Models
EMMVEE PHOTOVOLTAIC PWR LEMMVEEElectrical Equipment
₹277per 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₹277implied FY26 P/E 14.4× · EV/EBITDA 11.0×
Against CMP ₹344.80−19.6%close of 2026-09-10
Growth the CMP implies15.8%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
₹213₹406
52-week rangetraded range, a fact not a value
₹172₹372
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 4,063 |
| PV of terminal value | 15,072 |
| Enterprise value | 19,134 |
| less net debt | 65 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 19,199 |
| ÷ 69.23 crore shares | ₹277 |
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% | 287 | 308 | 334 | 366 | 406 |
| 10.50% | 264 | 282 | 303 | 329 | 360 |
| 11.00% | 244 | 260 | 277 | 298 | 323 |
| 11.50% | 228 | 241 | 255 | 273 | 293 |
| 12.00% | 213 | 224 | 237 | 251 | 268 |
The outlined cell is your model. Green figures sit above the CMP of ₹344.80; 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 | 225 · 274 · 336 |
| Draws below the CMP | 93% |
| Rank correlation with ebitda margin | +0.71 |
| Rank correlation with discount rate | −0.61 |
| Rank correlation with revenue growth | +0.26 |
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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | 5,050 | 5,454 | 5,890 | 6,361 | 6,870 | 7,420 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 1,734 | 1,871 | 2,020 | 2,182 | 2,357 | 2,545 |
| margin % | 34.3 | 34.3 | 34.3 | 34.3 | 34.3 | 34.3 |
| less depreciation | (296) | (322) | (348) | (375) | (405) | (438) |
| EBIT | 1,439 | 1,549 | 1,673 | 1,807 | 1,951 | 2,107 |
| less tax on EBIT | (275) | (296) | (320) | (345) | (373) | (402) |
| NOPAT | 1,164 | 1,253 | 1,353 | 1,462 | 1,578 | 1,705 |
| add depreciation | 296 | 322 | 348 | 375 | 405 | 438 |
| less capex | (653) | (704) | (674) | (636) | (586) | (525) |
| less working-capital build | — | (122) | (132) | (142) | (154) | (166) |
| Free cash flow to firm | — | 749 | 895 | 1,059 | 1,244 | 1,451 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 711 | 765 | 816 | 863 | 907 |
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 177, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 1,439 | 1,549 | 1,673 | 1,807 | 1,951 | 2,107 |
| Interest at 8% on debt | (14) | (14) | (14) | (14) | (14) | |
| Profit before tax | 1,535 | 1,659 | 1,792 | 1,937 | 2,093 | |
| Profit after tax | 1,082 | 1,242 | 1,342 | 1,450 | 1,567 | 1,693 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 243 | 980 | 1,864 | 2,911 | 4,144 | 5,584 |
| Working capital | 1,523 | 1,645 | 1,777 | 1,919 | 2,073 | 2,239 |
| Net block and other assets | 4,007 | 4,388 | 4,715 | 4,975 | 5,156 | 5,244 |
| Debt | 177 | 177 | 177 | 177 | 177 | 177 |
| Equity | 3,695 | 4,937 | 6,278 | 7,728 | 9,295 | 10,989 |
| Balance check | 0 | 0 | (0) | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 1,441 | 1,558 | 1,683 | 1,819 | 1,965 | |
| Investing (capex) | (704) | (674) | (636) | (586) | (525) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 738 | 883 | 1,048 | 1,232 | 1,440 | |
| Free cash flow to equity | 738 | 883 | 1,048 | 1,232 | 1,440 | |
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 | 8% | 34.3% | 11.00% | 5% | ₹277 | (19.6)% |
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.