Models
GARWARE TECH FIBRES LTDGARFIBRESTextiles & Apparels
₹242per 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₹242implied FY26 P/E 11.4× · EV/EBITDA 8.6×
Against CMP ₹786.00−69.2%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3173%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
₹191₹345
52-week rangetraded range, a fact not a value
₹580₹863
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 612 |
| PV of terminal value | 1,696 |
| Enterprise value | 2,308 |
| less net debt | 58 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,366 |
| ÷ 9.76 crore shares | ₹242 |
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% | 250 | 267 | 288 | 313 | 345 |
| 10.50% | 232 | 246 | 263 | 283 | 308 |
| 11.00% | 216 | 228 | 242 | 259 | 279 |
| 11.50% | 203 | 213 | 225 | 239 | 255 |
| 12.00% | 191 | 200 | 210 | 221 | 235 |
The outlined cell is your model. Green figures sit above the CMP of ₹786.00; 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 | 206 · 243 · 287 |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.70 |
| Rank correlation with ebitda margin | +0.69 |
| Rank correlation with revenue growth | −0.03 |
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 | 1,306 | 1,326 | 1,540 | 1,529 | 1,521 | 1,514 | 1,506 | 1,498 | 1,491 |
| growth % | 9.8 | 1.5 | 16.2 | (0.7) | (0.5) | (0.5) | (0.5) | (0.5) | (0.5) |
| EBITDA | 230 | 272 | 319 | 270 | 268 | 266 | 265 | 264 | 262 |
| margin % | 17.6 | 20.5 | 20.7 | 17.6 | 17.6 | 17.6 | 17.6 | 17.6 | 17.6 |
| less depreciation | (22) | (26) | (28) | (34) | (35) | (35) | (35) | (34) | (34) |
| EBIT | 207 | 246 | 290 | 235 | 233 | 232 | 230 | 229 | 228 |
| less tax on EBIT | (62) | (61) | (61) | (61) | (60) | (60) | |||
| NOPAT | 173 | 172 | 171 | 170 | 169 | 168 | |||
| add depreciation | 22 | 26 | 28 | 34 | 35 | 35 | 35 | 34 | 34 |
| less capex | (29) | (38) | (43) | (56) | (56) | (52) | (49) | (45) | (41) |
| less working-capital build | — | 2 | 2 | 2 | 2 | 2 | |||
| Free cash flow to firm | 161 | 181 | 152 | — | 152 | 155 | 158 | 161 | 163 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 145 | 133 | 122 | 111 | 102 |
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 40, dividends at 47.2% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 235 | 233 | 232 | 230 | 229 | 228 |
| Interest at 8% on debt | (3) | (3) | (3) | (3) | (3) | |
| Profit before tax | 230 | 228 | 227 | 226 | 225 | |
| Profit after tax | 199 | 169 | 168 | 167 | 167 | 166 |
| Dividends | (94) | (80) | (79) | (79) | (79) | (78) |
| Balance sheet, year end | ||||||
| Cash | 99 | 169 | 242 | 318 | 398 | 481 |
| Working capital | 408 | 406 | 404 | 402 | 400 | 398 |
| Net block and other assets | 1,372 | 1,393 | 1,411 | 1,425 | 1,435 | 1,442 |
| Debt | 40 | 40 | 40 | 40 | 40 | 40 |
| Equity | 1,354 | 1,444 | 1,533 | 1,621 | 1,709 | 1,796 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 206 | 205 | 204 | 203 | 202 | |
| Investing (capex) | (56) | (52) | (49) | (45) | (41) | |
| Financing (dividends) | (80) | (79) | (79) | (79) | (78) | |
| Net change in cash | 70 | 73 | 76 | 80 | 83 | |
| Free cash flow to equity | 150 | 153 | 155 | 158 | 161 | |
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% | 17.6% | 11.00% | 5% | ₹242 | (69.2)% |
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.