Models
INTL GEMOLOGICAL INST LTDIGILCommercial Services & Supplies
₹301per 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₹301implied FY26 P/E 21.3× · EV/EBITDA 13.3×
Against CMP ₹314.95−4.4%close of 2026-09-10
Growth the CMP implies9.2%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
₹234₹436
52-week rangetraded range, a fact not a value
₹287₹392
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 3,093 |
| PV of terminal value | 9,834 |
| Enterprise value | 12,927 |
| less net debt | 82 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 13,009 |
| ÷ 43.22 crore shares | ₹301 |
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% | 311 | 334 | 361 | 394 | 436 |
| 10.50% | 287 | 306 | 328 | 355 | 388 |
| 11.00% | 267 | 283 | 301 | 323 | 349 |
| 11.50% | 249 | 262 | 278 | 296 | 318 |
| 12.00% | 234 | 245 | 258 | 274 | 292 |
The outlined cell is your model. Green figures sit above the CMP of ₹314.95; 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 | 251 · 300 · 359 |
| Draws below the CMP | 64% |
| Rank correlation with discount rate | −0.66 |
| Rank correlation with ebitda margin | +0.58 |
| Rank correlation with revenue growth | +0.40 |
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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | 1,598 | 1,725 | 1,864 | 2,013 | 2,174 | 2,347 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 973 | 1,051 | 1,135 | 1,226 | 1,324 | 1,430 |
| margin % | 60.9 | 60.9 | 60.9 | 60.9 | 60.9 | 60.9 |
| less depreciation | (56) | (60) | (65) | (70) | (76) | (82) |
| EBIT | 917 | 990 | 1,070 | 1,155 | 1,248 | 1,347 |
| less tax on EBIT | (244) | (263) | (285) | (307) | (332) | (358) |
| NOPAT | 673 | 727 | 785 | 848 | 916 | 989 |
| add depreciation | 56 | 60 | 65 | 70 | 76 | 82 |
| less capex | (82) | (88) | (91) | (94) | (96) | (99) |
| less working-capital build | — | (19) | (20) | (22) | (24) | (26) |
| Free cash flow to firm | — | 680 | 739 | 803 | 872 | 947 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 646 | 632 | 618 | 605 | 592 |
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 45.2% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 917 | 990 | 1,070 | 1,155 | 1,248 | 1,347 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 990 | 1,070 | 1,155 | 1,248 | 1,347 | |
| Profit after tax | 711 | 727 | 785 | 848 | 916 | 989 |
| Dividends | (321) | (329) | (355) | (383) | (414) | (447) |
| Balance sheet, year end | ||||||
| Cash | 82 | 433 | 818 | 1,237 | 1,695 | 2,195 |
| Working capital | 237 | 256 | 277 | 299 | 322 | 348 |
| Net block and other assets | 1,539 | 1,567 | 1,592 | 1,615 | 1,635 | 1,652 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 1,488 | 1,886 | 2,317 | 2,781 | 3,283 | 3,825 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 768 | 830 | 896 | 968 | 1,045 | |
| Investing (capex) | (88) | (91) | (94) | (96) | (99) | |
| Financing (dividends) | (329) | (355) | (383) | (414) | (447) | |
| Net change in cash | 352 | 384 | 419 | 458 | 500 | |
| Free cash flow to equity | 680 | 739 | 803 | 872 | 947 | |
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% | 60.9% | 11.00% | 5% | ₹301 | (4.4)% |
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.