Models
ECLERX SERVICES LTDECLERXCommercial Services & Supplies
₹1,883per 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₹1,883implied FY26 P/E 15.9× · EV/EBITDA 15.8×
Against CMP ₹1,899.90−0.9%close of 2026-09-10
Growth the CMP implies22.9%revenue, a year for 5 years, on your other inputs
Value after FY3179%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
₹1,462₹2,722
52-week rangetraded range, a fact not a value
₹1,320₹2,498
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 3,558 |
| PV of terminal value | 13,055 |
| Enterprise value | 16,613 |
| less net debt | 697 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 17,310 |
| ÷ 9.19 crore shares | ₹1,883 |
79% 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% | 1,943 | 2,085 | 2,255 | 2,462 | 2,722 |
| 10.50% | 1,795 | 1,913 | 2,052 | 2,218 | 2,422 |
| 11.00% | 1,668 | 1,767 | 1,883 | 2,019 | 2,183 |
| 11.50% | 1,558 | 1,643 | 1,740 | 1,853 | 1,987 |
| 12.00% | 1,462 | 1,535 | 1,617 | 1,713 | 1,824 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,899.90; 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 | 1,472 · 1,859 · 2,364 |
| Draws below the CMP | 55% |
| Rank correlation with ebitda margin | +0.66 |
| Rank correlation with revenue growth | +0.51 |
| Rank correlation with discount rate | −0.48 |
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 | 2,648 | 2,926 | 3,366 | 4,117 | 5,043 | 6,178 | 7,568 | 9,271 | 11,357 |
| growth % | 22.6 | 10.5 | 15.1 | 22.3 | 22.5 | 22.5 | 22.5 | 22.5 | 22.5 |
| EBITDA | 722 | 773 | 808 | 1,051 | 1,286 | 1,575 | 1,930 | 2,364 | 2,896 |
| margin % | 27.3 | 26.4 | 24.0 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 |
| less depreciation | (114) | (126) | (141) | (175) | (217) | (266) | (325) | (399) | (488) |
| EBIT | 608 | 647 | 667 | 876 | 1,069 | 1,310 | 1,604 | 1,965 | 2,408 |
| less tax on EBIT | (215) | (262) | (321) | (393) | (482) | (590) | |||
| NOPAT | 661 | 807 | 989 | 1,211 | 1,484 | 1,818 | |||
| add depreciation | 114 | 126 | 141 | 175 | 217 | 266 | 325 | 399 | 488 |
| less capex | (91) | (67) | (121) | (119) | (146) | (214) | (305) | (426) | (586) |
| less working-capital build | — | (206) | (252) | (309) | (378) | (463) | |||
| Free cash flow to firm | 402 | 459 | 533 | — | 672 | 789 | 923 | 1,079 | 1,257 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 638 | 674 | 711 | 749 | 786 |
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 0.7% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 876 | 1,069 | 1,310 | 1,604 | 1,965 | 2,408 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 1,069 | 1,310 | 1,604 | 1,965 | 2,408 | |
| Profit after tax | 706 | 807 | 989 | 1,211 | 1,484 | 1,818 |
| Dividends | (5) | (6) | (7) | (8) | (10) | (13) |
| Balance sheet, year end | ||||||
| Cash | 697 | 1,363 | 2,145 | 3,060 | 4,128 | 5,372 |
| Working capital | 915 | 1,120 | 1,372 | 1,681 | 2,059 | 2,522 |
| Net block and other assets | 2,085 | 2,015 | 1,963 | 1,943 | 1,970 | 2,068 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 2,564 | 3,366 | 4,348 | 5,551 | 7,024 | 8,829 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 818 | 1,003 | 1,228 | 1,505 | 1,843 | |
| Investing (capex) | (146) | (214) | (305) | (426) | (586) | |
| Financing (dividends) | (6) | (7) | (8) | (10) | (13) | |
| Net change in cash | 667 | 782 | 915 | 1,068 | 1,244 | |
| Free cash flow to equity | 672 | 789 | 923 | 1,079 | 1,257 | |
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 | 22.5% | 25.5% | 11.00% | 5% | ₹1,883 | (0.9)% |
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.