Models
GLOTTIS LIMITEDGLOTTIS
₹46per 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₹46implied FY26 P/E —× · EV/EBITDA 9.4×
Against CMP ₹55.40−16.4%close of 9 Oct 2026
Growth the CMP implies—%no growth rate between −20% and 45% a year brings the value to the CMP on your other inputs
Value after FY3179%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
₹34₹70
52-week rangetraded range, a fact not a value
₹37₹85
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 99 |
| PV of terminal value | 369 |
| Enterprise value | 468 |
| less net debt | (40) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 428 |
| ÷ 9.24 crore shares | ₹46 |
79% 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% | 48 | 52 | 57 | 63 | 70 |
| 10.50% | 44 | 47 | 51 | 56 | 61 |
| 11.00% | 40 | 43 | 46 | 50 | 55 |
| 11.50% | 37 | 40 | 42 | 45 | 49 |
| 12.00% | 34 | 37 | 39 | 42 | 45 |
The outlined cell is your model. Green figures sit above the CMP of ₹55.40; 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 | 36 · 46 · 57 |
| Draws below the CMP | 86% |
| Rank correlation with ebitda margin | +0.77 |
| Rank correlation with discount rate | −0.59 |
| Rank correlation with revenue growth | −0.12 |
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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | 723 | 780 | 843 | 910 | 983 | 1,062 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 50 | 54 | 58 | 63 | 68 | 73 |
| margin % | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 | 6.9 |
| less depreciation | (3) | (2) | (3) | (3) | (3) | (3) |
| EBIT | 47 | 52 | 56 | 60 | 65 | 70 |
| less tax on EBIT | (12) | (13) | (14) | (15) | (17) | (18) |
| NOPAT | 35 | 38 | 41 | 45 | 48 | 52 |
| add depreciation | 3 | 2 | 3 | 3 | 3 | 3 |
| less capex | (10) | (11) | (10) | (8) | (6) | (4) |
| less working-capital build | — | (12) | (13) | (14) | (15) | (16) |
| Free cash flow to firm | — | 18 | 22 | 26 | 30 | 36 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 17 | 19 | 20 | 21 | 22 |
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 50, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 47 | 52 | 56 | 60 | 65 | 70 |
| Interest at 6.2% on debt | (3) | (3) | (3) | (3) | (3) | |
| Profit before tax | 48 | 53 | 57 | 62 | 67 | |
| Profit after tax | 38 | 36 | 39 | 42 | 46 | 50 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 10 | 25 | 45 | 68 | 96 | 129 |
| Working capital | 145 | 157 | 169 | 183 | 197 | 213 |
| Net block and other assets | 212 | 221 | 228 | 233 | 237 | 237 |
| Debt | 50 | 50 | 50 | 50 | 50 | 50 |
| Equity | 281 | 317 | 356 | 398 | 444 | 494 |
| Balance check | 0 | 0 | 0 | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 27 | 29 | 31 | 34 | 37 | |
| Investing (capex) | (11) | (10) | (8) | (6) | (4) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 16 | 19 | 23 | 28 | 33 | |
| Free cash flow to equity | 16 | 19 | 23 | 28 | 33 | |
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 | 8% | 6.9% | 11.00% | 5% | ₹46 | (16.4)% |
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.