IIRM HOLDINGS INDIA LIMITED — valuation model

IIRM HOLDINGS INDIA LIMITEDBSE 526530Commercial Services & Supplies

₹64per 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₹64implied FY26 P/E 17.7× · EV/EBITDA 7.6×

Against CMP ₹139.45−54.4%close of 2026-09-21

Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs

Value after FY3171%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

₹50₹91

52-week rangetraded range, a fact not a value

₹68₹152

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	130
PV of terminal value	311
Enterprise value	441
less net debt	(7)
less non-controlling interest	0
add non-operating investments	0
Equity value	434
÷ 6.81 crore shares	₹64

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%	66	70	76	82	91
10.50%	61	65	69	74	81
11.00%	57	60	64	68	73
11.50%	53	56	59	63	67
12.00%	50	52	55	58	62

The outlined cell is your model. Green figures sit above the CMP of ₹139.45; 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	46 · 63 · 82
Draws below the CMP	100%
Rank correlation with ebitda margin	+0.90
Rank correlation with discount rate	−0.38
Rank correlation with revenue growth	−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	FY24	FY25	FY26	FY27	FY28	FY29	FY30	FY31
Revenue	178	219	252	290	333	383	441	507
growth %	—	23.4	14.9	15.0	15.0	15.0	15.0	15.0
EBITDA	44	44	58	67	77	88	101	117
margin %	25.0	20.3	23.0	23.0	23.0	23.0	23.0	23.0
less depreciation	(12)	(13)	(17)	(20)	(23)	(26)	(30)	(35)
EBIT	32	32	41	47	54	62	71	82
less tax on EBIT			(12)	(14)	(16)	(18)	(21)	(24)
NOPAT			29	33	38	44	50	58
add depreciation	12	13	17	20	23	26	30	35
less capex	—	(32)	(6)	(7)	(13)	(20)	(30)	(42)
less working-capital build			—	(12)	(14)	(16)	(18)	(21)
Free cash flow to firm	—	(26)	—	34	35	34	33	30
Discount factor				0.949	0.855	0.770	0.694	0.625
Present value				33	30	26	23	19

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 83, dividends at 0% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	41	47	54	62	71	82
Interest at 15% on debt		(12)	(12)	(12)	(12)	(12)
Profit before tax		34	41	49	59	69
Profit after tax	24	24	29	35	42	49
Dividends	0	0	0	0	0	0
Balance sheet, year end
Cash	76	102	128	153	177	198
Working capital	80	92	106	121	140	161
Net block and other assets	126	113	103	97	96	103
Debt	83	83	83	83	83	83
Equity	158	182	211	246	288	337
Balance check	0	0	0	0	(0)	(0)
Cash flow
From operations		32	38	46	54	63
Investing (capex)		(7)	(13)	(20)	(30)	(42)
Financing (dividends)		0	0	0	0	0
Net change in cash		26	26	25	24	21
Free cash flow to equity		26	26	25	24	21

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%	23%	11.00%	5%	₹64	(54.4)%

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.