Models
GTL LTDGTLTelecom - Services
₹41per 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₹41implied FY21 P/E 0.8× · EV/EBITDA 14.5×
Against CMP ₹7.22+466.8%close of 2026-09-10
Growth the CMP implies(19.4)%revenue, a year for 5 years, on your other inputs
Value after FY2673%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
₹29₹64
52-week rangetraded range, a fact not a value
₹5₹11
From enterprise to equity · ₹ crore
| PV of FY22–FY26 free cash flow | 225 |
| PV of terminal value | 610 |
| Enterprise value | 835 |
| less net debt | (191) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 644 |
| ÷ 15.73 crore shares | ₹41 |
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% | 43 | 46 | 51 | 57 | 64 |
| 10.50% | 39 | 42 | 46 | 50 | 56 |
| 11.00% | 35 | 38 | 41 | 45 | 49 |
| 11.50% | 32 | 34 | 37 | 40 | 44 |
| 12.00% | 29 | 31 | 34 | 36 | 39 |
The outlined cell is your model. Green figures sit above the CMP of ₹7.22; 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 | 33 · 41 · 50 |
| Draws below the CMP | 0% |
| Rank correlation with discount rate | −0.71 |
| Rank correlation with ebitda margin | +0.65 |
| Rank correlation with revenue growth | +0.15 |
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 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 219 | 215 | 221 | 226 | 232 | 238 | 244 | 250 |
| growth % | — | (1.7) | 2.6 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 |
| EBITDA | (243) | (219) | 58 | 59 | 60 | 62 | 63 | 65 |
| margin % | (111.0) | (101.6) | 26.0 | 26.0 | 26.0 | 26.0 | 26.0 | 26.0 |
| less depreciation | (5) | (5) | (5) | (5) | (5) | (5) | (5) | (5) |
| EBIT | (248) | (223) | 53 | 54 | 55 | 57 | 58 | 60 |
| less tax on EBIT | 0 | 0 | 0 | 0 | 0 | 0 | ||
| NOPAT | 53 | 54 | 55 | 57 | 58 | 60 | ||
| add depreciation | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| less capex | — | — | (2) | (2) | (3) | (4) | (5) | (6) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow to firm | — | — | — | 57 | 58 | 58 | 58 | 59 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 54 | 49 | 45 | 40 | 37 |
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 194, dividends at 0% of profit
| ₹ crore | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 53 | 54 | 55 | 57 | 58 | 60 |
| Interest at 11.2% on debt | (22) | (22) | (22) | (22) | (22) | |
| Profit before tax | 32 | 34 | 35 | 37 | 38 | |
| Profit after tax | 0 | 32 | 34 | 35 | 37 | 38 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 2 | 38 | 74 | 110 | 146 | 183 |
| Working capital | (11) | (11) | (11) | (11) | (11) | (11) |
| Net block and other assets | 206 | 203 | 201 | 200 | 200 | 201 |
| Debt | 194 | 194 | 194 | 194 | 194 | 194 |
| Equity | (7,431) | (7,398) | (7,364) | (7,329) | (7,293) | (7,255) |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 37 | 39 | 40 | 42 | 43 | |
| Investing (capex) | (2) | (3) | (4) | (5) | (6) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 35 | 36 | 36 | 37 | 37 | |
| Free cash flow to equity | 35 | 36 | 36 | 37 | 37 | |
Other liabilities are held at their FY21 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 | 2.5% | 26% | 11.00% | 5% | ₹41 | 466.8% |
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.