Models
BSL LTDBSLTextiles & Apparels
₹-80per 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₹(80)implied FY26 P/E (22.6)× · EV/EBITDA 7.3×
Against CMP ₹124.00−164.4%close of 2026-09-21
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3180%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
₹(162)₹84
52-week rangetraded range, a fact not a value
₹98₹205
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 71 |
| PV of terminal value | 286 |
| Enterprise value | 357 |
| less net debt | (439) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (82) |
| ÷ 1.03 crore shares | ₹(80) |
80% 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% | (68) | (40) | (7) | 33 | 84 |
| 10.50% | (97) | (74) | (47) | (14) | 26 |
| 11.00% | (122) | (102) | (80) | (53) | (21) |
| 11.50% | (143) | (127) | (108) | (86) | (59) |
| 12.00% | (162) | (148) | (132) | (113) | (91) |
The outlined cell is your model. Green figures sit above the CMP of ₹124.00; 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 | (146) · (79) · (2) |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.77 |
| Rank correlation with discount rate | −0.62 |
| 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 | 472 | 666 | 667 | 657 | 647 | 637 | 628 | 618 | 609 |
| growth % | 8.2 | 41.3 | 0.1 | (1.5) | (1.5) | (1.5) | (1.5) | (1.5) | (1.5) |
| EBITDA | 51 | 65 | 60 | 49 | 49 | 48 | 47 | 46 | 46 |
| margin % | 10.9 | 9.8 | 8.9 | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 |
| less depreciation | (11) | (18) | (18) | (17) | (17) | (17) | (16) | (16) | (16) |
| EBIT | 40 | 47 | 42 | 32 | 32 | 31 | 31 | 30 | 30 |
| less tax on EBIT | (4) | (4) | (4) | (4) | (4) | (4) | |||
| NOPAT | 28 | 28 | 27 | 27 | 26 | 26 | |||
| add depreciation | 11 | 18 | 18 | 17 | 17 | 17 | 16 | 16 | 16 |
| less capex | (167) | (23) | (12) | (39) | (39) | (34) | (29) | (24) | (19) |
| less working-capital build | — | 5 | 5 | 5 | 5 | 5 | |||
| Free cash flow to firm | (148) | (62) | 45 | — | 11 | 15 | 19 | 23 | 28 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 10 | 13 | 15 | 16 | 17 |
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 439, dividends at 34.7% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 32 | 32 | 31 | 31 | 30 | 30 |
| Interest at 7% on debt | (31) | (31) | (31) | (31) | (31) | |
| Profit before tax | 1 | 0 | 0 | (0) | (1) | |
| Profit after tax | 2 | 1 | 0 | 0 | (0) | (1) |
| Dividends | (1) | (0) | (0) | (0) | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 0 | (16) | (28) | (36) | (39) | (39) |
| Working capital | 327 | 322 | 317 | 312 | 308 | 303 |
| Net block and other assets | 313 | 335 | 352 | 365 | 372 | 376 |
| Debt | 439 | 439 | 439 | 439 | 439 | 439 |
| Equity | 120 | 120 | 121 | 121 | 120 | 120 |
| Balance check | 0 | 0 | 0 | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 23 | 22 | 21 | 20 | 20 | |
| Investing (capex) | (39) | (34) | (29) | (24) | (19) | |
| Financing (dividends) | (0) | (0) | (0) | 0 | 0 | |
| Net change in cash | (17) | (12) | (8) | (3) | 1 | |
| Free cash flow to equity | (16) | (12) | (8) | (3) | 1 | |
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 | -1.5% | 7.5% | 11.00% | 5% | ₹(80) | (164.4)% |
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.