Models
INDOSOLAR LIMITEDWAAREEINDOElectrical Equipment
₹2,177per 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₹2,177implied FY26 P/E 54.4× · EV/EBITDA 33.5×
Against CMP ₹251.50+765.7%close of 2026-09-10
Growth the CMP implies(20.0)%revenue, a year for 5 years, on your other inputs
Value after FY3181%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
₹1,656₹3,218
52-week rangetraded range, a fact not a value
₹258₹725
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,720 |
| PV of terminal value | 7,337 |
| Enterprise value | 9,057 |
| less net debt | 1 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 9,058 |
| ÷ 4.16 crore shares | ₹2,177 |
81% 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% | 2,252 | 2,428 | 2,638 | 2,896 | 3,218 |
| 10.50% | 2,068 | 2,214 | 2,387 | 2,594 | 2,847 |
| 11.00% | 1,911 | 2,034 | 2,177 | 2,347 | 2,550 |
| 11.50% | 1,775 | 1,880 | 2,000 | 2,141 | 2,308 |
| 12.00% | 1,656 | 1,746 | 1,849 | 1,968 | 2,106 |
The outlined cell is your model. Green figures sit above the CMP of ₹251.50; 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 | 1,619 · 2,154 · 2,876 |
| Draws below the CMP | 0% |
| Rank correlation with revenue growth | +0.73 |
| Rank correlation with ebitda margin | +0.48 |
| Rank correlation with discount rate | −0.43 |
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 | 0 | 0 | 324 | 680 | 884 | 1,149 | 1,494 | 1,942 | 2,524 |
| growth % | — | — | — | 109.9 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 1,086 | (4) | 95 | 271 | 352 | 457 | 594 | 773 | 1,005 |
| margin % | — | — | 29.3 | 39.8 | 39.8 | 39.8 | 39.8 | 39.8 | 39.8 |
| less depreciation | (4) | (5) | (27) | (37) | (48) | (62) | (81) | (105) | (136) |
| EBIT | 1,081 | (9) | 68 | 234 | 304 | 395 | 514 | 668 | 868 |
| less tax on EBIT | 12 | 16 | 21 | 27 | 35 | 46 | |||
| NOPAT | 246 | 320 | 416 | 541 | 703 | 914 | |||
| add depreciation | 4 | 5 | 27 | 37 | 48 | 62 | 81 | 105 | 136 |
| less capex | (4) | (60) | (21) | (25) | (33) | (50) | (76) | (112) | (164) |
| less working-capital build | — | (63) | (82) | (107) | (139) | (181) | |||
| Free cash flow to firm | (62) | (42) | 64 | — | 272 | 346 | 439 | 557 | 707 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 258 | 295 | 338 | 387 | 442 |
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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 234 | 304 | 395 | 514 | 668 | 868 |
| Interest at 5.4% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 304 | 395 | 514 | 668 | 868 | |
| Profit after tax | 247 | 320 | 416 | 541 | 703 | 914 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 1 | 273 | 619 | 1,057 | 1,614 | 2,321 |
| Working capital | 211 | 274 | 356 | 463 | 602 | 782 |
| Net block and other assets | 133 | 118 | 106 | 101 | 109 | 136 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 287 | 607 | 1,023 | 1,564 | 2,268 | 3,182 |
| Balance check | 0 | 0 | 0 | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 305 | 396 | 515 | 669 | 870 | |
| Investing (capex) | (33) | (50) | (76) | (112) | (164) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 272 | 346 | 439 | 557 | 707 | |
| Free cash flow to equity | 272 | 346 | 439 | 557 | 707 | |
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 | 30% | 39.8% | 11.00% | 5% | ₹2,177 | 765.7% |
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.