Models
FORCE MOTORS LIMITEDFORCEMOTAutomobiles
₹18,585per 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₹18,585implied FY26 P/E 19.6× · EV/EBITDA 14.0×
Against CMP ₹17,705.00+5.0%close of 2026-09-10
Growth the CMP implies10.7%revenue, a year for 5 years, on your other inputs
Value after FY3179%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
₹14,393₹26,954
52-week rangetraded range, a fact not a value
₹14,911₹26,450
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 4,996 |
| PV of terminal value | 18,669 |
| Enterprise value | 23,665 |
| less net debt | 830 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 24,495 |
| ÷ 1.32 crore shares | ₹18,585 |
79% 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% | 19,191 | 20,602 | 22,296 | 24,366 | 26,954 |
| 10.50% | 17,712 | 18,885 | 20,271 | 21,934 | 23,967 |
| 11.00% | 16,446 | 17,433 | 18,585 | 19,946 | 21,580 |
| 11.50% | 15,350 | 16,191 | 17,161 | 18,292 | 19,629 |
| 12.00% | 14,393 | 15,116 | 15,941 | 16,894 | 18,005 |
The outlined cell is your model. Green figures sit above the CMP of ₹17,705.00; 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 | 15,058 · 18,469 · 22,705 |
| Draws below the CMP | 40% |
| Rank correlation with ebitda margin | +0.60 |
| Rank correlation with discount rate | −0.57 |
| Rank correlation with revenue growth | +0.50 |
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 | 5,029 | 6,992 | 8,072 | 9,057 | 10,144 | 11,361 | 12,725 | 14,251 | 15,962 |
| growth % | 55.2 | 39.0 | 15.4 | 12.2 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 |
| EBITDA | 538 | 909 | 1,487 | 1,694 | 1,897 | 2,125 | 2,379 | 2,665 | 2,985 |
| margin % | 10.7 | 13.0 | 18.4 | 18.7 | 18.7 | 18.7 | 18.7 | 18.7 | 18.7 |
| less depreciation | (241) | (267) | (280) | (286) | (325) | (364) | (407) | (456) | (511) |
| EBIT | 297 | 642 | 1,207 | 1,408 | 1,572 | 1,761 | 1,972 | 2,209 | 2,474 |
| less tax on EBIT | (283) | (316) | (354) | (396) | (444) | (497) | |||
| NOPAT | 1,125 | 1,256 | 1,407 | 1,576 | 1,765 | 1,977 | |||
| add depreciation | 241 | 267 | 280 | 286 | 325 | 364 | 407 | 456 | 511 |
| less capex | (260) | (208) | (367) | (540) | (609) | (620) | (626) | (624) | (613) |
| less working-capital build | — | (49) | (55) | (61) | (69) | (77) | |||
| Free cash flow to firm | 272 | 806 | 605 | — | 923 | 1,095 | 1,296 | 1,528 | 1,798 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 876 | 937 | 998 | 1,061 | 1,124 |
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 4.3% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 1,408 | 1,572 | 1,761 | 1,972 | 2,209 | 2,474 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 1,572 | 1,761 | 1,972 | 2,209 | 2,474 | |
| Profit after tax | 1,212 | 1,256 | 1,407 | 1,576 | 1,765 | 1,977 |
| Dividends | (53) | (54) | (61) | (68) | (76) | (85) |
| Balance sheet, year end | ||||||
| Cash | 830 | 1,700 | 2,735 | 3,963 | 5,415 | 7,127 |
| Working capital | 409 | 458 | 513 | 574 | 643 | 720 |
| Net block and other assets | 5,298 | 5,582 | 5,838 | 6,057 | 6,226 | 6,328 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 4,197 | 5,399 | 6,746 | 8,254 | 9,943 | 11,835 |
| Balance check | 0 | 0 | 0 | (0) | (0) | 0 |
| Cash flow | ||||||
| From operations | 1,532 | 1,716 | 1,922 | 2,152 | 2,411 | |
| Investing (capex) | (609) | (620) | (626) | (624) | (613) | |
| Financing (dividends) | (54) | (61) | (68) | (76) | (85) | |
| Net change in cash | 869 | 1,035 | 1,228 | 1,452 | 1,713 | |
| Free cash flow to equity | 923 | 1,095 | 1,296 | 1,528 | 1,798 | |
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 | 12% | 18.7% | 11.00% | 5% | ₹18,585 | 5.0% |
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.