Models
GARWARE HI-TECH FILMS LTDGRWRHITECHIndustrial Products
₹1,748per 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₹1,748implied FY26 P/E 10.5× · EV/EBITDA 9.0×
Against CMP ₹6,921.00−74.7%close of 2026-09-10
Growth the CMP implies45.0%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
₹1,360₹2,522
52-week rangetraded range, a fact not a value
₹2,691₹7,990
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 894 |
| PV of terminal value | 3,040 |
| Enterprise value | 3,933 |
| less net debt | 127 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 4,060 |
| ÷ 2.32 crore shares | ₹1,748 |
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% | 1,804 | 1,935 | 2,091 | 2,283 | 2,522 |
| 10.50% | 1,668 | 1,776 | 1,904 | 2,058 | 2,245 |
| 11.00% | 1,550 | 1,642 | 1,748 | 1,874 | 2,025 |
| 11.50% | 1,449 | 1,526 | 1,616 | 1,721 | 1,844 |
| 12.00% | 1,360 | 1,427 | 1,503 | 1,591 | 1,694 |
The outlined cell is your model. Green figures sit above the CMP of ₹6,921.00; 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 | 1,472 · 1,738 · 2,059 |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.69 |
| Rank correlation with ebitda margin | +0.68 |
| 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 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,438 | 1,677 | 2,109 | 2,120 | 2,131 | 2,141 | 2,152 | 2,163 | 2,174 |
| growth % | 10.4 | 16.6 | 25.8 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| EBITDA | 227 | 282 | 441 | 435 | 437 | 439 | 441 | 443 | 446 |
| margin % | 15.8 | 16.8 | 20.9 | 20.5 | 20.5 | 20.5 | 20.5 | 20.5 | 20.5 |
| less depreciation | (32) | (39) | (41) | (45) | (45) | (45) | (45) | (45) | (46) |
| EBIT | 195 | 243 | 400 | 390 | 392 | 394 | 396 | 398 | 400 |
| less tax on EBIT | (94) | (95) | (95) | (96) | (96) | (97) | |||
| NOPAT | 295 | 297 | 299 | 300 | 302 | 303 | |||
| add depreciation | 32 | 39 | 41 | 45 | 45 | 45 | 45 | 45 | 46 |
| less capex | (70) | (17) | (59) | (161) | (162) | (136) | (109) | (82) | (55) |
| less working-capital build | — | (1) | (1) | (1) | (1) | (1) | |||
| Free cash flow to firm | 148 | 155 | 271 | — | 179 | 207 | 235 | 264 | 293 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 170 | 177 | 181 | 183 | 183 |
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 8.2% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 390 | 392 | 394 | 396 | 398 | 400 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 392 | 394 | 396 | 398 | 400 | |
| Profit after tax | 338 | 297 | 299 | 300 | 302 | 303 |
| Dividends | (28) | (24) | (24) | (25) | (25) | (25) |
| Balance sheet, year end | ||||||
| Cash | 127 | 281 | 463 | 674 | 913 | 1,181 |
| Working capital | 261 | 263 | 264 | 265 | 267 | 268 |
| Net block and other assets | 2,623 | 2,740 | 2,831 | 2,895 | 2,931 | 2,940 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 2,656 | 2,929 | 3,203 | 3,479 | 3,756 | 4,034 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 341 | 342 | 344 | 346 | 347 | |
| Investing (capex) | (162) | (136) | (109) | (82) | (55) | |
| Financing (dividends) | (24) | (24) | (25) | (25) | (25) | |
| Net change in cash | 154 | 182 | 211 | 239 | 268 | |
| Free cash flow to equity | 179 | 207 | 235 | 264 | 293 | |
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 | 0.5% | 20.5% | 11.00% | 5% | ₹1,748 | (74.7)% |
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.