Models
BLUE STAR LIMITEDBLUESTARCOConsumer Durables
₹344per 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₹344implied FY26 P/E 13.9× · EV/EBITDA 8.2×
Against CMP ₹1,558.00−77.9%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3177%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
₹263₹507
52-week rangetraded range, a fact not a value
₹1,432₹2,033
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,678 |
| PV of terminal value | 5,657 |
| Enterprise value | 7,335 |
| less net debt | (260) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 7,075 |
| ÷ 20.56 crore shares | ₹344 |
77% 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% | 356 | 383 | 416 | 457 | 507 |
| 10.50% | 327 | 350 | 377 | 409 | 449 |
| 11.00% | 303 | 322 | 344 | 371 | 402 |
| 11.50% | 281 | 298 | 316 | 338 | 364 |
| 12.00% | 263 | 277 | 293 | 311 | 333 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,558.00; 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 | 278 · 341 · 418 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.76 |
| Rank correlation with discount rate | −0.61 |
| Rank correlation with revenue growth | +0.05 |
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 | 7,977 | 9,685 | 11,968 | 12,402 | 12,836 | 13,285 | 13,750 | 14,232 | 14,730 |
| growth % | 32.0 | 21.4 | 23.6 | 3.6 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 |
| EBITDA | 664 | 665 | 888 | 892 | 924 | 957 | 990 | 1,025 | 1,061 |
| margin % | 8.3 | 6.9 | 7.4 | 7.2 | 7.2 | 7.2 | 7.2 | 7.2 | 7.2 |
| less depreciation | (85) | (98) | (128) | (179) | (180) | (186) | (193) | (199) | (206) |
| EBIT | 579 | 567 | 760 | 713 | 744 | 771 | 798 | 825 | 854 |
| less tax on EBIT | (178) | (186) | (193) | (199) | (206) | (214) | |||
| NOPAT | 535 | 558 | 578 | 598 | 619 | 641 | |||
| add depreciation | 85 | 98 | 128 | 179 | 180 | 186 | 193 | 199 | 206 |
| less capex | (360) | (441) | (372) | (329) | (347) | (325) | (301) | (275) | (247) |
| less working-capital build | — | (48) | (49) | (51) | (53) | (55) | |||
| Free cash flow to firm | (113) | (152) | 316 | — | 344 | 390 | 438 | 490 | 545 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 326 | 333 | 338 | 340 | 341 |
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 627, dividends at 35% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 713 | 744 | 771 | 798 | 825 | 854 |
| Interest at 17.5% on debt | (110) | (110) | (110) | (110) | (110) | |
| Profit before tax | 635 | 661 | 688 | 716 | 745 | |
| Profit after tax | 528 | 476 | 496 | 516 | 537 | 558 |
| Dividends | (185) | (167) | (173) | (181) | (188) | (195) |
| Balance sheet, year end | ||||||
| Cash | 367 | 462 | 596 | 771 | 991 | 1,258 |
| Working capital | 1,363 | 1,410 | 1,460 | 1,511 | 1,564 | 1,619 |
| Net block and other assets | 6,846 | 7,013 | 7,152 | 7,261 | 7,337 | 7,378 |
| Debt | 627 | 627 | 627 | 627 | 627 | 627 |
| Equity | 3,434 | 3,743 | 4,065 | 4,401 | 4,750 | 5,113 |
| Balance check | 0 | 0 | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 608 | 632 | 657 | 683 | 710 | |
| Investing (capex) | (347) | (325) | (301) | (275) | (247) | |
| Financing (dividends) | (167) | (173) | (181) | (188) | (195) | |
| Net change in cash | 95 | 134 | 176 | 220 | 267 | |
| Free cash flow to equity | 261 | 307 | 356 | 408 | 462 | |
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 | 3.5% | 7.2% | 11.00% | 5% | ₹344 | (77.9)% |
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.