Models
CG POWER AND IND SOL LTDCGPOWERElectrical Equipment
₹137per 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₹137implied FY26 P/E 14.1× · EV/EBITDA 13.4×
Against CMP ₹909.00−85.0%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3187%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
₹102₹206
52-week rangetraded range, a fact not a value
₹526₹981
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 2,814 |
| PV of terminal value | 18,433 |
| Enterprise value | 21,246 |
| less net debt | 300 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 21,546 |
| ÷ 157.50 crore shares | ₹137 |
87% 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% | 142 | 153 | 167 | 184 | 206 |
| 10.50% | 129 | 139 | 151 | 164 | 181 |
| 11.00% | 119 | 127 | 137 | 148 | 162 |
| 11.50% | 110 | 117 | 125 | 134 | 146 |
| 12.00% | 102 | 108 | 115 | 123 | 132 |
The outlined cell is your model. Green figures sit above the CMP of ₹909.00; 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 | 101 · 134 · 176 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.79 |
| Rank correlation with discount rate | −0.47 |
| Rank correlation with revenue growth | +0.28 |
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 | 6,973 | 8,046 | 9,909 | 12,418 | 15,585 | 19,559 | 24,546 | 30,805 | 38,661 |
| growth % | 25.4 | 15.4 | 23.2 | 25.3 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 |
| EBITDA | 1,045 | 1,150 | 1,305 | 1,590 | 1,995 | 2,503 | 3,142 | 3,943 | 4,949 |
| margin % | 15.0 | 14.3 | 13.2 | 12.8 | 12.8 | 12.8 | 12.8 | 12.8 | 12.8 |
| less depreciation | (95) | (95) | (112) | (196) | (249) | (313) | (393) | (493) | (619) |
| EBIT | 951 | 1,055 | 1,193 | 1,394 | 1,745 | 2,191 | 2,749 | 3,450 | 4,330 |
| less tax on EBIT | (368) | (461) | (578) | (726) | (911) | (1,143) | |||
| NOPAT | 1,026 | 1,285 | 1,612 | 2,023 | 2,539 | 3,187 | |||
| add depreciation | 95 | 95 | 112 | 196 | 249 | 313 | 393 | 493 | 619 |
| less capex | (69) | (206) | (378) | (705) | (888) | (930) | (935) | (883) | (742) |
| less working-capital build | — | (519) | (652) | (818) | (1,027) | (1,288) | |||
| Free cash flow to firm | 878 | 191 | 567 | — | 126 | 343 | 663 | 1,123 | 1,775 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 120 | 294 | 511 | 779 | 1,110 |
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 17% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 1,394 | 1,745 | 2,191 | 2,749 | 3,450 | 4,330 |
| Interest at 8% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 1,745 | 2,191 | 2,749 | 3,450 | 4,330 | |
| Profit after tax | 1,206 | 1,285 | 1,612 | 2,023 | 2,539 | 3,187 |
| Dividends | (205) | (218) | (274) | (344) | (432) | (542) |
| Balance sheet, year end | ||||||
| Cash | 301 | 209 | 278 | 597 | 1,288 | 2,521 |
| Working capital | 2,038 | 2,557 | 3,209 | 4,027 | 5,053 | 6,342 |
| Net block and other assets | 10,329 | 10,968 | 11,585 | 12,128 | 12,517 | 12,641 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 8,198 | 9,265 | 10,603 | 12,282 | 14,390 | 17,035 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 1,015 | 1,273 | 1,598 | 2,006 | 2,517 | |
| Investing (capex) | (888) | (930) | (935) | (883) | (742) | |
| Financing (dividends) | (218) | (274) | (344) | (432) | (542) | |
| Net change in cash | (92) | 69 | 319 | 691 | 1,233 | |
| Free cash flow to equity | 126 | 343 | 663 | 1,123 | 1,775 | |
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 | 25.5% | 12.8% | 11.00% | 5% | ₹137 | (85.0)% |
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.