Models
GARUDA CONSTRUCT N ENG LGARUDARealty
₹567per 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₹567implied FY26 P/E 38.8× · EV/EBITDA 32.2×
Against CMP ₹182.00+211.7%close of 2026-09-10
Growth the CMP implies(0.6)%revenue, a year for 5 years, on your other inputs
Value after FY3182%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
₹431₹841
52-week rangetraded range, a fact not a value
₹130₹249
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 972 |
| PV of terminal value | 4,311 |
| Enterprise value | 5,283 |
| less net debt | (4) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 5,279 |
| ÷ 9.30 crore shares | ₹567 |
82% 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% | 587 | 633 | 688 | 756 | 841 |
| 10.50% | 539 | 577 | 622 | 677 | 743 |
| 11.00% | 497 | 530 | 567 | 612 | 665 |
| 11.50% | 462 | 489 | 521 | 558 | 602 |
| 12.00% | 431 | 454 | 481 | 512 | 549 |
The outlined cell is your model. Green figures sit above the CMP of ₹182.00; 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 | 416 · 563 · 757 |
| Draws below the CMP | 0% |
| Rank correlation with revenue growth | +0.82 |
| Rank correlation with discount rate | −0.42 |
| Rank correlation with ebitda margin | +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 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 226 | 531 | 690 | 897 | 1,166 | 1,516 | 1,971 |
| growth % | — | 135.2 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 67 | 164 | 213 | 277 | 360 | 468 | 609 |
| margin % | 29.5 | 30.9 | 30.9 | 30.9 | 30.9 | 30.9 | 30.9 |
| less depreciation | (0) | (0) | (1) | (1) | (1) | (2) | (2) |
| EBIT | 66 | 164 | 212 | 276 | 359 | 467 | 607 |
| less tax on EBIT | (42) | (54) | (70) | (91) | (119) | (154) | |
| NOPAT | 122 | 159 | 206 | 268 | 348 | 453 | |
| add depreciation | 0 | 0 | 1 | 1 | 1 | 2 | 2 |
| less capex | (1) | 0 | 0 | (0) | (1) | (1) | (2) |
| less working-capital build | — | (13) | (17) | (22) | (29) | (37) | |
| Free cash flow to firm | (111) | — | 146 | 190 | 246 | 320 | 415 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | 139 | 162 | 190 | 222 | 260 |
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 12, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 164 | 212 | 276 | 359 | 467 | 607 |
| Interest at 8% on debt | (1) | (1) | (1) | (1) | (1) | |
| Profit before tax | 212 | 275 | 358 | 466 | 606 | |
| Profit after tax | 122 | 158 | 205 | 267 | 348 | 452 |
| Dividends | (0) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 8 | 154 | 343 | 588 | 907 | 1,322 |
| Working capital | 44 | 57 | 74 | 96 | 125 | 162 |
| Net block and other assets | 592 | 592 | 591 | 591 | 591 | 591 |
| Debt | 12 | 12 | 12 | 12 | 12 | 12 |
| Equity | 454 | 612 | 818 | 1,085 | 1,432 | 1,884 |
| Balance check | 0 | 0 | 0 | (0) | 0 | (0) |
| Cash flow | ||||||
| From operations | 145 | 189 | 246 | 320 | 417 | |
| Investing (capex) | 0 | (0) | (1) | (1) | (2) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 145 | 189 | 246 | 319 | 414 | |
| Free cash flow to equity | 145 | 189 | 246 | 319 | 414 | |
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 | 30% | 30.9% | 11.00% | 5% | ₹567 | 211.7% |
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.