Models
GNG ELECTRONICS LIMITEDEBGNGIT - Hardware
₹139per 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₹139implied FY26 P/E 11.3× · EV/EBITDA 9.8×
Against CMP ₹685.00−79.7%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3177%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
₹101₹216
52-week rangetraded range, a fact not a value
₹239₹705
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 443 |
| PV of terminal value | 1,482 |
| Enterprise value | 1,925 |
| less net debt | (337) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,588 |
| ÷ 11.40 crore shares | ₹139 |
77% 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% | 145 | 158 | 173 | 192 | 216 |
| 10.50% | 131 | 142 | 155 | 170 | 189 |
| 11.00% | 120 | 129 | 139 | 152 | 167 |
| 11.50% | 110 | 117 | 126 | 137 | 149 |
| 12.00% | 101 | 107 | 115 | 124 | 134 |
The outlined cell is your model. Green figures sit above the CMP of ₹685.00; 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 | 100 · 138 · 180 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.77 |
| Rank correlation with discount rate | −0.49 |
| Rank correlation with revenue growth | −0.35 |
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 | 1,891 | 2,042 | 2,206 | 2,382 | 2,573 | 2,779 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 196 | 212 | 229 | 248 | 268 | 289 |
| margin % | 10.4 | 10.4 | 10.4 | 10.4 | 10.4 | 10.4 |
| less depreciation | (10) | (10) | (11) | (12) | (13) | (14) |
| EBIT | 186 | 202 | 218 | 236 | 255 | 275 |
| less tax on EBIT | (20) | (21) | (23) | (25) | (27) | (29) |
| NOPAT | 166 | 181 | 195 | 211 | 228 | 246 |
| add depreciation | 10 | 10 | 11 | 12 | 13 | 14 |
| less capex | (23) | (25) | (23) | (21) | (19) | (17) |
| less working-capital build | — | (74) | (80) | (86) | (93) | (100) |
| Free cash flow to firm | — | 93 | 103 | 115 | 128 | 143 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 88 | 88 | 89 | 89 | 89 |
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 406, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 186 | 202 | 218 | 236 | 255 | 275 |
| Interest at 10.5% on debt | (43) | (43) | (43) | (43) | (43) | |
| Profit before tax | 160 | 176 | 193 | 212 | 232 | |
| Profit after tax | 0 | 143 | 157 | 173 | 190 | 208 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 69 | 123 | 189 | 266 | 356 | 461 |
| Working capital | 923 | 997 | 1,076 | 1,162 | 1,255 | 1,356 |
| Net block and other assets | 262 | 277 | 289 | 298 | 305 | 308 |
| Debt | 406 | 406 | 406 | 406 | 406 | 406 |
| Equity | 759 | 902 | 1,059 | 1,232 | 1,422 | 1,629 |
| Balance check | 0 | 0 | 0 | (0) | (0) | 0 |
| Cash flow | ||||||
| From operations | 79 | 88 | 99 | 109 | 121 | |
| Investing (capex) | (25) | (23) | (21) | (19) | (17) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 55 | 65 | 77 | 90 | 105 | |
| Free cash flow to equity | 55 | 65 | 77 | 90 | 105 | |
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% | 10.4% | 11.00% | 5% | ₹139 | (79.7)% |
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.