Models
BLS INTL SERVS LTDBLSLeisure Services
₹734per 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₹734implied FY26 P/E 42.8× · EV/EBITDA 36.6×
Against CMP ₹232.01+216.3%close of 2026-09-10
Growth the CMP implies0.5%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
₹558₹1,085
52-week rangetraded range, a fact not a value
₹219₹372
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 5,421 |
| PV of terminal value | 24,527 |
| Enterprise value | 29,949 |
| less net debt | 264 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 30,213 |
| ÷ 41.17 crore shares | ₹734 |
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% | 759 | 818 | 889 | 976 | 1,085 |
| 10.50% | 697 | 746 | 804 | 874 | 960 |
| 11.00% | 644 | 685 | 734 | 791 | 860 |
| 11.50% | 598 | 633 | 674 | 722 | 778 |
| 12.00% | 558 | 588 | 623 | 663 | 710 |
The outlined cell is your model. Green figures sit above the CMP of ₹232.01; 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 | 530 · 729 · 994 |
| Draws below the CMP | 0% |
| Rank correlation with revenue growth | +0.83 |
| Rank correlation with discount rate | −0.40 |
| Rank correlation with ebitda margin | +0.33 |
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 | 1,516 | 1,677 | 2,193 | 2,998 | 3,898 | 5,067 | 6,587 | 8,563 | 11,132 |
| growth % | 78.4 | 10.6 | 30.8 | 36.7 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 218 | 346 | 629 | 819 | 1,064 | 1,383 | 1,798 | 2,338 | 3,039 |
| margin % | 14.4 | 20.6 | 28.7 | 27.3 | 27.3 | 27.3 | 27.3 | 27.3 | 27.3 |
| less depreciation | (18) | (31) | (77) | (94) | (121) | (157) | (204) | (265) | (345) |
| EBIT | 200 | 315 | 553 | 725 | 943 | 1,226 | 1,594 | 2,072 | 2,694 |
| less tax on EBIT | (67) | (87) | (113) | (147) | (191) | (248) | |||
| NOPAT | 659 | 856 | 1,113 | 1,447 | 1,882 | 2,446 | |||
| add depreciation | 18 | 31 | 77 | 94 | 121 | 157 | 204 | 265 | 345 |
| less capex | (34) | (64) | (161) | (137) | (179) | (222) | (274) | (337) | (414) |
| less working-capital build | — | (5) | (7) | (9) | (12) | (15) | |||
| Free cash flow to firm | 226 | 286 | 668 | — | 793 | 1,042 | 1,368 | 1,798 | 2,362 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 752 | 891 | 1,054 | 1,248 | 1,477 |
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 231, dividends at 18.9% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 725 | 943 | 1,226 | 1,594 | 2,072 | 2,694 |
| Interest at 10.7% on debt | (25) | (25) | (25) | (25) | (25) | |
| Profit before tax | 919 | 1,202 | 1,569 | 2,048 | 2,669 | |
| Profit after tax | 687 | 834 | 1,091 | 1,425 | 1,859 | 2,424 |
| Dividends | (130) | (158) | (206) | (269) | (351) | (458) |
| Balance sheet, year end | ||||||
| Cash | 494 | 1,107 | 1,920 | 2,996 | 4,420 | 6,302 |
| Working capital | 19 | 24 | 31 | 40 | 52 | 68 |
| Net block and other assets | 3,257 | 3,316 | 3,380 | 3,450 | 3,522 | 3,591 |
| Debt | 231 | 231 | 231 | 231 | 231 | 231 |
| Equity | 2,784 | 3,460 | 4,345 | 5,501 | 7,008 | 8,974 |
| Balance check | 0 | (0) | 0 | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 949 | 1,241 | 1,620 | 2,113 | 2,753 | |
| Investing (capex) | (179) | (222) | (274) | (337) | (414) | |
| Financing (dividends) | (158) | (206) | (269) | (351) | (458) | |
| Net change in cash | 613 | 813 | 1,077 | 1,424 | 1,881 | |
| Free cash flow to equity | 770 | 1,019 | 1,346 | 1,775 | 2,339 | |
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% | 27.3% | 11.00% | 5% | ₹734 | 216.3% |
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.