EIH ASSOCIATED HOTELS LTD — valuation model

EIH ASSOCIATED HOTELS LTDEIHAHOTELSLeisure Services

₹119per 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₹119implied FY26 P/E 8.2× · EV/EBITDA 6.2×

Against CMP ₹292.25−59.4%close of 9 Oct 2026

Growth the CMP implies15.3%revenue, a year for 5 years, on your other inputs

Value after FY3178%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

₹91₹173

52-week rangetraded range, a fact not a value

₹267₹403

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	157
PV of terminal value	561
Enterprise value	718
less net debt	5
less non-controlling interest	0
add non-operating investments	0
Equity value	723
÷ 6.09 crore shares	₹119

78% 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%	123	132	143	156	173
10.50%	113	121	130	140	154
11.00%	105	111	119	128	138
11.50%	98	103	109	117	125
12.00%	91	96	101	108	115

The outlined cell is your model. Green figures sit above the CMP of ₹292.25; 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	99 · 119 · 143
Draws below the CMP	100%
Rank correlation with ebitda margin	+0.72
Rank correlation with discount rate	−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	337	385	408	384	365	346	329	313	297
growth %	72.7	14.2	6.1	(6.0)	(5.0)	(5.0)	(5.0)	(5.0)	(5.0)
EBITDA	95	113	122	115	109	104	99	94	89
margin %	28.1	29.4	29.9	30.0	30.0	30.0	30.0	30.0	30.0
less depreciation	(17)	(17)	(17)	(17)	(16)	(15)	(14)	(14)	(13)
EBIT	78	96	105	98	93	89	84	80	76
less tax on EBIT				(25)	(24)	(23)	(21)	(20)	(19)
NOPAT				73	70	66	63	60	57
add depreciation	17	17	17	17	16	15	14	14	13
less capex	(20)	(37)	(28)	(61)	(58)	(46)	(35)	(25)	(16)
less working-capital build				—	0	0	0	0	0
Free cash flow to firm	72	40	81	—	28	36	43	49	54
Discount factor					0.949	0.855	0.770	0.694	0.625
Present value					27	31	33	34	34

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 24.4% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	98	93	89	84	80	76
Interest at 8% on debt		0	0	0	0	0
Profit before tax		93	89	84	80	76
Profit after tax	87	70	66	63	60	57
Dividends	(21)	(17)	(16)	(15)	(15)	(14)
Balance sheet, year end
Cash	5	16	35	62	96	137
Working capital	(21)	(21)	(21)	(21)	(21)	(21)
Net block and other assets	741	782	813	833	844	846
Debt	0	0	0	0	0	0
Equity	602	655	705	752	797	840
Balance check	0	0	0	0	0	(0)
Cash flow
From operations		86	81	77	73	70
Investing (capex)		(58)	(46)	(35)	(25)	(16)
Financing (dividends)		(17)	(16)	(15)	(15)	(14)
Net change in cash		11	20	27	34	40
Free cash flow to equity		28	36	43	49	54

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	-5%	30%	11.00%	5%	₹119	(59.4)%

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.