Models
ITI LTDITITelecom - Equipment & Accessories
₹45per 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₹45implied FY26 P/E 11.5× · EV/EBITDA 10.4×
Against CMP ₹263.00−82.7%close of 2026-09-10
Growth the CMP implies42.0%revenue, a year for 5 years, on your other inputs
Value after FY3169%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
₹35₹67
52-week rangetraded range, a fact not a value
₹237₹373
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,603 |
| PV of terminal value | 3,512 |
| Enterprise value | 5,115 |
| less net debt | (741) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 4,374 |
| ÷ 96.29 crore shares | ₹45 |
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% | 47 | 51 | 55 | 60 | 67 |
| 10.50% | 43 | 46 | 50 | 54 | 59 |
| 11.00% | 40 | 42 | 45 | 49 | 53 |
| 11.50% | 37 | 39 | 42 | 45 | 48 |
| 12.00% | 35 | 36 | 39 | 41 | 44 |
The outlined cell is your model. Green figures sit above the CMP of ₹263.00; 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 | 38 · 46 · 55 |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.71 |
| Rank correlation with ebitda margin | +0.68 |
| Rank correlation with revenue growth | −0.03 |
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 | 1,395 | 1,264 | 3,616 | 2,184 | 2,075 | 1,971 | 1,872 | 1,779 | 1,690 |
| growth % | (25.0) | (9.4) | 186.2 | (39.6) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | (154) | (319) | (25) | 493 | 469 | 445 | 423 | 402 | 382 |
| margin % | (11.0) | (25.2) | (0.7) | 22.6 | 22.6 | 22.6 | 22.6 | 22.6 | 22.6 |
| less depreciation | (49) | (53) | (69) | (56) | (54) | (51) | (49) | (46) | (44) |
| EBIT | (203) | (372) | (94) | 436 | 415 | 394 | 374 | 356 | 338 |
| less tax on EBIT | 0 | 0 | 0 | 0 | 0 | 0 | |||
| NOPAT | 436 | 415 | 394 | 374 | 356 | 338 | |||
| add depreciation | 49 | 53 | 69 | 56 | 54 | 51 | 49 | 46 | 44 |
| less capex | 0 | 0 | (16) | (4) | (4) | (18) | (31) | (43) | (53) |
| less working-capital build | — | 11 | 10 | 10 | 9 | 9 | |||
| Free cash flow to firm | (294) | 974 | (151) | — | 476 | 438 | 402 | 369 | 338 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 452 | 374 | 310 | 256 | 211 |
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 765, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 436 | 415 | 394 | 374 | 356 | 338 |
| Interest at 17.5% on debt | (134) | (134) | (134) | (134) | (134) | |
| Profit before tax | 281 | 260 | 241 | 222 | 204 | |
| Profit after tax | 0 | 281 | 260 | 241 | 222 | 204 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 24 | 366 | 670 | 938 | 1,173 | 1,377 |
| Working capital | 221 | 210 | 199 | 189 | 180 | 171 |
| Net block and other assets | 9,101 | 9,052 | 9,019 | 9,001 | 8,997 | 9,006 |
| Debt | 765 | 765 | 765 | 765 | 765 | 765 |
| Equity | 1,906 | 2,187 | 2,447 | 2,688 | 2,909 | 3,113 |
| Balance check | 0 | 0 | 0 | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | 346 | 322 | 299 | 278 | 257 | |
| Investing (capex) | (4) | (18) | (31) | (43) | (53) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 342 | 304 | 268 | 235 | 204 | |
| Free cash flow to equity | 342 | 304 | 268 | 235 | 204 | |
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 | -5% | 22.6% | 11.00% | 5% | ₹45 | (82.7)% |
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.