Models
IRM ENERGY LIMITEDIRMENERGYGas
₹133per 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₹133implied FY26 P/E 7.5× · EV/EBITDA 4.9×
Against CMP ₹284.90−53.4%close of 2026-09-10
Growth the CMP implies25.4%revenue, a year for 5 years, on your other inputs
Value after FY31123%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
₹85₹230
52-week rangetraded range, a fact not a value
₹165₹393
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (126) |
| PV of terminal value | 681 |
| Enterprise value | 555 |
| less net debt | (10) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 545 |
| ÷ 4.11 crore shares | ₹133 |
123% 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% | 139 | 155 | 175 | 199 | 230 |
| 10.50% | 122 | 136 | 152 | 171 | 195 |
| 11.00% | 108 | 119 | 133 | 149 | 168 |
| 11.50% | 95 | 105 | 117 | 130 | 145 |
| 12.00% | 85 | 93 | 103 | 114 | 127 |
The outlined cell is your model. Green figures sit above the CMP of ₹284.90; 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 | 82 · 131 · 189 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.80 |
| Rank correlation with discount rate | −0.46 |
| Rank correlation with revenue growth | +0.31 |
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 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 957 | 1,056 | 1,160 | 1,276 | 1,404 | 1,544 | 1,698 | 1,868 |
| growth % | — | 10.4 | 9.8 | 10.0 | 10.0 | 10.0 | 10.0 | 10.0 |
| EBITDA | 149 | 96 | 112 | 124 | 136 | 150 | 165 | 181 |
| margin % | 15.6 | 9.1 | 9.7 | 9.7 | 9.7 | 9.7 | 9.7 | 9.7 |
| less depreciation | (26) | (35) | (44) | (48) | (53) | (59) | (65) | (71) |
| EBIT | 122 | 61 | 68 | 75 | 83 | 91 | 100 | 110 |
| less tax on EBIT | (19) | (21) | (23) | (25) | (28) | (30) | ||
| NOPAT | 49 | 55 | 60 | 66 | 73 | 80 | ||
| add depreciation | 26 | 35 | 44 | 48 | 53 | 59 | 65 | 71 |
| less capex | (178) | (130) | (182) | (200) | (181) | (156) | (125) | (85) |
| less working-capital build | — | (0) | (0) | (0) | (0) | (0) | ||
| Free cash flow to firm | (58) | (36) | — | (97) | (68) | (32) | 12 | 66 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | (92) | (58) | (25) | 9 | 41 |
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 50, dividends at 11.6% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 68 | 75 | 83 | 91 | 100 | 110 |
| Interest at 16.8% on debt | (8) | (8) | (8) | (8) | (8) | |
| Profit before tax | 67 | 74 | 83 | 92 | 102 | |
| Profit after tax | 53 | 49 | 54 | 60 | 67 | 74 |
| Dividends | (6) | (6) | (6) | (7) | (8) | (9) |
| Balance sheet, year end | ||||||
| Cash | 39 | (70) | (150) | (195) | (196) | (146) |
| Working capital | 1 | 1 | 1 | 1 | 1 | 1 |
| Net block and other assets | 1,256 | 1,408 | 1,536 | 1,634 | 1,694 | 1,708 |
| Debt | 50 | 50 | 50 | 50 | 50 | 50 |
| Equity | 998 | 1,040 | 1,088 | 1,141 | 1,200 | 1,265 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 97 | 107 | 119 | 131 | 145 | |
| Investing (capex) | (200) | (181) | (156) | (125) | (85) | |
| Financing (dividends) | (6) | (6) | (7) | (8) | (9) | |
| Net change in cash | (109) | (80) | (45) | (1) | 51 | |
| Free cash flow to equity | (103) | (74) | (38) | 6 | 59 | |
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 | 10% | 9.7% | 11.00% | 5% | ₹133 | (53.4)% |
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.