Models
INDIAN RAILWAY FIN CORP LIRFCFinance
₹31per 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₹31implied P/B 0.72× on FY26 book
Against CMP ₹81.09−61.3%close of 2026-09-10
Cost of equity14.88%risk-free + beta × equity risk premium
Book equity, FY26₹43per share · excess returns add ₹(12)
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Excess-return schedule · ₹ crore · book equity earns your ROE; value is book plus the returns above the cost of equity
| ₹ crore | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|
| Opening book equity | 56,749 | 61,027 | 65,628 | 70,576 | 75,897 |
| Net income at 12.4% ROE | 7,037 | 7,567 | 8,138 | 8,751 | 9,411 |
| Cost of equity charge at 14.88% | (8,442) | (9,078) | (9,762) | (10,499) | (11,290) |
| Excess return | (1,405) | (1,511) | (1,625) | (1,747) | (1,879) |
| Present value | (1,311) | (1,227) | (1,149) | (1,075) | (1,007) |
| Closing book equity | 61,027 | 65,628 | 70,576 | 75,897 | 81,619 |
| Book equity today | 56,749 |
| PV of 5 years of excess return | (5,768) |
| PV of the terminal excess return, 5% flat | (9,986) |
| add non-operating investments | 0 |
| Equity value | 40,995 |
| ÷ 1,306.85 crore shares | ₹31 |
ROE is at or below the cost of equity, so every year destroys value against book and the model lands below book value. That is the arithmetic, not a view.
Where the methods land · ₹ per share · the dashed line is the CMP
52-week rangetraded range, a fact not a value
₹81₹137
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | Excess return | ROE 12.4% | — | 14.88% | 5% | ₹31 | (61.3)% |
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.