Models
DEVYANI INTERNATIONAL LTDDEVYANILeisure Services
₹0per 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₹0implied FY26 P/E —× · EV/EBITDA 1.1×
Against CMP ₹138.00−100.0%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY31-3%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
₹(0)₹0
52-week rangetraded range, a fact not a value
₹92₹191
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 896 |
| PV of terminal value | (22) |
| Enterprise value | 874 |
| less net debt | (869) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 5 |
| ÷ 123.29 crore shares | ₹0 |
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% | 0 | 0 | 0 | 0 | 0 |
| 10.50% | 0 | 0 | 0 | 0 | 0 |
| 11.00% | 0 | 0 | 0 | 0 | 0 |
| 11.50% | 0 | 0 | 0 | (0) | (0) |
| 12.00% | (0) | (0) | (0) | (0) | (0) |
The outlined cell is your model. Green figures sit above the CMP of ₹138.00; 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 | (13) · (0) · 12 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +1.00 |
| Rank correlation with discount rate | +0.01 |
| 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 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,998 | 3,556 | 4,951 | 5,611 | 6,369 | 7,229 | 8,205 | 9,312 | 10,570 |
| growth % | 43.8 | 18.6 | 39.2 | 13.3 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 |
| EBITDA | 635 | 543 | 811 | 828 | 943 | 1,070 | 1,214 | 1,378 | 1,564 |
| margin % | 21.2 | 15.3 | 16.4 | 14.8 | 14.8 | 14.8 | 14.8 | 14.8 | 14.8 |
| less depreciation | (278) | (385) | (570) | (654) | (745) | (846) | (960) | (1,090) | (1,237) |
| EBIT | 357 | 158 | 241 | 174 | 197 | 224 | 254 | 289 | 328 |
| less tax on EBIT | (44) | (50) | (56) | (64) | (73) | (82) | |||
| NOPAT | 130 | 148 | 168 | 190 | 216 | 245 | |||
| add depreciation | 278 | 385 | 570 | 654 | 745 | 846 | 960 | 1,090 | 1,237 |
| less capex | (437) | (478) | (491) | (459) | (522) | (698) | (912) | (1,171) | (1,484) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | 200 | 114 | 409 | — | 371 | 315 | 238 | 134 | (2) |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 352 | 269 | 183 | 93 | (1) |
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 1,360, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 174 | 197 | 224 | 254 | 289 | 328 |
| Interest at 8% on debt | (109) | (109) | (109) | (109) | (109) | |
| Profit before tax | 89 | 115 | 146 | 180 | 219 | |
| Profit after tax | (39) | 66 | 86 | 109 | 135 | 164 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 491 | 780 | 1,014 | 1,171 | 1,223 | 1,140 |
| Working capital | (386) | (386) | (386) | (386) | (386) | (386) |
| Net block and other assets | 6,645 | 6,422 | 6,274 | 6,227 | 6,309 | 6,556 |
| Debt | 1,360 | 1,360 | 1,360 | 1,360 | 1,360 | 1,360 |
| Equity | 1,885 | 1,952 | 2,038 | 2,147 | 2,281 | 2,445 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 811 | 932 | 1,069 | 1,224 | 1,400 | |
| Investing (capex) | (522) | (698) | (912) | (1,171) | (1,484) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 289 | 234 | 156 | 53 | (84) | |
| Free cash flow to equity | 289 | 234 | 156 | 53 | (84) | |
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 | 13.5% | 14.8% | 11.00% | 5% | ₹0 | (100.0)% |
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.