Models
GANDHI SPL. TUBES LTDGANDHITUBEIndustrial Products
₹973per 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₹973implied FY26 P/E 15.8× · EV/EBITDA 14.2×
Against CMP ₹886.55+9.7%close of 2026-09-10
Growth the CMP implies7.8%revenue, a year for 5 years, on your other inputs
Value after FY3176%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
₹753₹1,411
52-week rangetraded range, a fact not a value
₹681₹1,010
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 277 |
| PV of terminal value | 900 |
| Enterprise value | 1,177 |
| less net debt | 5 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,182 |
| ÷ 1.22 crore shares | ₹973 |
76% 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% | 1,005 | 1,079 | 1,168 | 1,276 | 1,411 |
| 10.50% | 927 | 989 | 1,061 | 1,148 | 1,255 |
| 11.00% | 861 | 913 | 973 | 1,044 | 1,130 |
| 11.50% | 804 | 848 | 898 | 957 | 1,027 |
| 12.00% | 753 | 791 | 834 | 884 | 942 |
The outlined cell is your model. Green figures sit above the CMP of ₹886.55; 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 | 804 · 968 · 1,168 |
| Draws below the CMP | 27% |
| Rank correlation with discount rate | −0.64 |
| Rank correlation with ebitda margin | +0.61 |
| Rank correlation with revenue growth | +0.40 |
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 | 167 | 171 | 173 | 192 | 213 | 236 | 262 | 291 | 323 |
| growth % | 22.2 | 2.0 | 1.0 | 11.1 | 11.0 | 11.0 | 11.0 | 11.0 | 11.0 |
| EBITDA | 61 | 64 | 68 | 83 | 92 | 102 | 113 | 125 | 139 |
| margin % | 36.2 | 37.5 | 39.6 | 43.1 | 43.1 | 43.1 | 43.1 | 43.1 | 43.1 |
| less depreciation | (3) | (3) | (3) | (3) | (4) | (4) | (5) | (5) | (6) |
| EBIT | 58 | 61 | 65 | 79 | 88 | 98 | 108 | 120 | 133 |
| less tax on EBIT | (20) | (22) | (24) | (27) | (30) | (33) | |||
| NOPAT | 59 | 66 | 73 | 81 | 90 | 100 | |||
| add depreciation | 3 | 3 | 3 | 3 | 4 | 4 | 5 | 5 | 6 |
| less capex | (1) | (3) | (4) | (2) | (2) | (3) | (4) | (5) | (7) |
| less working-capital build | — | (8) | (9) | (10) | (11) | (12) | |||
| Free cash flow to firm | 44 | 23 | 43 | — | 60 | 65 | 72 | 79 | 87 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 57 | 56 | 55 | 55 | 54 |
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 26.7% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 79 | 88 | 98 | 108 | 120 | 133 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 88 | 98 | 108 | 120 | 133 | |
| Profit after tax | 68 | 66 | 73 | 81 | 90 | 100 |
| Dividends | (18) | (18) | (20) | (22) | (24) | (27) |
| Balance sheet, year end | ||||||
| Cash | 5 | 47 | 93 | 143 | 198 | 258 |
| Working capital | 74 | 82 | 91 | 101 | 112 | 125 |
| Net block and other assets | 261 | 259 | 258 | 257 | 258 | 259 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 316 | 364 | 418 | 478 | 544 | 617 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 62 | 69 | 76 | 84 | 94 | |
| Investing (capex) | (2) | (3) | (4) | (5) | (7) | |
| Financing (dividends) | (18) | (20) | (22) | (24) | (27) | |
| Net change in cash | 42 | 46 | 50 | 55 | 60 | |
| Free cash flow to equity | 60 | 65 | 72 | 79 | 87 | |
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% | 43.1% | 11.00% | 5% | ₹973 | 9.7% |
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.