Models
ENGINEERS INDIA LTDENGINERSINConstruction
₹367per 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₹367implied FY26 P/E 26.3× · EV/EBITDA 29.5×
Against CMP ₹269.45+36.3%close of 2026-09-10
Growth the CMP implies18.8%revenue, a year for 5 years, on your other inputs
Value after FY3181%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
₹279₹543
52-week rangetraded range, a fact not a value
₹164₹290
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 3,846 |
| PV of terminal value | 16,708 |
| Enterprise value | 20,554 |
| less net debt | 88 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 20,642 |
| ÷ 56.20 crore shares | ₹367 |
81% 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% | 380 | 409 | 445 | 488 | 543 |
| 10.50% | 349 | 373 | 403 | 437 | 480 |
| 11.00% | 322 | 343 | 367 | 396 | 430 |
| 11.50% | 299 | 317 | 337 | 361 | 389 |
| 12.00% | 279 | 295 | 312 | 332 | 355 |
The outlined cell is your model. Green figures sit above the CMP of ₹269.45; 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 | 271 · 365 · 487 |
| Draws below the CMP | 10% |
| Rank correlation with revenue growth | +0.82 |
| Rank correlation with discount rate | −0.42 |
| Rank correlation with ebitda margin | +0.33 |
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 | 3,330 | 3,281 | 3,088 | 3,928 | 4,989 | 6,336 | 8,046 | 10,219 | 12,978 |
| growth % | 14.3 | (1.5) | (5.9) | 27.2 | 27.0 | 27.0 | 27.0 | 27.0 | 27.0 |
| EBITDA | 308 | 297 | 512 | 696 | 883 | 1,121 | 1,424 | 1,809 | 2,297 |
| margin % | 9.3 | 9.1 | 16.6 | 17.7 | 17.7 | 17.7 | 17.7 | 17.7 | 17.7 |
| less depreciation | (26) | (35) | (40) | (42) | (55) | (70) | (89) | (112) | (143) |
| EBIT | 283 | 262 | 473 | 654 | 828 | 1,052 | 1,336 | 1,696 | 2,154 |
| less tax on EBIT | (157) | (199) | (252) | (321) | (407) | (517) | |||
| NOPAT | 497 | 629 | 799 | 1,015 | 1,289 | 1,637 | |||
| add depreciation | 26 | 35 | 40 | 42 | 55 | 70 | 89 | 112 | 143 |
| less capex | (35) | (34) | (42) | (69) | (90) | (106) | (126) | (147) | (171) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | (147) | 188 | 67 | — | 594 | 763 | 978 | 1,254 | 1,609 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 564 | 652 | 754 | 871 | 1,006 |
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 36.6% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 654 | 828 | 1,052 | 1,336 | 1,696 | 2,154 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 828 | 1,052 | 1,336 | 1,696 | 2,154 | |
| Profit after tax | 692 | 629 | 799 | 1,015 | 1,289 | 1,637 |
| Dividends | (253) | (230) | (293) | (372) | (472) | (599) |
| Balance sheet, year end | ||||||
| Cash | 88 | 452 | 922 | 1,529 | 2,311 | 3,321 |
| Working capital | (107) | (107) | (107) | (107) | (107) | (107) |
| Net block and other assets | 5,888 | 5,923 | 5,960 | 5,997 | 6,032 | 6,060 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 3,146 | 3,545 | 4,052 | 4,695 | 5,512 | 6,551 |
| Balance check | 0 | 0 | 0 | (0) | (0) | 0 |
| Cash flow | ||||||
| From operations | 684 | 869 | 1,104 | 1,402 | 1,780 | |
| Investing (capex) | (90) | (106) | (126) | (147) | (171) | |
| Financing (dividends) | (230) | (293) | (372) | (472) | (599) | |
| Net change in cash | 364 | 470 | 607 | 783 | 1,010 | |
| Free cash flow to equity | 594 | 763 | 978 | 1,254 | 1,609 | |
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 | 27% | 17.7% | 11.00% | 5% | ₹367 | 36.3% |
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.