Models
GMM PFAUDLER LIMITEDGMMPFAUDLRIndustrial Manufacturing
₹31per 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₹31implied FY26 P/E 1.9× · EV/EBITDA 1.0×
Against CMP ₹1,309.00−97.6%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3111%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
₹28₹37
52-week rangetraded range, a fact not a value
₹735₹1,352
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 303 |
| PV of terminal value | 37 |
| Enterprise value | 341 |
| less net debt | (200) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 141 |
| ÷ 4.50 crore shares | ₹31 |
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% | 33 | 33 | 34 | 36 | 37 |
| 10.50% | 31 | 32 | 33 | 34 | 35 |
| 11.00% | 30 | 31 | 31 | 32 | 33 |
| 11.50% | 29 | 29 | 30 | 31 | 31 |
| 12.00% | 28 | 28 | 29 | 29 | 30 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,309.00; 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 | (80) · 31 · 126 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.81 |
| Rank correlation with revenue growth | −0.57 |
| Rank correlation with discount rate | −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 | 3,178 | 3,446 | 3,199 | 3,524 | 3,876 | 4,264 | 4,690 | 5,159 | 5,675 |
| growth % | 25.1 | 8.5 | (7.2) | 10.2 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 |
| EBITDA | 410 | 477 | 313 | 337 | 372 | 409 | 450 | 495 | 545 |
| margin % | 12.9 | 13.8 | 9.8 | 9.6 | 9.6 | 9.6 | 9.6 | 9.6 | 9.6 |
| less depreciation | (119) | (147) | (144) | (158) | (174) | (192) | (211) | (232) | (255) |
| EBIT | 290 | 330 | 169 | 180 | 198 | 217 | 239 | 263 | 289 |
| less tax on EBIT | (88) | (97) | (107) | (118) | (129) | (142) | |||
| NOPAT | 91 | 100 | 110 | 122 | 134 | 147 | |||
| add depreciation | 119 | 147 | 144 | 158 | 174 | 192 | 211 | 232 | 255 |
| less capex | (69) | (64) | (63) | (78) | (85) | (128) | (178) | (237) | (306) |
| less working-capital build | — | (63) | (69) | (76) | (84) | (92) | |||
| Free cash flow to firm | 116 | 220 | 315 | — | 127 | 105 | 78 | 45 | 4 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 120 | 90 | 60 | 31 | 2 |
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 835, dividends at 15% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 180 | 198 | 217 | 239 | 263 | 289 |
| Interest at 16.5% on debt | (138) | (138) | (138) | (138) | (138) | |
| Profit before tax | 60 | 80 | 101 | 125 | 152 | |
| Profit after tax | 58 | 30 | 40 | 52 | 64 | 77 |
| Dividends | (9) | (5) | (6) | (8) | (10) | (12) |
| Balance sheet, year end | ||||||
| Cash | 635 | 687 | 716 | 717 | 682 | 604 |
| Working capital | 631 | 694 | 764 | 840 | 924 | 1,017 |
| Net block and other assets | 2,757 | 2,668 | 2,604 | 2,571 | 2,576 | 2,627 |
| Debt | 835 | 835 | 835 | 835 | 835 | 835 |
| Equity | 1,233 | 1,259 | 1,293 | 1,337 | 1,391 | 1,457 |
| Balance check | 0 | (0) | (0) | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | 142 | 163 | 186 | 212 | 240 | |
| Investing (capex) | (85) | (128) | (178) | (237) | (306) | |
| Financing (dividends) | (5) | (6) | (8) | (10) | (12) | |
| Net change in cash | 52 | 29 | 0 | (35) | (78) | |
| Free cash flow to equity | 57 | 35 | 8 | (25) | (66) | |
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 | 10% | 9.6% | 11.00% | 5% | ₹31 | (97.6)% |
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.