Models
IZMO LIMITEDIZMOIT - Services
₹147per 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₹147implied FY26 P/E 4.1× · EV/EBITDA 4.1×
Against CMP ₹910.50−83.8%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3186%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
₹111₹219
52-week rangetraded range, a fact not a value
₹562₹1,375
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 30 |
| PV of terminal value | 183 |
| Enterprise value | 213 |
| less net debt | 7 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 220 |
| ÷ 1.50 crore shares | ₹147 |
86% 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% | 152 | 165 | 179 | 197 | 219 |
| 10.50% | 140 | 150 | 162 | 176 | 194 |
| 11.00% | 129 | 137 | 147 | 159 | 173 |
| 11.50% | 119 | 127 | 135 | 145 | 156 |
| 12.00% | 111 | 118 | 125 | 133 | 142 |
The outlined cell is your model. Green figures sit above the CMP of ₹910.50; 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 | (71) · 146 · 306 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.80 |
| Rank correlation with revenue growth | −0.57 |
| Rank correlation with discount rate | −0.09 |
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 | 154 | 187 | 225 | 285 | 362 | 459 | 584 | 741 | 941 |
| growth % | 16.2 | 21.4 | 20.3 | 26.8 | 27.0 | 27.0 | 27.0 | 27.0 | 27.0 |
| EBITDA | 29 | 40 | 36 | 52 | 66 | 84 | 107 | 136 | 172 |
| margin % | 18.9 | 21.4 | 16.0 | 18.3 | 18.3 | 18.3 | 18.3 | 18.3 | 18.3 |
| less depreciation | (12) | (15) | (16) | (17) | (22) | (28) | (36) | (45) | (57) |
| EBIT | 18 | 24 | 19 | 35 | 44 | 56 | 71 | 90 | 115 |
| less tax on EBIT | (0) | (0) | (0) | (0) | (0) | (0) | |||
| NOPAT | 34 | 44 | 56 | 71 | 90 | 114 | |||
| add depreciation | 12 | 15 | 16 | 17 | 22 | 28 | 36 | 45 | 57 |
| less capex | (30) | (29) | (33) | (25) | (31) | (38) | (46) | (57) | (69) |
| less working-capital build | — | (33) | (42) | (53) | (67) | (85) | |||
| Free cash flow to firm | (0) | 1 | (34) | — | 2 | 4 | 7 | 12 | 18 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 2 | 4 | 6 | 8 | 11 |
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 4, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 35 | 44 | 56 | 71 | 90 | 115 |
| Interest at 8% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 44 | 56 | 71 | 90 | 115 | |
| Profit after tax | 48 | 44 | 56 | 71 | 90 | 114 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 10 | 12 | 16 | 23 | 34 | 52 |
| Working capital | 121 | 154 | 196 | 249 | 316 | 401 |
| Net block and other assets | 362 | 371 | 381 | 392 | 404 | 415 |
| Debt | 4 | 4 | 4 | 4 | 4 | 4 |
| Equity | 409 | 453 | 508 | 579 | 669 | 783 |
| Balance check | 0 | 0 | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 33 | 42 | 53 | 68 | 86 | |
| Investing (capex) | (31) | (38) | (46) | (57) | (69) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 2 | 4 | 7 | 11 | 17 | |
| Free cash flow to equity | 2 | 4 | 7 | 11 | 17 | |
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 | 27% | 18.3% | 11.00% | 5% | ₹147 | (83.8)% |
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.