Models
INNOVANA THINKLABS LTDINNOVANAIT - Software
₹321per 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₹321implied FY26 P/E 15.8× · EV/EBITDA 14.4×
Against CMP ₹330.55−3.0%close of 2026-09-10
Growth the CMP implies29.7%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
₹246₹469
52-week rangetraded range, a fact not a value
₹290₹565
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 141 |
| PV of terminal value | 519 |
| Enterprise value | 660 |
| less net debt | 2 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 662 |
| ÷ 2.07 crore shares | ₹321 |
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% | 331 | 356 | 386 | 423 | 469 |
| 10.50% | 305 | 326 | 350 | 380 | 416 |
| 11.00% | 283 | 300 | 321 | 345 | 374 |
| 11.50% | 263 | 278 | 295 | 315 | 339 |
| 12.00% | 246 | 259 | 274 | 291 | 310 |
The outlined cell is your model. Green figures sit above the CMP of ₹330.55; 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 | 235 · 314 · 417 |
| Draws below the CMP | 59% |
| Rank correlation with ebitda margin | +0.78 |
| Rank correlation with discount rate | −0.41 |
| Rank correlation with revenue growth | +0.39 |
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 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 103 | 132 | 169 | 217 | 277 | 355 | 455 |
| growth % | — | 27.9 | 28.0 | 28.0 | 28.0 | 28.0 | 28.0 |
| EBITDA | 56 | 46 | 59 | 75 | 96 | 123 | 157 |
| margin % | 54.3 | 34.6 | 34.6 | 34.6 | 34.6 | 34.6 | 34.6 |
| less depreciation | (7) | (11) | (14) | (17) | (22) | (28) | (36) |
| EBIT | 49 | 35 | 45 | 58 | 74 | 94 | 121 |
| less tax on EBIT | (9) | (11) | (15) | (19) | (24) | (31) | |
| NOPAT | 26 | 34 | 43 | 55 | 70 | 90 | |
| add depreciation | 7 | 11 | 14 | 17 | 22 | 28 | 36 |
| less capex | (9) | (7) | (9) | (13) | (20) | (30) | (44) |
| less working-capital build | — | (12) | (16) | (20) | (26) | (33) | |
| Free cash flow to firm | 26 | — | 26 | 31 | 37 | 43 | 50 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | 25 | 27 | 28 | 30 | 31 |
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 8, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 35 | 45 | 58 | 74 | 94 | 121 |
| Interest at 8% on debt | (1) | (1) | (1) | (1) | (1) | |
| Profit before tax | 44 | 57 | 73 | 94 | 120 | |
| Profit after tax | 38 | 33 | 43 | 55 | 70 | 90 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 10 | 35 | 66 | 102 | 145 | 195 |
| Working capital | 44 | 56 | 71 | 92 | 117 | 150 |
| Net block and other assets | 312 | 307 | 303 | 301 | 303 | 310 |
| Debt | 8 | 8 | 8 | 8 | 8 | 8 |
| Equity | 279 | 312 | 355 | 409 | 479 | 569 |
| Balance check | 0 | 0 | 0 | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 34 | 44 | 57 | 73 | 93 | |
| Investing (capex) | (9) | (13) | (20) | (30) | (44) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 26 | 31 | 36 | 43 | 50 | |
| Free cash flow to equity | 26 | 31 | 36 | 43 | 50 | |
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 | 28% | 34.6% | 11.00% | 5% | ₹321 | (3.0)% |
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.