Models
BOROSIL RENEWABLES LTDBORORENEWIndustrial Products
₹93per 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₹93implied FY26 P/E 3.4× · EV/EBITDA 6.1×
Against CMP ₹495.00−81.3%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3186%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
₹67₹143
52-week rangetraded range, a fact not a value
₹374₹721
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 202 |
| PV of terminal value | 1,196 |
| Enterprise value | 1,399 |
| less net debt | (101) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,298 |
| ÷ 14.03 crore shares | ₹93 |
86% 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% | 96 | 105 | 115 | 127 | 143 |
| 10.50% | 87 | 94 | 103 | 113 | 125 |
| 11.00% | 80 | 86 | 93 | 101 | 111 |
| 11.50% | 73 | 78 | 84 | 91 | 99 |
| 12.00% | 67 | 72 | 77 | 82 | 89 |
The outlined cell is your model. Green figures sit above the CMP of ₹495.00; 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 | 64 · 92 · 122 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.87 |
| Rank correlation with discount rate | −0.43 |
| Rank correlation with revenue growth | +0.08 |
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 | 894 | 1,369 | 1,479 | 1,556 | 1,634 | 1,715 | 1,801 | 1,891 | 1,986 |
| growth % | 17.4 | 53.2 | 8.0 | 5.2 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 |
| EBITDA | 143 | 86 | 58 | 228 | 239 | 250 | 263 | 276 | 290 |
| margin % | 16.0 | 6.3 | 3.9 | 14.6 | 14.6 | 14.6 | 14.6 | 14.6 | 14.6 |
| less depreciation | (54) | (132) | (135) | (95) | (100) | (105) | (110) | (115) | (121) |
| EBIT | 89 | (46) | (78) | 132 | 139 | 146 | 153 | 161 | 169 |
| less tax on EBIT | (14) | (15) | (15) | (16) | (17) | (18) | |||
| NOPAT | 118 | 124 | 130 | 137 | 144 | 151 | |||
| add depreciation | 54 | 132 | 135 | 95 | 100 | 105 | 110 | 115 | 121 |
| less capex | (347) | (217) | (109) | (199) | (209) | (196) | (181) | (164) | (145) |
| less working-capital build | — | (10) | (10) | (11) | (11) | (12) | |||
| Free cash flow to firm | (354) | (148) | (9) | — | 5 | 29 | 55 | 84 | 115 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 5 | 25 | 42 | 58 | 72 |
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 162, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 132 | 139 | 146 | 153 | 161 | 169 |
| Interest at 6.9% on debt | (11) | (11) | (11) | (11) | (11) | |
| Profit before tax | 128 | 135 | 142 | 150 | 158 | |
| Profit after tax | 129 | 114 | 120 | 127 | 134 | 141 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 61 | 56 | 75 | 121 | 194 | 300 |
| Working capital | 191 | 201 | 211 | 222 | 233 | 244 |
| Net block and other assets | 1,572 | 1,682 | 1,773 | 1,844 | 1,893 | 1,918 |
| Debt | 162 | 162 | 162 | 162 | 162 | 162 |
| Equity | 1,510 | 1,624 | 1,744 | 1,871 | 2,005 | 2,146 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 204 | 215 | 226 | 238 | 251 | |
| Investing (capex) | (209) | (196) | (181) | (164) | (145) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (5) | 19 | 45 | 74 | 105 | |
| Free cash flow to equity | (5) | 19 | 45 | 74 | 105 | |
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 | 5% | 14.6% | 11.00% | 5% | ₹93 | (81.3)% |
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.