Models
BIRLASOFT LIMITEDBSOFTIT - Software
₹254per 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₹254implied FY26 P/E 12.4× · EV/EBITDA 8.1×
Against CMP ₹281.50−9.7%close of 2026-09-10
Growth the CMP implies3.7%revenue, a year for 5 years, on your other inputs
Value after FY3171%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
₹204₹355
52-week rangetraded range, a fact not a value
₹270₹474
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,935 |
| PV of terminal value | 4,755 |
| Enterprise value | 6,690 |
| less net debt | 418 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 7,108 |
| ÷ 27.96 crore shares | ₹254 |
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% | 262 | 279 | 299 | 324 | 355 |
| 10.50% | 244 | 258 | 275 | 295 | 319 |
| 11.00% | 229 | 240 | 254 | 271 | 290 |
| 11.50% | 215 | 225 | 237 | 251 | 267 |
| 12.00% | 204 | 212 | 222 | 234 | 247 |
The outlined cell is your model. Green figures sit above the CMP of ₹281.50; 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 | 219 · 255 · 297 |
| Draws below the CMP | 81% |
| Rank correlation with discount rate | −0.72 |
| Rank correlation with ebitda margin | +0.67 |
| 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 | 4,795 | 5,278 | 5,375 | 5,310 | 5,257 | 5,204 | 5,152 | 5,101 | 5,050 |
| growth % | 16.1 | 10.1 | 1.8 | (1.2) | (1.0) | (1.0) | (1.0) | (1.0) | (1.0) |
| EBITDA | 520 | 836 | 697 | 825 | 815 | 807 | 799 | 791 | 783 |
| margin % | 10.9 | 15.8 | 13.0 | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 |
| less depreciation | (82) | (85) | (86) | (80) | (79) | (78) | (77) | (77) | (76) |
| EBIT | 438 | 751 | 612 | 745 | 736 | 729 | 721 | 714 | 707 |
| less tax on EBIT | (256) | (253) | (251) | (248) | (246) | (243) | |||
| NOPAT | 489 | 483 | 478 | 473 | 468 | 464 | |||
| add depreciation | 82 | 85 | 86 | 80 | 79 | 78 | 77 | 77 | 76 |
| less capex | (58) | (26) | (49) | (44) | (42) | (55) | (67) | (79) | (91) |
| less working-capital build | — | 10 | 10 | 9 | 9 | 9 | |||
| Free cash flow to firm | 503 | 692 | 539 | — | 529 | 511 | 493 | 475 | 458 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 502 | 437 | 380 | 330 | 286 |
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 8, dividends at 34.9% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 745 | 736 | 729 | 721 | 714 | 707 |
| Interest at 8% on debt | (1) | (1) | (1) | (1) | (1) | |
| Profit before tax | 735 | 728 | 721 | 713 | 706 | |
| Profit after tax | 518 | 482 | 478 | 473 | 468 | 463 |
| Dividends | (181) | (168) | (167) | (165) | (163) | (162) |
| Balance sheet, year end | ||||||
| Cash | 426 | 786 | 1,130 | 1,458 | 1,769 | 2,065 |
| Working capital | 962 | 952 | 942 | 933 | 924 | 915 |
| Net block and other assets | 3,879 | 3,842 | 3,818 | 3,808 | 3,811 | 3,826 |
| Debt | 8 | 8 | 8 | 8 | 8 | 8 |
| Equity | 4,113 | 4,427 | 4,738 | 5,046 | 5,350 | 5,652 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 571 | 565 | 559 | 554 | 548 | |
| Investing (capex) | (42) | (55) | (67) | (79) | (91) | |
| Financing (dividends) | (168) | (167) | (165) | (163) | (162) | |
| Net change in cash | 360 | 344 | 327 | 311 | 296 | |
| Free cash flow to equity | 529 | 510 | 492 | 475 | 457 | |
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 | -1% | 15.5% | 11.00% | 5% | ₹254 | (9.7)% |
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.