Models
GTL INFRA.LTDGTLINFRATelecom - Services
₹11per 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₹11implied FY26 P/E 17.8× · EV/EBITDA 13.0×
Against CMP ₹1.16+884.6%close of 2026-09-10
Growth the CMP implies(20.0)%revenue, a year for 5 years, on your other inputs
Value after FY3172%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
₹8₹18
52-week rangetraded range, a fact not a value
₹1₹2
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 5,631 |
| PV of terminal value | 14,298 |
| Enterprise value | 19,929 |
| less net debt | (5,300) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 14,629 |
| ÷ 1,280.91 crore shares | ₹11 |
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% | 12 | 13 | 14 | 16 | 18 |
| 10.50% | 11 | 12 | 13 | 14 | 16 |
| 11.00% | 10 | 11 | 11 | 12 | 14 |
| 11.50% | 9 | 10 | 10 | 11 | 12 |
| 12.00% | 8 | 9 | 9 | 10 | 11 |
The outlined cell is your model. Green figures sit above the CMP of ₹1.16; 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 | 9 · 11 · 14 |
| Draws below the CMP | 0% |
| Rank correlation with ebitda margin | +0.69 |
| Rank correlation with discount rate | −0.67 |
| Rank correlation with revenue growth | +0.11 |
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 | 1,458 | 1,372 | 1,344 | 1,372 | 1,399 | 1,427 | 1,456 | 1,485 | 1,515 |
| growth % | (0.3) | (5.9) | (2.0) | 2.1 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 |
| EBITDA | (559) | 350 | 276 | 1,532 | 1,563 | 1,594 | 1,626 | 1,659 | 1,692 |
| margin % | (38.3) | 25.5 | 20.5 | 111.7 | 111.7 | 111.7 | 111.7 | 111.7 | 111.7 |
| less depreciation | (504) | (278) | (244) | (237) | (242) | (247) | (252) | (257) | (262) |
| EBIT | (1,062) | 72 | 32 | 1,295 | 1,321 | 1,347 | 1,374 | 1,402 | 1,430 |
| less tax on EBIT | 0 | 0 | 0 | 0 | 0 | 0 | |||
| NOPAT | 1,295 | 1,321 | 1,347 | 1,374 | 1,402 | 1,430 | |||
| add depreciation | 504 | 278 | 244 | 237 | 242 | 247 | 252 | 257 | 262 |
| less capex | (66) | (34) | (51) | (62) | (63) | (122) | (184) | (248) | (314) |
| less working-capital build | — | (1) | (1) | (1) | (1) | (1) | |||
| Free cash flow to firm | 431 | 161 | 585 | — | 1,499 | 1,471 | 1,442 | 1,410 | 1,377 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 1,423 | 1,258 | 1,111 | 979 | 861 |
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 5,416, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 1,295 | 1,321 | 1,347 | 1,374 | 1,402 | 1,430 |
| Interest at 13.1% on debt | (709) | (709) | (709) | (709) | (709) | |
| Profit before tax | 612 | 638 | 665 | 692 | 720 | |
| Profit after tax | 779 | 612 | 638 | 665 | 692 | 720 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 116 | 906 | 1,668 | 2,400 | 3,101 | 3,768 |
| Working capital | 37 | 38 | 39 | 39 | 40 | 41 |
| Net block and other assets | 2,972 | 2,793 | 2,668 | 2,600 | 2,591 | 2,643 |
| Debt | 5,416 | 5,416 | 5,416 | 5,416 | 5,416 | 5,416 |
| Equity | (5,215) | (4,603) | (3,966) | (3,301) | (2,608) | (1,888) |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 853 | 884 | 916 | 949 | 982 | |
| Investing (capex) | (63) | (122) | (184) | (248) | (314) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 790 | 762 | 732 | 701 | 667 | |
| Free cash flow to equity | 790 | 762 | 732 | 701 | 667 | |
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 | 2% | 111.7% | 11.00% | 5% | ₹11 | 884.6% |
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.