220 | 280 | 353 | |
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 | 14% | 13.6% | 11.00% | 5% | ₹182 | (66.9)% |
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.