Models
COVANCE SOFTSOL LIMITEDBSE 544361IT - Software
₹509per 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₹509implied FY26 P/E 26.5× · EV/EBITDA 26.7×
Against CMP ₹140.60+262.3%close of 2026-09-10
Growth the CMP implies(10.5)%revenue, a year for 5 years, on your other inputs
Value after FY3182%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
₹388₹753
52-week rangetraded range, a fact not a value
₹35₹270
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 205 |
| PV of terminal value | 913 |
| Enterprise value | 1,118 |
| less net debt | 10 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,128 |
| ÷ 2.21 crore shares | ₹509 |
82% 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% | 527 | 568 | 617 | 677 | 753 |
| 10.50% | 484 | 518 | 558 | 607 | 666 |
| 11.00% | 447 | 476 | 509 | 549 | 597 |
| 11.50% | 415 | 440 | 468 | 501 | 540 |
| 12.00% | 388 | 409 | 433 | 460 | 493 |
The outlined cell is your model. Green figures sit above the CMP of ₹140.60; 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 | 384 · 505 · 664 |
| Draws below the CMP | 0% |
| Rank correlation with revenue growth | +0.74 |
| Rank correlation with discount rate | −0.45 |
| Rank correlation with ebitda margin | +0.43 |
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 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 102 | 146 | 190 | 247 | 321 | 417 | 542 |
| growth % | — | 43.5 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 12 | 42 | 54 | 71 | 92 | 120 | 156 |
| margin % | 11.8 | 28.7 | 28.7 | 28.7 | 28.7 | 28.7 | 28.7 |
| less depreciation | (0) | (0) | (1) | (1) | (1) | (1) | (2) |
| EBIT | 11 | 41 | 54 | 70 | 91 | 118 | 154 |
| less tax on EBIT | (11) | (14) | (18) | (24) | (31) | (40) | |
| NOPAT | 31 | 40 | 52 | 67 | 87 | 114 | |
| add depreciation | 0 | 0 | 1 | 1 | 1 | 1 | 2 |
| less capex | (0) | (1) | (1) | (1) | (1) | (2) | (2) |
| less working-capital build | — | (9) | (12) | (15) | (20) | (26) | |
| Free cash flow to firm | 18 | — | 31 | 40 | 52 | 68 | 88 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | 29 | 34 | 40 | 47 | 55 |
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 | 41 | 54 | 70 | 91 | 118 | 154 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 54 | 70 | 91 | 118 | 154 | |
| Profit after tax | 70 | 40 | 52 | 67 | 87 | 114 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 10 | 40 | 80 | 132 | 200 | 288 |
| Working capital | 30 | 39 | 50 | 65 | 85 | 111 |
| Net block and other assets | 241 | 241 | 241 | 241 | 242 | 242 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 169 | 208 | 260 | 328 | 415 | 529 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 31 | 41 | 53 | 69 | 90 | |
| Investing (capex) | (1) | (1) | (1) | (2) | (2) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 31 | 40 | 52 | 68 | 88 | |
| Free cash flow to equity | 31 | 40 | 52 | 68 | 88 | |
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 | 30% | 28.7% | 11.00% | 5% | ₹509 | 262.3% |
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.