Models
INDO RAMA SYNTHETICS LTDINDORAMATextiles & Apparels
₹223per 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₹223implied FY26 P/E 36.0× · EV/EBITDA 22.4×
Against CMP ₹86.11+158.7%close of 2026-09-10
Growth the CMP implies(1.9)%revenue, a year for 5 years, on your other inputs
Value after FY3177%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
₹162₹344
52-week rangetraded range, a fact not a value
₹29₹90
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,587 |
| PV of terminal value | 5,346 |
| Enterprise value | 6,932 |
| less net debt | (1,115) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 5,817 |
| ÷ 26.11 crore shares | ₹223 |
77% 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% | 232 | 252 | 277 | 306 | 344 |
| 10.50% | 210 | 227 | 247 | 271 | 301 |
| 11.00% | 192 | 206 | 223 | 242 | 266 |
| 11.50% | 176 | 188 | 202 | 219 | 238 |
| 12.00% | 162 | 173 | 184 | 198 | 214 |
The outlined cell is your model. Green figures sit above the CMP of ₹86.11; 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 | 168 · 221 · 288 |
| Draws below the CMP | 0% |
| Rank correlation with revenue growth | +0.64 |
| Rank correlation with discount rate | −0.53 |
| Rank correlation with ebitda margin | +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 | 4,085 | 3,873 | 4,259 | 4,910 | 5,671 | 6,550 | 7,565 | 8,738 | 10,092 |
| growth % | 1.2 | (5.2) | 10.0 | 15.3 | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 |
| EBITDA | 42 | (40) | 178 | 309 | 357 | 413 | 477 | 550 | 636 |
| margin % | 1.0 | (1.0) | 4.2 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 | 6.3 |
| less depreciation | (31) | (39) | (48) | (48) | (57) | (66) | (76) | (87) | (101) |
| EBIT | 10 | (79) | 130 | 262 | 301 | 347 | 401 | 463 | 535 |
| less tax on EBIT | 0 | 0 | 0 | 0 | 0 | 0 | |||
| NOPAT | 262 | 301 | 347 | 401 | 463 | 535 | |||
| add depreciation | 31 | 39 | 48 | 48 | 57 | 66 | 76 | 87 | 101 |
| less capex | (365) | (260) | (39) | (24) | (28) | (44) | (64) | (90) | (121) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | (446) | (479) | 196 | — | 329 | 368 | 412 | 461 | 515 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 312 | 315 | 318 | 320 | 322 |
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 1,132, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 262 | 301 | 347 | 401 | 463 | 535 |
| Interest at 11.5% on debt | (130) | (130) | (130) | (130) | (130) | |
| Profit before tax | 170 | 217 | 271 | 333 | 405 | |
| Profit after tax | 0 | 170 | 217 | 271 | 333 | 405 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 17 | 216 | 454 | 736 | 1,067 | 1,451 |
| Working capital | (541) | (541) | (541) | (541) | (541) | (541) |
| Net block and other assets | 3,768 | 3,740 | 3,718 | 3,707 | 3,709 | 3,729 |
| Debt | 1,132 | 1,132 | 1,132 | 1,132 | 1,132 | 1,132 |
| Equity | 519 | 690 | 907 | 1,177 | 1,510 | 1,915 |
| Balance check | 0 | 0 | (0) | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | 227 | 283 | 346 | 420 | 506 | |
| Investing (capex) | (28) | (44) | (64) | (90) | (121) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 199 | 238 | 282 | 331 | 385 | |
| Free cash flow to equity | 199 | 238 | 282 | 331 | 385 | |
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 | 15.5% | 6.3% | 11.00% | 5% | ₹223 | 158.7% |
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.