Models
C G V A K SOFTWARE & EX LCGVAKIT - Software
₹231per 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₹231implied FY26 P/E 12.2× · EV/EBITDA 8.3×
Against CMP ₹148.70+55.4%close of 2026-09-10
Growth the CMP implies(17.6)%revenue, a year for 5 years, on your other inputs
Value after FY3170%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
₹186₹321
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 33 |
| PV of terminal value | 76 |
| Enterprise value | 110 |
| less net debt | 7 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 117 |
| ÷ 0.51 crore shares | ₹231 |
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% | 238 | 253 | 271 | 293 | 321 |
| 10.50% | 222 | 234 | 249 | 267 | 289 |
| 11.00% | 208 | 219 | 231 | 246 | 263 |
| 11.50% | 196 | 205 | 216 | 228 | 242 |
| 12.00% | 186 | 194 | 203 | 213 | 225 |
The outlined cell is your model. Green figures sit above the CMP of ₹148.70; 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 | 200 · 231 · 269 |
| Draws below the CMP | 0% |
| Rank correlation with discount rate | −0.72 |
| Rank correlation with ebitda margin | +0.67 |
| 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 | 77 | 79 | 77 | 74 | 72 | 69 | 67 | 64 | 62 |
| growth % | 42.6 | 2.2 | (2.0) | (3.5) | (3.5) | (3.5) | (3.5) | (3.5) | (3.5) |
| EBITDA | 18 | 13 | 13 | 13 | 13 | 12 | 12 | 11 | 11 |
| margin % | 23.1 | 15.9 | 17.1 | 17.8 | 17.8 | 17.8 | 17.8 | 17.8 | 17.8 |
| less depreciation | (2) | (2) | (2) | (1) | (1) | (1) | (1) | (1) | (1) |
| EBIT | 16 | 11 | 12 | 12 | 11 | 11 | 11 | 10 | 10 |
| less tax on EBIT | (3) | (3) | (3) | (3) | (3) | (3) | |||
| NOPAT | 9 | 8 | 8 | 8 | 8 | 7 | |||
| add depreciation | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| less capex | (1) | (1) | (9) | (0) | (0) | (1) | (1) | (1) | (1) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | 4 | 8 | 4 | — | 10 | 9 | 8 | 8 | 7 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 9 | 8 | 7 | 5 | 5 |
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 | 12 | 11 | 11 | 11 | 10 | 10 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 11 | 11 | 11 | 10 | 10 | |
| Profit after tax | 0 | 8 | 8 | 8 | 8 | 7 |
| Dividends | (1) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 7 | 16 | 25 | 34 | 42 | 49 |
| Working capital | 10 | 9 | 9 | 9 | 8 | 8 |
| Net block and other assets | 77 | 76 | 76 | 75 | 75 | 75 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 82 | 91 | 99 | 107 | 114 | 121 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 10 | 10 | 9 | 9 | 9 | |
| Investing (capex) | (0) | (1) | (1) | (1) | (1) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 10 | 9 | 8 | 8 | 7 | |
| Free cash flow to equity | 10 | 9 | 8 | 8 | 7 | |
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 | -3.5% | 17.8% | 11.00% | 5% | ₹231 | 55.4% |
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.