Models
GMR POW AND URBAN INFRA LGMRP&UIPower
₹284per 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₹284implied FY26 P/E 35.1× · EV/EBITDA 12.9×
Against CMP ₹94.05+201.5%close of 2026-09-10
Growth the CMP implies(0.2)%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
₹190₹470
52-week rangetraded range, a fact not a value
₹87₹137
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 8,470 |
| PV of terminal value | 24,617 |
| Enterprise value | 33,087 |
| less net debt | (10,943) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 22,144 |
| ÷ 78.10 crore shares | ₹284 |
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% | 297 | 329 | 366 | 413 | 470 |
| 10.50% | 264 | 290 | 321 | 358 | 403 |
| 11.00% | 236 | 258 | 284 | 314 | 350 |
| 11.50% | 211 | 230 | 252 | 277 | 307 |
| 12.00% | 190 | 206 | 224 | 246 | 270 |
The outlined cell is your model. Green figures sit above the CMP of ₹94.05; 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 | 194 · 281 · 390 |
| Draws below the CMP | 0% |
| Rank correlation with ebitda margin | +0.61 |
| Rank correlation with revenue growth | +0.57 |
| Rank correlation with discount rate | −0.49 |
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 | 5,525 | 4,489 | 6,344 | 7,332 | 8,468 | 9,781 | 11,297 | 13,048 | 15,070 |
| growth % | 34.7 | (18.7) | 41.3 | 15.6 | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 |
| EBITDA | 1,625 | 1,516 | 3,567 | 2,568 | 2,964 | 3,423 | 3,954 | 4,567 | 5,275 |
| margin % | 29.4 | 33.8 | 56.2 | 35.0 | 35.0 | 35.0 | 35.0 | 35.0 | 35.0 |
| less depreciation | (151) | (305) | (600) | (666) | (771) | (890) | (1,028) | (1,187) | (1,371) |
| EBIT | 1,473 | 1,211 | 2,967 | 1,902 | 2,193 | 2,533 | 2,926 | 3,379 | 3,903 |
| less tax on EBIT | (561) | (647) | (747) | (863) | (997) | (1,151) | |||
| NOPAT | 1,341 | 1,546 | 1,786 | 2,063 | 2,382 | 2,752 | |||
| add depreciation | 151 | 305 | 600 | 666 | 771 | 890 | 1,028 | 1,187 | 1,371 |
| less capex | (24) | (99) | (270) | (238) | (271) | (502) | (798) | (1,173) | (1,646) |
| less working-capital build | — | (60) | (70) | (80) | (93) | (107) | |||
| Free cash flow to firm | 1,206 | 1,592 | 2,562 | — | 1,986 | 2,105 | 2,213 | 2,304 | 2,370 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 1,885 | 1,800 | 1,705 | 1,599 | 1,482 |
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 11,503, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 1,902 | 2,193 | 2,533 | 2,926 | 3,379 | 3,903 |
| Interest at 15.3% on debt | (1,760) | (1,760) | (1,760) | (1,760) | (1,760) | |
| Profit before tax | 433 | 773 | 1,166 | 1,619 | 2,143 | |
| Profit after tax | 600 | 305 | 545 | 822 | 1,142 | 1,511 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 560 | 1,305 | 2,169 | 3,141 | 4,205 | 5,334 |
| Working capital | 392 | 452 | 522 | 602 | 695 | 802 |
| Net block and other assets | 16,098 | 15,598 | 15,210 | 14,979 | 14,965 | 15,239 |
| Debt | 11,503 | 11,503 | 11,503 | 11,503 | 11,503 | 11,503 |
| Equity | 2,109 | 2,414 | 2,959 | 3,781 | 4,923 | 6,434 |
| Balance check | 0 | (0) | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 1,016 | 1,366 | 1,770 | 2,236 | 2,775 | |
| Investing (capex) | (271) | (502) | (798) | (1,173) | (1,646) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 745 | 864 | 972 | 1,063 | 1,130 | |
| Free cash flow to equity | 745 | 864 | 972 | 1,063 | 1,130 | |
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 | 15.5% | 35% | 11.00% | 5% | ₹284 | 201.5% |
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.