Models
GANESH BENZOPLAST LIMITEDGANESHBEOil
₹135per 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₹135implied FY26 P/E 13.3× · EV/EBITDA 9.6×
Against CMP ₹132.20+1.9%close of 2026-09-10
Growth the CMP implies9.4%revenue, a year for 5 years, on your other inputs
Value after FY3184%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
₹101₹202
52-week rangetraded range, a fact not a value
₹68₹136
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 161 |
| PV of terminal value | 824 |
| Enterprise value | 985 |
| less net debt | (15) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 970 |
| ÷ 7.20 crore shares | ₹135 |
84% 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% | 140 | 151 | 165 | 181 | 202 |
| 10.50% | 128 | 137 | 148 | 162 | 178 |
| 11.00% | 117 | 125 | 135 | 146 | 159 |
| 11.50% | 109 | 115 | 123 | 132 | 143 |
| 12.00% | 101 | 107 | 114 | 121 | 130 |
The outlined cell is your model. Green figures sit above the CMP of ₹132.20; 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 | 105 · 134 · 167 |
| Draws below the CMP | 48% |
| Rank correlation with ebitda margin | +0.72 |
| Rank correlation with discount rate | −0.56 |
| Rank correlation with revenue growth | +0.33 |
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 | 421 | 477 | 374 | 411 | 453 | 498 | 548 | 602 | 663 |
| growth % | 17.7 | 13.4 | (21.5) | 9.9 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 |
| EBITDA | 87 | 96 | 64 | 102 | 113 | 124 | 136 | 150 | 165 |
| margin % | 20.8 | 20.0 | 17.0 | 24.9 | 24.9 | 24.9 | 24.9 | 24.9 | 24.9 |
| less depreciation | (17) | (20) | (22) | (24) | (26) | (29) | (32) | (35) | (38) |
| EBIT | 70 | 75 | 41 | 78 | 86 | 95 | 105 | 115 | 127 |
| less tax on EBIT | (20) | (22) | (24) | (26) | (29) | (32) | |||
| NOPAT | 59 | 65 | 71 | 78 | 86 | 95 | |||
| add depreciation | 17 | 20 | 22 | 24 | 26 | 29 | 32 | 35 | 38 |
| less capex | (44) | (82) | (39) | (64) | (71) | (67) | (62) | (55) | (46) |
| less working-capital build | — | (5) | (6) | (6) | (7) | (8) | |||
| Free cash flow to firm | (3) | 1 | 16 | — | 15 | 27 | 42 | 59 | 79 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 14 | 23 | 32 | 41 | 50 |
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 24, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 78 | 86 | 95 | 105 | 115 | 127 |
| Interest at 8% on debt | (2) | (2) | (2) | (2) | (2) | |
| Profit before tax | 85 | 93 | 103 | 113 | 125 | |
| Profit after tax | 73 | 63 | 70 | 77 | 85 | 93 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 8 | 22 | 48 | 88 | 146 | 224 |
| Working capital | 52 | 57 | 63 | 69 | 76 | 83 |
| Net block and other assets | 790 | 834 | 872 | 902 | 922 | 930 |
| Debt | 24 | 24 | 24 | 24 | 24 | 24 |
| Equity | 618 | 681 | 751 | 827 | 912 | 1,005 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 84 | 93 | 102 | 113 | 124 | |
| Investing (capex) | (71) | (67) | (62) | (55) | (46) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 14 | 26 | 41 | 58 | 78 | |
| Free cash flow to equity | 14 | 26 | 41 | 58 | 78 | |
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 | 10% | 24.9% | 11.00% | 5% | ₹135 | 1.9% |
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.