Models
EMPIRE INDUSTRIES LTD.EMPINDDiversified
₹1,256per 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₹1,256implied FY26 P/E 14.6× · EV/EBITDA 9.3×
Against CMP ₹1,057.00+18.9%close of 2026-09-10
Growth the CMP implies(17.5)%revenue, a year for 5 years, on your other inputs
Value after FY3175%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
₹959₹1,849
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 205 |
| PV of terminal value | 601 |
| Enterprise value | 806 |
| less net debt | (52) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 754 |
| ÷ 0.60 crore shares | ₹1,256 |
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% | 1,300 | 1,400 | 1,520 | 1,666 | 1,849 |
| 10.50% | 1,195 | 1,278 | 1,376 | 1,494 | 1,638 |
| 11.00% | 1,105 | 1,175 | 1,256 | 1,353 | 1,468 |
| 11.50% | 1,027 | 1,087 | 1,155 | 1,235 | 1,330 |
| 12.00% | 959 | 1,010 | 1,068 | 1,136 | 1,214 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,057.00; 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 | 966 · 1,246 · 1,556 |
| Draws below the CMP | 20% |
| Rank correlation with ebitda margin | +0.83 |
| Rank correlation with discount rate | −0.51 |
| Rank correlation with revenue growth | −0.10 |
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 | 682 | 606 | 677 | 731 | 790 | 853 | 921 | 995 | 1,074 |
| growth % | 25.3 | (11.1) | 11.7 | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 79 | 64 | 70 | 86 | 93 | 101 | 109 | 117 | 127 |
| margin % | 11.5 | 10.6 | 10.3 | 11.8 | 11.8 | 11.8 | 11.8 | 11.8 | 11.8 |
| less depreciation | (17) | (16) | (17) | (16) | (17) | (19) | (20) | (22) | (24) |
| EBIT | 61 | 48 | 52 | 70 | 76 | 82 | 88 | 95 | 103 |
| less tax on EBIT | (10) | (11) | (12) | (13) | (14) | (15) | |||
| NOPAT | 60 | 65 | 70 | 76 | 82 | 88 | |||
| add depreciation | 17 | 16 | 17 | 16 | 17 | 19 | 20 | 22 | 24 |
| less capex | (7) | (12) | (7) | (14) | (15) | (18) | (21) | (24) | (28) |
| less working-capital build | — | (19) | (20) | (22) | (24) | (26) | |||
| Free cash flow to firm | 72 | 63 | 86 | — | 48 | 51 | 53 | 55 | 58 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 46 | 43 | 41 | 38 | 36 |
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 165, dividends at 29.1% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 70 | 76 | 82 | 88 | 95 | 103 |
| Interest at 18.3% on debt | (30) | (30) | (30) | (30) | (30) | |
| Profit before tax | 46 | 52 | 58 | 65 | 73 | |
| Profit after tax | 52 | 39 | 44 | 50 | 56 | 62 |
| Dividends | (15) | (11) | (13) | (15) | (16) | (18) |
| Balance sheet, year end | ||||||
| Cash | 113 | 124 | 136 | 148 | 162 | 175 |
| Working capital | 237 | 256 | 276 | 299 | 322 | 348 |
| Net block and other assets | 465 | 463 | 462 | 463 | 465 | 470 |
| Debt | 165 | 165 | 165 | 165 | 165 | 165 |
| Equity | 351 | 379 | 411 | 446 | 486 | 530 |
| Balance check | 0 | (0) | (0) | (0) | 0 | (0) |
| Cash flow | ||||||
| From operations | 37 | 43 | 48 | 54 | 60 | |
| Investing (capex) | (15) | (18) | (21) | (24) | (28) | |
| Financing (dividends) | (11) | (13) | (15) | (16) | (18) | |
| Net change in cash | 11 | 12 | 13 | 13 | 14 | |
| Free cash flow to equity | 22 | 25 | 27 | 30 | 32 | |
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% | 11.8% | 11.00% | 5% | ₹1,256 | 18.9% |
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.