Models
GARG FURNACE LTD.BSE 530615Industrial Products
₹91per 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₹91implied FY26 P/E —× · EV/EBITDA 5.7×
Against CMP ₹171.55−46.9%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY31158%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
₹40₹194
52-week rangetraded range, a fact not a value
₹109₹198
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (44) |
| PV of terminal value | 120 |
| Enterprise value | 76 |
| less net debt | (14) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 62 |
| ÷ 0.68 crore shares | ₹91 |
158% 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% | 97 | 115 | 136 | 161 | 194 |
| 10.50% | 79 | 94 | 111 | 132 | 157 |
| 11.00% | 64 | 77 | 91 | 108 | 128 |
| 11.50% | 52 | 62 | 74 | 88 | 105 |
| 12.00% | 40 | 49 | 60 | 71 | 85 |
The outlined cell is your model. Green figures sit above the CMP of ₹171.55; 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 | 48 · 89 · 138 |
| Draws below the CMP | 98% |
| Rank correlation with ebitda margin | +0.79 |
| Rank correlation with discount rate | −0.57 |
| Rank correlation with revenue growth | −0.04 |
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 | 295 | 318 | 344 | 371 | 401 | 433 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 13 | 14 | 15 | 17 | 18 | 19 |
| margin % | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 |
| less depreciation | (2) | (2) | (2) | (2) | (2) | (3) |
| EBIT | 11 | 12 | 13 | 14 | 16 | 17 |
| less tax on EBIT | (1) | (1) | (1) | (1) | (1) | (1) |
| NOPAT | 11 | 11 | 12 | 13 | 14 | 16 |
| add depreciation | 2 | 2 | 2 | 2 | 2 | 3 |
| less capex | (35) | (38) | (31) | (23) | (14) | (3) |
| less working-capital build | — | (3) | (3) | (3) | (3) | (3) |
| Free cash flow to firm | — | (27) | (20) | (11) | (1) | 12 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | (26) | (17) | (8) | (0) | 7 |
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 18, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 11 | 12 | 13 | 14 | 16 | 17 |
| Interest at 2.6% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 12 | 13 | 14 | 15 | 16 | |
| Profit after tax | 10 | 11 | 12 | 13 | 14 | 15 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 4 | (24) | (44) | (55) | (56) | (45) |
| Working capital | 32 | 35 | 38 | 41 | 44 | 47 |
| Net block and other assets | 129 | 165 | 194 | 215 | 227 | 227 |
| Debt | 18 | 18 | 18 | 18 | 18 | 18 |
| Equity | 131 | 142 | 154 | 167 | 181 | 196 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 10 | 11 | 12 | 13 | 14 | |
| Investing (capex) | (38) | (31) | (23) | (14) | (3) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (28) | (20) | (11) | (1) | 11 | |
| Free cash flow to equity | (28) | (20) | (11) | (1) | 11 | |
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% | 4.5% | 11.00% | 5% | ₹91 | (46.9)% |
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.