Models
GAYATRI PROJECTS LTDGAYAPROJ
₹1,877per 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₹1,877implied FY26 P/E 16.8× · EV/EBITDA 44.0×
Against CMP ₹24.72+7492.2%close of 2026-09-20
Growth the CMP implies(20.0)%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
₹1,423₹2,783
52-week rangetraded range, a fact not a value
₹11₹27
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 16,151 |
| PV of terminal value | 71,278 |
| Enterprise value | 87,429 |
| less net debt | (289) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 87,140 |
| ÷ 46.43 crore shares | ₹1,877 |
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% | 1,942 | 2,095 | 2,278 | 2,502 | 2,783 |
| 10.50% | 1,782 | 1,909 | 2,059 | 2,239 | 2,460 |
| 11.00% | 1,645 | 1,752 | 1,877 | 2,024 | 2,201 |
| 11.50% | 1,527 | 1,618 | 1,723 | 1,845 | 1,990 |
| 12.00% | 1,423 | 1,502 | 1,591 | 1,694 | 1,815 |
The outlined cell is your model. Green figures sit above the CMP of ₹24.72; 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 | 1,363 · 1,865 · 2,525 |
| Draws below the CMP | 0% |
| Rank correlation with revenue growth | +0.84 |
| Rank correlation with discount rate | −0.41 |
| Rank correlation with ebitda margin | +0.31 |
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 | FY22 | FY23 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,102 | 1,017 | 450 | 847 | 1,101 | 1,431 | 1,861 | 2,419 | 3,144 |
| growth % | (20.5) | (67.2) | (55.8) | 88.2 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | (531) | (1,177) | (26) | 1,985 | 2,581 | 3,355 | 4,361 | 5,670 | 7,371 |
| margin % | (17.1) | (115.7) | (5.7) | 234.4 | 234.4 | 234.4 | 234.4 | 234.4 | 234.4 |
| less depreciation | (76) | (57) | (43) | (29) | (39) | (50) | (65) | (85) | (110) |
| EBIT | (607) | (1,234) | (69) | 1,956 | 2,542 | 3,305 | 4,296 | 5,585 | 7,261 |
| less tax on EBIT | (31) | (41) | (53) | (69) | (89) | (116) | |||
| NOPAT | 1,925 | 2,501 | 3,252 | 4,227 | 5,496 | 7,144 | |||
| add depreciation | 76 | 57 | 43 | 29 | 39 | 50 | 65 | 85 | 110 |
| less capex | (17) | (2) | (3) | (5) | (6) | (20) | (44) | (79) | (132) |
| less working-capital build | — | (91) | (118) | (153) | (199) | (259) | |||
| Free cash flow to firm | (712) | (845) | 274 | — | 2,444 | 3,164 | 4,096 | 5,302 | 6,863 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 2,320 | 2,705 | 3,155 | 3,680 | 4,291 |
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 311, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 1,956 | 2,542 | 3,305 | 4,296 | 5,585 | 7,261 |
| Interest at 8% on debt | (25) | (25) | (25) | (25) | (25) | |
| Profit before tax | 2,517 | 3,280 | 4,271 | 5,560 | 7,236 | |
| Profit after tax | 0 | 2,477 | 3,227 | 4,203 | 5,471 | 7,120 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 23 | 2,442 | 5,581 | 9,652 | 14,929 | 21,768 |
| Working capital | 302 | 393 | 511 | 664 | 864 | 1,123 |
| Net block and other assets | 1,790 | 1,757 | 1,727 | 1,706 | 1,700 | 1,722 |
| Debt | 311 | 311 | 311 | 311 | 311 | 311 |
| Equity | 607 | 3,084 | 6,311 | 10,514 | 15,985 | 23,105 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 2,425 | 3,160 | 4,115 | 5,357 | 6,971 | |
| Investing (capex) | (6) | (20) | (44) | (79) | (132) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 2,419 | 3,139 | 4,071 | 5,277 | 6,839 | |
| Free cash flow to equity | 2,419 | 3,139 | 4,071 | 5,277 | 6,839 | |
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% | 234.4% | 11.00% | 5% | ₹1,877 | 7492.2% |
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.