Models
BLS E-SERVICES LIMITEDBLSEIT - Services
₹223per 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₹223implied FY26 P/E 34.9× · EV/EBITDA 25.8×
Against CMP ₹310.00−28.0%close of 2026-09-10
Growth the CMP implies41.5%revenue, a year for 5 years, on your other inputs
Value after FY3182%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
₹172₹326
52-week rangetraded range, a fact not a value
₹124₹331
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 352 |
| PV of terminal value | 1,579 |
| Enterprise value | 1,931 |
| less net debt | 88 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,019 |
| ÷ 9.04 crore shares | ₹223 |
82% 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% | 231 | 248 | 269 | 294 | 326 |
| 10.50% | 212 | 227 | 244 | 264 | 289 |
| 11.00% | 197 | 209 | 223 | 240 | 260 |
| 11.50% | 183 | 194 | 206 | 220 | 236 |
| 12.00% | 172 | 181 | 191 | 202 | 216 |
The outlined cell is your model. Green figures sit above the CMP of ₹310.00; 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 | 168 · 221 · 293 |
| Draws below the CMP | 94% |
| Rank correlation with revenue growth | +0.76 |
| Rank correlation with ebitda margin | +0.43 |
| Rank correlation with discount rate | −0.43 |
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 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 301 | 519 | 1,118 | 1,453 | 1,889 | 2,456 | 3,193 | 4,150 |
| growth % | — | 72.3 | 115.2 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 42 | 60 | 75 | 97 | 127 | 165 | 214 | 278 |
| margin % | 13.9 | 11.6 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 | 6.7 |
| less depreciation | (3) | (6) | (6) | (9) | (11) | (15) | (19) | (25) |
| EBIT | 38 | 54 | 69 | 89 | 115 | 150 | 195 | 253 |
| less tax on EBIT | (17) | (23) | (29) | (38) | (50) | (65) | ||
| NOPAT | 51 | 66 | 86 | 112 | 145 | 189 | ||
| add depreciation | 3 | 6 | 6 | 9 | 11 | 15 | 19 | 25 |
| less capex | (5) | (13) | (9) | (12) | (15) | (19) | (24) | (30) |
| less working-capital build | — | (11) | (14) | (19) | (24) | (32) | ||
| Free cash flow to firm | 15 | 54 | — | 52 | 68 | 89 | 116 | 152 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 49 | 58 | 69 | 81 | 95 |
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 23.6% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 69 | 89 | 115 | 150 | 195 | 253 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 89 | 115 | 150 | 195 | 253 | |
| Profit after tax | 57 | 66 | 86 | 112 | 145 | 189 |
| Dividends | (14) | (16) | (20) | (26) | (34) | (45) |
| Balance sheet, year end | ||||||
| Cash | 88 | 124 | 172 | 235 | 317 | 424 |
| Working capital | 37 | 48 | 63 | 82 | 106 | 137 |
| Net block and other assets | 637 | 640 | 643 | 647 | 651 | 656 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 570 | 620 | 686 | 771 | 882 | 1,026 |
| Balance check | 0 | 0 | (0) | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 64 | 83 | 108 | 140 | 182 | |
| Investing (capex) | (12) | (15) | (19) | (24) | (30) | |
| Financing (dividends) | (16) | (20) | (26) | (34) | (45) | |
| Net change in cash | 36 | 48 | 63 | 82 | 108 | |
| Free cash flow to equity | 52 | 68 | 89 | 116 | 152 | |
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 | 30% | 6.7% | 11.00% | 5% | ₹223 | (28.0)% |
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.