Models
EIH LIMITEDEIHOTELLeisure Services
₹129per 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₹129implied FY26 P/E 11.3× · EV/EBITDA 8.9×
Against CMP ₹287.45−55.1%close of 2026-09-10
Growth the CMP implies26.3%revenue, a year for 5 years, on your other inputs
Value after FY3188%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
₹96₹194
52-week rangetraded range, a fact not a value
₹271₹414
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 963 |
| PV of terminal value | 6,929 |
| Enterprise value | 7,892 |
| less net debt | 173 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 8,065 |
| ÷ 62.54 crore shares | ₹129 |
88% 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% | 134 | 145 | 158 | 174 | 194 |
| 10.50% | 122 | 131 | 142 | 155 | 171 |
| 11.00% | 112 | 120 | 129 | 140 | 152 |
| 11.50% | 104 | 110 | 118 | 127 | 137 |
| 12.00% | 96 | 102 | 108 | 116 | 125 |
The outlined cell is your model. Green figures sit above the CMP of ₹287.45; 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 | 104 · 128 · 158 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.65 |
| Rank correlation with discount rate | −0.63 |
| Rank correlation with revenue growth | +0.34 |
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 | 2,019 | 2,511 | 2,743 | 2,940 | 3,145 | 3,366 | 3,601 | 3,853 | 4,123 |
| growth % | 104.9 | 24.4 | 9.2 | 7.2 | 7.0 | 7.0 | 7.0 | 7.0 | 7.0 |
| EBITDA | 528 | 920 | 989 | 892 | 953 | 1,020 | 1,091 | 1,168 | 1,249 |
| margin % | 26.2 | 36.6 | 36.0 | 30.3 | 30.3 | 30.3 | 30.3 | 30.3 | 30.3 |
| less depreciation | (126) | (131) | (134) | (143) | (151) | (162) | (173) | (185) | (198) |
| EBIT | 402 | 788 | 854 | 749 | 802 | 858 | 918 | 983 | 1,051 |
| less tax on EBIT | (245) | (262) | (281) | (300) | (321) | (344) | |||
| NOPAT | 504 | 540 | 578 | 618 | 661 | 708 | |||
| add depreciation | 126 | 131 | 134 | 143 | 151 | 162 | 173 | 185 | 198 |
| less capex | (136) | (222) | (484) | (693) | (742) | (644) | (529) | (394) | (237) |
| less working-capital build | — | (1) | (1) | (1) | (1) | (1) | |||
| Free cash flow to firm | 484 | 489 | 342 | — | (52) | 94 | 262 | 452 | 667 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (50) | 81 | 201 | 313 | 417 |
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 16.9% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 749 | 802 | 858 | 918 | 983 | 1,051 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 802 | 858 | 918 | 983 | 1,051 | |
| Profit after tax | 628 | 540 | 578 | 618 | 661 | 708 |
| Dividends | (106) | (91) | (98) | (104) | (112) | (120) |
| Balance sheet, year end | ||||||
| Cash | 173 | 29 | 26 | 183 | 523 | 1,071 |
| Working capital | 10 | 10 | 11 | 12 | 12 | 13 |
| Net block and other assets | 6,373 | 6,965 | 7,447 | 7,803 | 8,012 | 8,052 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 5,409 | 5,858 | 6,338 | 6,851 | 7,401 | 7,989 |
| Balance check | 0 | 0 | (0) | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 690 | 738 | 790 | 845 | 905 | |
| Investing (capex) | (742) | (644) | (529) | (394) | (237) | |
| Financing (dividends) | (91) | (98) | (104) | (112) | (120) | |
| Net change in cash | (143) | (3) | 157 | 340 | 548 | |
| Free cash flow to equity | (52) | 94 | 262 | 452 | 667 | |
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 | 7% | 30.3% | 11.00% | 5% | ₹129 | (55.1)% |
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.