Models
INDUS TOWERS LIMITEDINDUSTOWERTelecom - Services
₹499per 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₹499implied FY26 P/E 18.4× · EV/EBITDA 7.3×
Against CMP ₹388.00+28.7%close of 2026-09-10
Growth the CMP implies1.7%revenue, a year for 5 years, on your other inputs
Value after FY3176%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
₹386₹725
52-week rangetraded range, a fact not a value
₹338₹482
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 31,941 |
| PV of terminal value | 1,00,632 |
| Enterprise value | 1,32,573 |
| less net debt | (874) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,31,699 |
| ÷ 263.81 crore shares | ₹499 |
76% 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% | 516 | 554 | 599 | 655 | 725 |
| 10.50% | 476 | 507 | 545 | 590 | 644 |
| 11.00% | 442 | 468 | 499 | 536 | 580 |
| 11.50% | 412 | 435 | 461 | 491 | 527 |
| 12.00% | 386 | 406 | 428 | 453 | 483 |
The outlined cell is your model. Green figures sit above the CMP of ₹388.00; 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 | 380 · 496 · 630 |
| Draws below the CMP | 12% |
| Rank correlation with ebitda margin | +0.81 |
| Rank correlation with discount rate | −0.46 |
| Rank correlation with revenue growth | +0.28 |
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 | 28,382 | 28,601 | 30,123 | 32,493 | 35,093 | 37,900 | 40,932 | 44,207 | 47,743 |
| growth % | 2.4 | 0.8 | 5.3 | 7.9 | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 9,176 | 14,557 | 20,650 | 18,155 | 19,617 | 21,186 | 22,881 | 24,711 | 26,688 |
| margin % | 32.3 | 50.9 | 68.6 | 55.9 | 55.9 | 55.9 | 55.9 | 55.9 | 55.9 |
| less depreciation | (5,324) | (6,060) | (6,402) | (7,141) | (7,720) | (8,338) | (9,005) | (9,725) | (10,503) |
| EBIT | 3,852 | 8,497 | 14,248 | 11,014 | 11,896 | 12,848 | 13,876 | 14,986 | 16,185 |
| less tax on EBIT | (2,820) | (3,045) | (3,289) | (3,552) | (3,836) | (4,143) | |||
| NOPAT | 8,194 | 8,851 | 9,559 | 10,324 | 11,150 | 12,042 | |||
| add depreciation | 5,324 | 6,060 | 6,402 | 7,141 | 7,720 | 8,338 | 9,005 | 9,725 | 10,503 |
| less capex | (3,623) | (8,953) | (6,784) | (8,626) | (9,300) | (10,034) | (10,827) | (11,682) | (12,604) |
| less working-capital build | — | (185) | (199) | (215) | (232) | (251) | |||
| Free cash flow to firm | 4,282 | 2,629 | 12,861 | — | 7,087 | 7,664 | 8,287 | 8,961 | 9,690 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 6,727 | 6,553 | 6,384 | 6,219 | 6,058 |
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 921, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 11,014 | 11,896 | 12,848 | 13,876 | 14,986 | 16,185 |
| Interest at 8% on debt | (74) | (74) | (74) | (74) | (74) | |
| Profit before tax | 11,823 | 12,774 | 13,802 | 14,912 | 16,111 | |
| Profit after tax | 7,145 | 8,796 | 9,504 | 10,269 | 11,095 | 11,987 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 47 | 7,080 | 14,688 | 22,921 | 31,827 | 41,462 |
| Working capital | 2,297 | 2,481 | 2,681 | 2,896 | 3,128 | 3,380 |
| Net block and other assets | 68,972 | 70,551 | 72,247 | 74,069 | 76,025 | 78,126 |
| Debt | 921 | 921 | 921 | 921 | 921 | 921 |
| Equity | 39,646 | 48,442 | 57,946 | 68,215 | 79,310 | 91,296 |
| Balance check | 0 | (0) | (0) | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 16,332 | 17,643 | 19,059 | 20,588 | 22,239 | |
| Investing (capex) | (9,300) | (10,034) | (10,827) | (11,682) | (12,604) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 7,032 | 7,609 | 8,232 | 8,906 | 9,635 | |
| Free cash flow to equity | 7,032 | 7,609 | 8,232 | 8,906 | 9,635 | |
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 | 8% | 55.9% | 11.00% | 5% | ₹499 | 28.7% |
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.