INTL CONVEYORS LIMITED — valuation model

INTL CONVEYORS LIMITEDINTLCONVIndustrial Manufacturing

₹165per 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₹165implied FY26 P/E 7.7× · EV/EBITDA 27.7×

Against CMP ₹78.68+109.1%close of 2026-09-10

Growth the CMP implies8.7%revenue, a year for 5 years, on your other inputs

Value after FY3182%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

₹122₹249

52-week rangetraded range, a fact not a value

₹60₹115

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	200
PV of terminal value	913
Enterprise value	1,114
less net debt	(64)
less non-controlling interest	0
add non-operating investments	0
Equity value	1,050
÷ 6.38 crore shares	₹165

82% 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%	171	185	202	223	249
10.50%	156	168	182	198	219
11.00%	143	153	165	178	195
11.50%	132	140	150	162	175
12.00%	122	130	138	148	159

The outlined cell is your model. Green figures sit above the CMP of ₹78.68; 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	120 · 163 · 220
Draws below the CMP	0%
Rank correlation with revenue growth	+0.76
Rank correlation with discount rate	−0.44
Rank correlation with ebitda margin	+0.42

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	215	134	152	213	277	360	468	609	791
growth %	4.8	(37.7)	13.4	40.4	30.0	30.0	30.0	30.0	30.0
EBITDA	29	21	21	40	52	68	88	115	150
margin %	13.7	15.9	14.1	18.9	18.9	18.9	18.9	18.9	18.9
less depreciation	(2)	(2)	(2)	(2)	(2)	(3)	(3)	(4)	(6)
EBIT	27	19	20	39	50	66	85	111	144
less tax on EBIT				(9)	(12)	(15)	(20)	(26)	(33)
NOPAT				30	39	50	65	85	111
add depreciation	2	2	2	2	2	3	3	4	6
less capex	(0)	(1)	(0)	(3)	(4)	(5)	(5)	(6)	(7)
less working-capital build				—	(8)	(10)	(13)	(17)	(22)
Free cash flow to firm	3	11	15	—	29	38	50	67	88
Discount factor					0.949	0.855	0.770	0.694	0.625
Present value					27	33	39	46	55

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 73, dividends at 6.9% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	39	50	66	85	111	144
Interest at 10.6% on debt		(8)	(8)	(8)	(8)	(8)
Profit before tax		43	58	77	103	136
Profit after tax	68	33	44	59	79	105
Dividends	(5)	(2)	(3)	(4)	(5)	(7)
Balance sheet, year end
Cash	9	30	59	100	155	230
Working capital	25	33	43	55	72	93
Net block and other assets	534	536	539	541	543	544
Debt	73	73	73	73	73	73
Equity	424	455	496	552	625	723
Balance check	0	0	0	0	0	0
Cash flow
From operations		27	37	50	67	89
Investing (capex)		(4)	(5)	(5)	(6)	(7)
Financing (dividends)		(2)	(3)	(4)	(5)	(7)
Net change in cash		21	29	40	55	75
Free cash flow to equity		23	32	45	61	82

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%	18.9%	11.00%	5%	₹165	109.1%

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.