Models
INDO BORAX & CHEMICAL LTDINDOBORAXChemicals & Petrochemicals
₹356per 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₹356implied FY26 P/E 17.2× · EV/EBITDA 20.8×
Against CMP ₹484.50−26.5%close of 2026-09-10
Growth the CMP implies34.0%revenue, a year for 5 years, on your other inputs
Value after FY3179%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
₹274₹521
52-week rangetraded range, a fact not a value
₹225₹543
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 234 |
| PV of terminal value | 895 |
| Enterprise value | 1,129 |
| less net debt | 14 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,143 |
| ÷ 3.21 crore shares | ₹356 |
79% of the value sits after FY31. 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% | 368 | 396 | 429 | 470 | 521 |
| 10.50% | 339 | 362 | 389 | 422 | 462 |
| 11.00% | 314 | 334 | 356 | 383 | 415 |
| 11.50% | 293 | 309 | 328 | 350 | 377 |
| 12.00% | 274 | 288 | 304 | 323 | 345 |
The outlined cell is your model. Green figures sit above the CMP of ₹484.50; 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 | 279 · 353 · 449 |
| Draws below the CMP | 95% |
| Rank correlation with revenue growth | +0.65 |
| Rank correlation with ebitda margin | +0.51 |
| Rank correlation with discount rate | −0.50 |
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 | 225 | 191 | 175 | 215 | 265 | 326 | 401 | 493 | 607 |
| growth % | 28.1 | (15.0) | (8.4) | 22.9 | 23.0 | 23.0 | 23.0 | 23.0 | 23.0 |
| EBITDA | 63 | 43 | 46 | 54 | 67 | 82 | 101 | 124 | 153 |
| margin % | 28.2 | 22.3 | 26.2 | 25.2 | 25.2 | 25.2 | 25.2 | 25.2 | 25.2 |
| less depreciation | (2) | (2) | (3) | (3) | (4) | (5) | (6) | (7) | (9) |
| EBIT | 62 | 40 | 43 | 51 | 63 | 77 | 95 | 117 | 144 |
| less tax on EBIT | (12) | (15) | (19) | (23) | (29) | (35) | |||
| NOPAT | 39 | 47 | 58 | 72 | 88 | 109 | |||
| add depreciation | 2 | 2 | 3 | 3 | 4 | 5 | 6 | 7 | 9 |
| less capex | (5) | (5) | (7) | (0) | (0) | (2) | (4) | (7) | (11) |
| less working-capital build | — | (9) | (11) | (14) | (17) | (21) | |||
| Free cash flow to firm | 55 | 63 | (79) | — | 42 | 50 | 60 | 72 | 86 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 40 | 43 | 47 | 50 | 54 |
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 5.9% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 51 | 63 | 77 | 95 | 117 | 144 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 63 | 77 | 95 | 117 | 144 | |
| Profit after tax | 54 | 47 | 58 | 72 | 88 | 109 |
| Dividends | (3) | (3) | (3) | (4) | (5) | (6) |
| Balance sheet, year end | ||||||
| Cash | 14 | 53 | 100 | 156 | 223 | 303 |
| Working capital | 39 | 48 | 59 | 73 | 90 | 110 |
| Net block and other assets | 352 | 348 | 345 | 343 | 342 | 344 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 387 | 431 | 486 | 554 | 637 | 739 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 42 | 52 | 64 | 79 | 97 | |
| Investing (capex) | (0) | (2) | (4) | (7) | (11) | |
| Financing (dividends) | (3) | (3) | (4) | (5) | (6) | |
| Net change in cash | 39 | 47 | 56 | 67 | 80 | |
| Free cash flow to equity | 42 | 50 | 60 | 72 | 86 | |
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 | 23% | 25.2% | 11.00% | 5% | ₹356 | (26.5)% |
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.