Models
EUREKA FORBES LIMITEDEUREKAFORBConsumer Durables
₹122per 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₹122implied FY26 P/E 13.2× · EV/EBITDA 8.2×
Against CMP ₹394.95−69.0%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3177%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
₹96₹175
52-week rangetraded range, a fact not a value
₹396₹668
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 515 |
| PV of terminal value | 1,729 |
| Enterprise value | 2,244 |
| less net debt | 126 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,370 |
| ÷ 19.35 crore shares | ₹122 |
77% 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% | 126 | 135 | 146 | 159 | 175 |
| 10.50% | 117 | 124 | 133 | 144 | 156 |
| 11.00% | 109 | 115 | 122 | 131 | 141 |
| 11.50% | 102 | 107 | 113 | 121 | 129 |
| 12.00% | 96 | 101 | 106 | 112 | 119 |
The outlined cell is your model. Green figures sit above the CMP of ₹394.95; 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 | 95 · 121 · 151 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.85 |
| Rank correlation with discount rate | −0.48 |
| Rank correlation with revenue growth | +0.08 |
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 | 2,085 | 2,189 | 2,437 | 2,709 | 3,007 | 3,338 | 3,705 | 4,113 | 4,565 |
| growth % | 446.0 | 5.0 | 11.3 | 11.2 | 11.0 | 11.0 | 11.0 | 11.0 | 11.0 |
| EBITDA | 105 | 183 | 270 | 273 | 304 | 337 | 374 | 415 | 461 |
| margin % | 5.0 | 8.4 | 11.1 | 10.1 | 10.1 | 10.1 | 10.1 | 10.1 | 10.1 |
| less depreciation | (56) | (54) | (58) | (69) | (78) | (87) | (96) | (107) | (119) |
| EBIT | 49 | 129 | 212 | 203 | 226 | 250 | 278 | 308 | 342 |
| less tax on EBIT | (52) | (58) | (65) | (72) | (80) | (88) | |||
| NOPAT | 151 | 167 | 186 | 206 | 229 | 254 | |||
| add depreciation | 56 | 54 | 58 | 69 | 78 | 87 | 96 | 107 | 119 |
| less capex | 0 | (28) | (60) | (88) | (96) | (106) | (117) | (129) | (142) |
| less working-capital build | — | (42) | (47) | (52) | (57) | (64) | |||
| Free cash flow to firm | 181 | 166 | 186 | — | 107 | 120 | 134 | 149 | 167 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 102 | 102 | 103 | 104 | 104 |
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 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 203 | 226 | 250 | 278 | 308 | 342 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 226 | 250 | 278 | 308 | 342 | |
| Profit after tax | 163 | 167 | 186 | 206 | 229 | 254 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 126 | 233 | 353 | 487 | 636 | 802 |
| Working capital | 381 | 424 | 470 | 522 | 579 | 643 |
| Net block and other assets | 6,228 | 6,246 | 6,265 | 6,286 | 6,308 | 6,332 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 4,600 | 4,768 | 4,953 | 5,160 | 5,389 | 5,643 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 204 | 226 | 251 | 278 | 309 | |
| Investing (capex) | (96) | (106) | (117) | (129) | (142) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 107 | 120 | 134 | 149 | 167 | |
| Free cash flow to equity | 107 | 120 | 134 | 149 | 167 | |
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 | 11% | 10.1% | 11.00% | 5% | ₹122 | (69.0)% |
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.