Models
Exhicon Events Media SolutionsBSE 543895Other Consumer Services
₹1,282per 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₹1,282implied FY26 P/E 27.5× · EV/EBITDA 37.7×
Against CMP ₹488.20+162.6%close of 6 Nov 2026
Growth the CMP implies5.7%revenue, a year for 5 years, on your other inputs
Value after FY3189%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
₹952₹1,945
52-week rangetraded range, a fact not a value
₹390₹595
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 203 |
| PV of terminal value | 1,662 |
| Enterprise value | 1,864 |
| less net debt | 29 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,893 |
| ÷ 1.48 crore shares | ₹1,282 |
89% 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% | 1,328 | 1,440 | 1,575 | 1,739 | 1,945 |
| 10.50% | 1,212 | 1,305 | 1,415 | 1,547 | 1,709 |
| 11.00% | 1,112 | 1,191 | 1,282 | 1,390 | 1,520 |
| 11.50% | 1,026 | 1,093 | 1,170 | 1,260 | 1,366 |
| 12.00% | 952 | 1,009 | 1,075 | 1,150 | 1,239 |
The outlined cell is your model. Green figures sit above the CMP of ₹488.20; 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 | 918 · 1,274 · 1,744 |
| Draws below the CMP | 0% |
| Rank correlation with revenue growth | +0.83 |
| Rank correlation with discount rate | −0.42 |
| Rank correlation with ebitda margin | +0.31 |
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 | 59 | 88 | 144 | 203 | 264 | 343 | 445 | 579 | 753 |
| growth % | — | 50.3 | 62.2 | 41.2 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 12 | 18 | 33 | 49 | 64 | 84 | 109 | 141 | 184 |
| margin % | 19.6 | 20.0 | 22.9 | 24.4 | 24.4 | 24.4 | 24.4 | 24.4 | 24.4 |
| less depreciation | — | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | — | — | — | 49 | 64 | 84 | 109 | 141 | 184 |
| less tax on EBIT | (5) | (7) | (9) | (11) | (15) | (19) | |||
| NOPAT | 44 | 58 | 75 | 97 | 127 | 165 | |||
| add depreciation | — | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| less capex | — | — | (14) | (47) | (61) | (59) | (51) | (33) | 0 |
| less working-capital build | — | (2) | (2) | (3) | (3) | (5) | |||
| Free cash flow to firm | — | — | 5 | — | (5) | 13 | 43 | 90 | 160 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (5) | 12 | 33 | 62 | 100 |
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 | 49 | 64 | 84 | 109 | 141 | 184 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 64 | 84 | 109 | 141 | 184 | |
| Profit after tax | 0 | 58 | 75 | 97 | 127 | 165 |
| Dividends | (0) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 29 | 24 | 37 | 80 | 170 | 330 |
| Working capital | 5 | 7 | 9 | 12 | 15 | 20 |
| Net block and other assets | 230 | 291 | 351 | 402 | 436 | 436 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 0 | 58 | 133 | 230 | 356 | 521 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 56 | 73 | 95 | 123 | 160 | |
| Investing (capex) | (61) | (59) | (51) | (33) | 0 | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (5) | 13 | 43 | 90 | 160 | |
| Free cash flow to equity | (5) | 13 | 43 | 90 | 160 | |
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% | 24.4% | 11.00% | 5% | ₹1,282 | 162.6% |
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.