Models
CAPILLARY TECHNO INDIA LCAPILLARYIT - Software
₹67per 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₹67implied FY26 P/E —× · EV/EBITDA 4.6×
Against CMP ₹460.10−85.4%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3158%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
₹55₹91
52-week rangetraded range, a fact not a value
₹438₹799
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 226 |
| PV of terminal value | 317 |
| Enterprise value | 544 |
| less net debt | (9) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 535 |
| ÷ 7.95 crore shares | ₹67 |
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% | 69 | 73 | 78 | 84 | 91 |
| 10.50% | 65 | 68 | 72 | 77 | 83 |
| 11.00% | 61 | 64 | 67 | 71 | 76 |
| 11.50% | 58 | 60 | 63 | 66 | 70 |
| 12.00% | 55 | 57 | 60 | 62 | 65 |
The outlined cell is your model. Green figures sit above the CMP of ₹460.10; 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 | 35 · 66 · 98 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.97 |
| Rank correlation with discount rate | −0.18 |
| Rank correlation with revenue growth | −0.01 |
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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | 735 | 793 | 857 | 925 | 999 | 1,079 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 118 | 127 | 137 | 148 | 160 | 173 |
| margin % | 16.0 | 16.0 | 16.0 | 16.0 | 16.0 | 16.0 |
| less depreciation | (75) | (81) | (87) | (94) | (102) | (110) |
| EBIT | 43 | 46 | 50 | 54 | 58 | 63 |
| less tax on EBIT | 1 | 1 | 1 | 1 | 1 | 2 |
| NOPAT | 44 | 47 | 51 | 55 | 59 | 64 |
| add depreciation | 75 | 81 | 87 | 94 | 102 | 110 |
| less capex | (39) | (43) | (61) | (82) | (105) | (132) |
| less working-capital build | — | (9) | (9) | (10) | (11) | (12) |
| Free cash flow to firm | — | 77 | 68 | 58 | 45 | 31 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 73 | 58 | 45 | 31 | 19 |
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 45, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 43 | 46 | 50 | 54 | 58 | 63 |
| Interest at 12.2% on debt | (5) | (5) | (5) | (5) | (5) | |
| Profit before tax | 41 | 44 | 48 | 53 | 57 | |
| Profit after tax | 52 | 42 | 45 | 49 | 54 | 59 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 36 | 107 | 170 | 222 | 262 | 287 |
| Working capital | 106 | 115 | 124 | 134 | 145 | 156 |
| Net block and other assets | 1,158 | 1,120 | 1,093 | 1,081 | 1,084 | 1,106 |
| Debt | 45 | 45 | 45 | 45 | 45 | 45 |
| Equity | 1,023 | 1,065 | 1,110 | 1,160 | 1,214 | 1,272 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 114 | 124 | 134 | 145 | 157 | |
| Investing (capex) | (43) | (61) | (82) | (105) | (132) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 71 | 63 | 52 | 40 | 25 | |
| Free cash flow to equity | 71 | 63 | 52 | 40 | 25 | |
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 | 8% | 16% | 11.00% | 5% | ₹67 | (85.4)% |
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.