Models
BTRFLY GANDHI APPL LTDBUTTERFLYConsumer Durables
₹357per 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₹357implied FY26 P/E 13.3× · EV/EBITDA 7.9×
Against CMP ₹544.70−34.5%close of 8 Oct 2026
Growth the CMP implies—%no growth rate between −20% and 45% a year brings the value to the CMP on your other inputs
Value after FY3171%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
₹283₹504
52-week rangetraded range, a fact not a value
₹522₹824
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 180 |
| PV of terminal value | 445 |
| Enterprise value | 625 |
| less net debt | 13 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 638 |
| ÷ 1.79 crore shares | ₹357 |
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% | 368 | 393 | 422 | 459 | 504 |
| 10.50% | 342 | 362 | 387 | 416 | 452 |
| 11.00% | 319 | 337 | 357 | 381 | 409 |
| 11.50% | 300 | 314 | 332 | 351 | 375 |
| 12.00% | 283 | 295 | 310 | 327 | 346 |
The outlined cell is your model. Green figures sit above the CMP of ₹544.70; 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 | 280 · 354 · 439 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.85 |
| Rank correlation with discount rate | −0.47 |
| Rank correlation with revenue growth | +0.09 |
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 | 1,057 | 931 | 865 | 943 | 1,028 | 1,121 | 1,221 | 1,331 | 1,451 |
| growth % | 5.1 | (11.9) | (7.2) | 9.1 | 9.0 | 9.0 | 9.0 | 9.0 | 9.0 |
| EBITDA | 97 | 25 | 65 | 79 | 85 | 93 | 101 | 111 | 120 |
| margin % | 9.1 | 2.7 | 7.5 | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 | 8.3 |
| less depreciation | (16) | (18) | (23) | (24) | (26) | (28) | (31) | (33) | (36) |
| EBIT | 80 | 7 | 42 | 55 | 60 | 65 | 71 | 77 | 84 |
| less tax on EBIT | (14) | (15) | (17) | (18) | (20) | (21) | |||
| NOPAT | 41 | 44 | 48 | 53 | 58 | 63 | |||
| add depreciation | 16 | 18 | 23 | 24 | 26 | 28 | 31 | 33 | 36 |
| less capex | (10) | (19) | (10) | (12) | (13) | (19) | (26) | (34) | (44) |
| less working-capital build | — | (9) | (10) | (11) | (12) | (13) | |||
| Free cash flow to firm | 111 | 18 | 23 | — | 48 | 47 | 46 | 45 | 43 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 45 | 41 | 36 | 31 | 27 |
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 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 55 | 60 | 65 | 71 | 77 | 84 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 60 | 65 | 71 | 77 | 84 | |
| Profit after tax | 46 | 44 | 48 | 53 | 58 | 63 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 13 | 61 | 108 | 155 | 200 | 243 |
| Working capital | 99 | 108 | 118 | 128 | 140 | 153 |
| Net block and other assets | 447 | 435 | 426 | 422 | 423 | 430 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 372 | 417 | 465 | 518 | 575 | 638 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 61 | 67 | 73 | 79 | 86 | |
| Investing (capex) | (13) | (19) | (26) | (34) | (44) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 48 | 47 | 46 | 45 | 43 | |
| Free cash flow to equity | 48 | 47 | 46 | 45 | 43 | |
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 | 9% | 8.3% | 11.00% | 5% | ₹357 | (34.5)% |
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.