Models
IITL PROJECTS LIMITEDBSE 531968Realty
₹2,343per 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₹2,343implied FY24 P/E 842.8× · EV/EBITDA 46.9×
Against CMP ₹49.00+4681.6%close of 2026-09-07
Growth the CMP implies(20.0)%revenue, a year for 5 years, on your other inputs
Value after FY2982%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
₹1,778₹3,472
52-week rangetraded range, a fact not a value
₹33₹74
From enterprise to equity · ₹ crore
| PV of FY25–FY29 free cash flow | 216 |
| PV of terminal value | 958 |
| Enterprise value | 1,173 |
| less net debt | 0 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,173 |
| ÷ 0.50 crore shares | ₹2,343 |
82% of the value sits after FY29. 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% | 2,424 | 2,614 | 2,843 | 3,122 | 3,472 |
| 10.50% | 2,224 | 2,383 | 2,570 | 2,795 | 3,069 |
| 11.00% | 2,054 | 2,187 | 2,343 | 2,527 | 2,747 |
| 11.50% | 1,907 | 2,020 | 2,151 | 2,304 | 2,485 |
| 12.00% | 1,778 | 1,876 | 1,987 | 2,116 | 2,266 |
The outlined cell is your model. Green figures sit above the CMP of ₹49.00; 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 | 1,694 · 2,335 · 3,159 |
| Draws below the CMP | 0% |
| Rank correlation with revenue growth | +0.85 |
| Rank correlation with discount rate | −0.40 |
| Rank correlation with ebitda margin | +0.29 |
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 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 1 | 1 | 3 | 3 | 4 | 5 | 7 | 9 |
| growth % | (53.6) | 179.8 | 16.5 | 75.2 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | (12) | 15 | 2 | 25 | 33 | 42 | 55 | 71 | 93 |
| margin % | (2820.4) | 1262.3 | 157.5 | 999.2 | 999.2 | 999.2 | 999.2 | 999.2 | 999.2 |
| less depreciation | 0 | (0) | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| EBIT | (12) | 15 | 2 | 25 | 33 | 42 | 55 | 71 | 93 |
| less tax on EBIT | 0 | 0 | 0 | 0 | 0 | 0 | |||
| NOPAT | 25 | 33 | 42 | 55 | 71 | 93 | |||
| add depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| less capex | 0 | 0 | 0 | 0 | 0 | (0) | (0) | (0) | (0) |
| less working-capital build | — | (0) | (0) | (0) | (0) | (1) | |||
| Free cash flow to firm | (1) | (0) | (0) | — | 32 | 42 | 55 | 71 | 92 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 31 | 36 | 42 | 49 | 58 |
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 0, dividends at 0% of profit
| ₹ crore | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 25 | 33 | 42 | 55 | 71 | 93 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 33 | 42 | 55 | 71 | 93 | |
| Profit after tax | 0 | 33 | 42 | 55 | 71 | 93 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 0 | 32 | 74 | 129 | 200 | 292 |
| Working capital | 1 | 1 | 1 | 2 | 2 | 3 |
| Net block and other assets | 32 | 32 | 32 | 32 | 32 | 32 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | (33) | (1) | 42 | 96 | 168 | 261 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 32 | 42 | 55 | 71 | 92 | |
| Investing (capex) | 0 | (0) | (0) | (0) | (0) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 32 | 42 | 55 | 71 | 92 | |
| Free cash flow to equity | 32 | 42 | 55 | 71 | 92 | |
Other liabilities are held at their FY24 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 | 30% | 999.2% | 11.00% | 5% | ₹2,343 | 4681.6% |
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.