Models
EMUDHRA LIMITEDEMUDHRAIT - Services
₹323per 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₹323implied FY26 P/E 23.0× · EV/EBITDA 16.6×
Against CMP ₹492.95−34.5%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3198%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
₹232₹506
52-week rangetraded range, a fact not a value
₹365₹714
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 55 |
| PV of terminal value | 2,584 |
| Enterprise value | 2,639 |
| less net debt | 34 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,673 |
| ÷ 8.28 crore shares | ₹323 |
98% 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% | 335 | 366 | 403 | 449 | 506 |
| 10.50% | 303 | 329 | 359 | 396 | 441 |
| 11.00% | 276 | 297 | 323 | 353 | 389 |
| 11.50% | 252 | 271 | 292 | 317 | 346 |
| 12.00% | 232 | 247 | 266 | 287 | 311 |
The outlined cell is your model. Green figures sit above the CMP of ₹492.95; 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 · 316 · 441 |
| Draws below the CMP | 96% |
| Rank correlation with ebitda margin | +0.68 |
| Rank correlation with revenue growth | +0.52 |
| Rank correlation with discount rate | −0.43 |
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 | 249 | 373 | 519 | 702 | 912 | 1,186 | 1,541 | 2,004 | 2,605 |
| growth % | 36.2 | 50.0 | 39.2 | 35.1 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 87 | 110 | 124 | 159 | 207 | 269 | 350 | 455 | 591 |
| margin % | 35.1 | 29.4 | 23.9 | 22.7 | 22.7 | 22.7 | 22.7 | 22.7 | 22.7 |
| less depreciation | (16) | (21) | (24) | (34) | (45) | (58) | (76) | (98) | (128) |
| EBIT | 71 | 89 | 100 | 125 | 162 | 211 | 274 | 357 | 464 |
| less tax on EBIT | (20) | (26) | (34) | (44) | (58) | (75) | |||
| NOPAT | 105 | 136 | 177 | 230 | 299 | 389 | |||
| add depreciation | 16 | 21 | 24 | 34 | 45 | 58 | 76 | 98 | 128 |
| less capex | (40) | (74) | (83) | (185) | (241) | (252) | (249) | (221) | (153) |
| less working-capital build | — | (40) | (52) | (68) | (88) | (114) | |||
| Free cash flow to firm | (7) | (1) | 18 | — | (100) | (69) | (11) | 89 | 249 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (95) | (59) | (8) | 61 | 156 |
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 24, dividends at 9.4% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 125 | 162 | 211 | 274 | 357 | 464 |
| Interest at 8% on debt | (2) | (2) | (2) | (2) | (2) | |
| Profit before tax | 160 | 209 | 272 | 355 | 462 | |
| Profit after tax | 108 | 134 | 175 | 228 | 297 | 387 |
| Dividends | (10) | (13) | (16) | (21) | (28) | (36) |
| Balance sheet, year end | ||||||
| Cash | 58 | (56) | (143) | (177) | (118) | 93 |
| Working capital | 133 | 173 | 225 | 293 | 380 | 495 |
| Net block and other assets | 1,022 | 1,218 | 1,412 | 1,586 | 1,708 | 1,734 |
| Debt | 24 | 24 | 24 | 24 | 24 | 24 |
| Equity | 913 | 1,034 | 1,193 | 1,400 | 1,669 | 2,020 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 139 | 181 | 236 | 308 | 400 | |
| Investing (capex) | (241) | (252) | (249) | (221) | (153) | |
| Financing (dividends) | (13) | (16) | (21) | (28) | (36) | |
| Net change in cash | (114) | (87) | (34) | 59 | 211 | |
| Free cash flow to equity | (102) | (71) | (13) | 87 | 247 | |
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 | 30% | 22.7% | 11.00% | 5% | ₹323 | (34.5)% |
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.