GAME CHANGERS TEXFAB LIMITED — valuation model

GAME CHANGERS TEXFAB LIMITEDBSE 544594Textiles & Apparels

₹151per 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₹151implied FY26 P/E —× · EV/EBITDA 10.3×

Against CMP ₹109.25+38.3%close of 2026-09-10

Growth the CMP implies(16.8)%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

₹116₹222

52-week rangetraded range, a fact not a value

₹87₹162

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	65
PV of terminal value	214
Enterprise value	279
less net debt	(9)
less non-controlling interest	0
add non-operating investments	0
Equity value	270
÷ 1.79 crore shares	₹151

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%	156	168	183	200	222
10.50%	144	154	165	179	197
11.00%	133	141	151	163	176
11.50%	124	131	139	149	160
12.00%	116	122	129	137	146

The outlined cell is your model. Green figures sit above the CMP of ₹109.25; 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	123 · 150 · 182
Draws below the CMP	2%
Rank correlation with ebitda margin	+0.75
Rank correlation with discount rate	−0.62
Rank correlation with revenue growth	+0.01

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	FY26	FY27	FY28	FY29	FY30	FY31
Revenue	139	150	162	175	189	204
growth %	—	8.0	8.0	8.0	8.0	8.0
EBITDA	27	29	32	34	37	40
margin %	19.5	19.5	19.5	19.5	19.5	19.5
less depreciation	(1)	(1)	(2)	(2)	(2)	(2)
EBIT	26	28	30	32	35	38
less tax on EBIT	(7)	(7)	(8)	(8)	(9)	(10)
NOPAT	19	21	22	24	26	28
add depreciation	1	1	2	2	2	2
less capex	(3)	(3)	(3)	(3)	(3)	(2)
less working-capital build	—	(5)	(5)	(6)	(6)	(7)
Free cash flow to firm	—	14	15	17	19	21
Discount factor		0.949	0.855	0.770	0.694	0.625
Present value		13	13	13	13	13

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 9, dividends at 0% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	26	28	30	32	35	38
Interest at 18% on debt		(2)	(2)	(2)	(2)	(2)
Profit before tax		26	28	31	33	36
Profit after tax	18	19	21	23	25	27
Dividends	0	0	0	0	0	0
Balance sheet, year end
Cash	0	13	27	43	60	80
Working capital	63	69	74	80	86	93
Net block and other assets	46	48	49	50	51	52
Debt	9	9	9	9	9	9
Equity	88	107	128	151	176	202
Balance check	0	(0)	(0)	(0)	(0)	(0)
Cash flow
From operations		16	17	19	20	22
Investing (capex)		(3)	(3)	(3)	(3)	(2)
Financing (dividends)		0	0	0	0	0
Net change in cash		13	14	16	17	19
Free cash flow to equity		13	14	16	17	19

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	8%	19.5%	11.00%	5%	₹151	38.3%

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.