Models
EMAMI LIMITEDEMAMILTDPersonal Products
₹222per 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₹222implied FY26 P/E 12.9× · EV/EBITDA 10.1×
Against CMP ₹364.10−39.1%close of 2026-09-10
Growth the CMP implies12.1%revenue, a year for 5 years, on your other inputs
Value after FY3170%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
₹176₹313
52-week rangetraded range, a fact not a value
₹361₹614
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 2,936 |
| PV of terminal value | 6,693 |
| Enterprise value | 9,628 |
| less net debt | 54 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 9,682 |
| ÷ 43.65 crore shares | ₹222 |
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% | 229 | 244 | 262 | 285 | 313 |
| 10.50% | 213 | 225 | 240 | 258 | 280 |
| 11.00% | 199 | 209 | 222 | 237 | 254 |
| 11.50% | 187 | 196 | 206 | 218 | 233 |
| 12.00% | 176 | 184 | 193 | 203 | 215 |
The outlined cell is your model. Green figures sit above the CMP of ₹364.10; 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 | 188 · 222 · 263 |
| 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 | 3,406 | 3,578 | 3,809 | 3,780 | 3,742 | 3,704 | 3,667 | 3,631 | 3,594 |
| growth % | 6.7 | 5.1 | 6.5 | (0.8) | (1.0) | (1.0) | (1.0) | (1.0) | (1.0) |
| EBITDA | 863 | 944 | 1,025 | 953 | 943 | 933 | 924 | 915 | 906 |
| margin % | 25.3 | 26.4 | 26.9 | 25.2 | 25.2 | 25.2 | 25.2 | 25.2 | 25.2 |
| less depreciation | (247) | (186) | (178) | (177) | (176) | (174) | (172) | (171) | (169) |
| EBIT | 616 | 758 | 847 | 776 | 767 | 759 | 752 | 744 | 737 |
| less tax on EBIT | (64) | (64) | (63) | (62) | (62) | (61) | |||
| NOPAT | 712 | 703 | 696 | 689 | 682 | 676 | |||
| add depreciation | 247 | 186 | 178 | 177 | 176 | 174 | 172 | 171 | 169 |
| less capex | (40) | (41) | (45) | (38) | (37) | (80) | (122) | (163) | (203) |
| less working-capital build | — | 3 | 3 | 3 | 3 | 3 | |||
| Free cash flow to firm | 708 | 738 | 851 | — | 844 | 793 | 743 | 693 | 644 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 802 | 678 | 572 | 481 | 403 |
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 122, dividends at 67.6% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 776 | 767 | 759 | 752 | 744 | 737 |
| Interest at 12.1% on debt | (15) | (15) | (15) | (15) | (15) | |
| Profit before tax | 752 | 745 | 737 | 729 | 722 | |
| Profit after tax | 775 | 690 | 683 | 676 | 669 | 662 |
| Dividends | (524) | (466) | (462) | (457) | (452) | (448) |
| Balance sheet, year end | ||||||
| Cash | 177 | 541 | 859 | 1,131 | 1,359 | 1,542 |
| Working capital | 266 | 263 | 261 | 258 | 256 | 253 |
| Net block and other assets | 3,394 | 3,255 | 3,161 | 3,110 | 3,102 | 3,136 |
| Debt | 122 | 122 | 122 | 122 | 122 | 122 |
| Equity | 2,922 | 3,146 | 3,367 | 3,586 | 3,803 | 4,017 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 868 | 859 | 851 | 842 | 834 | |
| Investing (capex) | (37) | (80) | (122) | (163) | (203) | |
| Financing (dividends) | (466) | (462) | (457) | (452) | (448) | |
| Net change in cash | 365 | 318 | 272 | 227 | 183 | |
| Free cash flow to equity | 831 | 779 | 729 | 679 | 631 | |
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 | -1% | 25.2% | 11.00% | 5% | ₹222 | (39.1)% |
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.