Models
GAYATRI SUGARS LTD.BSE 532183Agricultural Food & other Products
₹25per 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₹25implied FY26 P/E 2.0× · EV/EBITDA 13.4×
Against CMP ₹7.51+229.6%close of 2026-09-20
Growth the CMP implies(4.4)%revenue, a year for 5 years, on your other inputs
Value after FY3174%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
₹16₹42
52-week rangetraded range, a fact not a value
₹7₹15
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 77 |
| PV of terminal value | 218 |
| Enterprise value | 295 |
| less net debt | (111) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 184 |
| ÷ 7.43 crore shares | ₹25 |
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% | 26 | 29 | 32 | 37 | 42 |
| 10.50% | 23 | 25 | 28 | 32 | 36 |
| 11.00% | 20 | 22 | 25 | 28 | 31 |
| 11.50% | 18 | 20 | 22 | 24 | 27 |
| 12.00% | 16 | 18 | 19 | 21 | 24 |
The outlined cell is your model. Green figures sit above the CMP of ₹7.51; 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 | 17 · 24 · 34 |
| Draws below the CMP | 0% |
| Rank correlation with ebitda margin | +0.71 |
| Rank correlation with discount rate | −0.53 |
| Rank correlation with revenue growth | +0.39 |
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 | 388 | 377 | 336 | 366 | 399 | 435 | 474 | 517 | 564 |
| growth % | 7.7 | (2.9) | (10.9) | 9.0 | 9.0 | 9.0 | 9.0 | 9.0 | 9.0 |
| EBITDA | 66 | 38 | 19 | 22 | 24 | 26 | 28 | 31 | 34 |
| margin % | 16.9 | 9.9 | 5.7 | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 |
| less depreciation | (8) | (7) | (7) | (7) | (8) | (8) | (9) | (10) | (11) |
| EBIT | 58 | 31 | 12 | 15 | 16 | 18 | 19 | 21 | 23 |
| less tax on EBIT | 0 | 0 | 0 | 0 | 0 | 0 | |||
| NOPAT | 15 | 16 | 18 | 19 | 21 | 23 | |||
| add depreciation | 8 | 7 | 7 | 7 | 8 | 8 | 9 | 10 | 11 |
| less capex | (13) | (4) | (6) | (5) | (5) | (7) | (8) | (11) | (13) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | 31 | 19 | (0) | — | 19 | 19 | 20 | 21 | 21 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 18 | 17 | 15 | 14 | 13 |
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 111, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 15 | 16 | 18 | 19 | 21 | 23 |
| Interest at 11.4% on debt | (13) | (13) | (13) | (13) | (13) | |
| Profit before tax | 4 | 5 | 7 | 9 | 10 | |
| Profit after tax | 1 | 4 | 5 | 7 | 9 | 10 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 0 | 6 | 13 | 20 | 28 | 36 |
| Working capital | (2) | (2) | (2) | (2) | (2) | (2) |
| Net block and other assets | 459 | 457 | 455 | 455 | 455 | 458 |
| Debt | 111 | 111 | 111 | 111 | 111 | 111 |
| Equity | 81 | 85 | 90 | 97 | 106 | 116 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 11 | 13 | 16 | 18 | 21 | |
| Investing (capex) | (5) | (7) | (8) | (11) | (13) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 6 | 7 | 7 | 8 | 8 | |
| Free cash flow to equity | 6 | 7 | 7 | 8 | 8 | |
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 | 9% | 6% | 11.00% | 5% | ₹25 | 229.6% |
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.