Models
EVEREST KANTO CYLINDERLTDEKCIndustrial Manufacturing
₹133per 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₹133implied FY26 P/E 11.9× · EV/EBITDA 8.2×
Against CMP ₹101.65+31.0%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3182%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
₹97₹205
52-week rangetraded range, a fact not a value
₹90₹155
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 298 |
| PV of terminal value | 1,359 |
| Enterprise value | 1,657 |
| less net debt | (163) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,494 |
| ÷ 11.22 crore shares | ₹133 |
82% 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% | 138 | 150 | 165 | 183 | 205 |
| 10.50% | 126 | 136 | 148 | 162 | 179 |
| 11.00% | 115 | 123 | 133 | 145 | 159 |
| 11.50% | 106 | 113 | 121 | 131 | 142 |
| 12.00% | 97 | 104 | 111 | 119 | 128 |
The outlined cell is your model. Green figures sit above the CMP of ₹101.65; 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 | 107 · 133 · 165 |
| Draws below the CMP | 6% |
| Rank correlation with ebitda margin | +0.73 |
| Rank correlation with discount rate | −0.66 |
| Rank correlation with revenue growth | −0.03 |
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 | 1,274 | 1,223 | 1,499 | 1,471 | 1,441 | 1,412 | 1,384 | 1,356 | 1,329 |
| growth % | (25.0) | (4.0) | 22.6 | (1.9) | (2.0) | (2.0) | (2.0) | (2.0) | (2.0) |
| EBITDA | 140 | 158 | 169 | 203 | 199 | 195 | 191 | 187 | 183 |
| margin % | 11.0 | 12.9 | 11.3 | 13.8 | 13.8 | 13.8 | 13.8 | 13.8 | 13.8 |
| less depreciation | (40) | (39) | (41) | (50) | (49) | (48) | (47) | (46) | (45) |
| EBIT | 100 | 119 | 128 | 153 | 150 | 147 | 144 | 141 | 138 |
| less tax on EBIT | (12) | (12) | (12) | (12) | (11) | (11) | |||
| NOPAT | 140 | 138 | 135 | 132 | 130 | 127 | |||
| add depreciation | 40 | 39 | 41 | 50 | 49 | 48 | 47 | 46 | 45 |
| less capex | (83) | (66) | (121) | (173) | (170) | (139) | (110) | (82) | (54) |
| less working-capital build | — | 14 | 14 | 13 | 13 | 13 | |||
| Free cash flow to firm | 23 | 160 | (63) | — | 31 | 57 | 83 | 107 | 131 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 29 | 49 | 64 | 75 | 82 |
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 199, dividends at 5.3% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 153 | 150 | 147 | 144 | 141 | 138 |
| Interest at 8.5% on debt | (17) | (17) | (17) | (17) | (17) | |
| Profit before tax | 133 | 130 | 127 | 124 | 121 | |
| Profit after tax | 147 | 122 | 119 | 117 | 114 | 112 |
| Dividends | (8) | (6) | (6) | (6) | (6) | (6) |
| Balance sheet, year end | ||||||
| Cash | 36 | 44 | 80 | 141 | 226 | 336 |
| Working capital | 697 | 683 | 670 | 656 | 643 | 630 |
| Net block and other assets | 1,161 | 1,282 | 1,373 | 1,436 | 1,472 | 1,481 |
| Debt | 199 | 199 | 199 | 199 | 199 | 199 |
| Equity | 1,400 | 1,516 | 1,629 | 1,739 | 1,847 | 1,953 |
| Balance check | 0 | (0) | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 185 | 181 | 177 | 173 | 170 | |
| Investing (capex) | (170) | (139) | (110) | (82) | (54) | |
| Financing (dividends) | (6) | (6) | (6) | (6) | (6) | |
| Net change in cash | 9 | 35 | 61 | 86 | 109 | |
| Free cash flow to equity | 15 | 42 | 67 | 92 | 115 | |
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 | -2% | 13.8% | 11.00% | 5% | ₹133 | 31.0% |
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.