Models
JAIN RESOURCE RECYCLING LJAINRECDiversified Metals
₹122per 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₹122implied FY26 P/E 11.5× · EV/EBITDA 9.7×
Against CMP ₹284.50−57.1%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3179%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₹195
52-week rangetraded range, a fact not a value
₹248₹594
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,151 |
| PV of terminal value | 4,261 |
| Enterprise value | 5,412 |
| less net debt | (1,202) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 4,210 |
| ÷ 34.51 crore shares | ₹122 |
79% 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% | 127 | 140 | 154 | 172 | 195 |
| 10.50% | 114 | 125 | 137 | 151 | 169 |
| 11.00% | 103 | 112 | 122 | 134 | 148 |
| 11.50% | 94 | 101 | 110 | 119 | 131 |
| 12.00% | 85 | 92 | 99 | 107 | 117 |
The outlined cell is your model. Green figures sit above the CMP of ₹284.50; 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 | 92 · 121 · 154 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.76 |
| Rank correlation with discount rate | −0.60 |
| Rank correlation with revenue growth | −0.10 |
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 | 9,543 | 10,307 | 11,131 | 12,022 | 12,983 | 14,022 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 559 | 608 | 657 | 709 | 766 | 827 |
| margin % | 5.9 | 5.9 | 5.9 | 5.9 | 5.9 | 5.9 |
| less depreciation | (15) | (21) | (22) | (24) | (26) | (28) |
| EBIT | 544 | 587 | 634 | 685 | 740 | 799 |
| less tax on EBIT | (142) | (153) | (165) | (178) | (192) | (208) |
| NOPAT | 403 | 435 | 470 | 507 | 548 | 591 |
| add depreciation | 15 | 21 | 22 | 24 | 26 | 28 |
| less capex | (103) | (113) | (99) | (81) | (59) | (34) |
| less working-capital build | — | (129) | (139) | (150) | (163) | (176) |
| Free cash flow to firm | — | 213 | 254 | 300 | 352 | 410 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 202 | 217 | 231 | 244 | 257 |
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 1,271, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 544 | 587 | 634 | 685 | 740 | 799 |
| Interest at 7.5% on debt | (95) | (95) | (95) | (95) | (95) | |
| Profit before tax | 492 | 539 | 590 | 645 | 704 | |
| Profit after tax | 352 | 364 | 399 | 437 | 477 | 521 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 70 | 212 | 395 | 625 | 906 | 1,246 |
| Working capital | 1,613 | 1,742 | 1,882 | 2,032 | 2,195 | 2,370 |
| Net block and other assets | 1,699 | 1,792 | 1,868 | 1,925 | 1,958 | 1,964 |
| Debt | 1,271 | 1,271 | 1,271 | 1,271 | 1,271 | 1,271 |
| Equity | 1,558 | 1,922 | 2,321 | 2,758 | 3,235 | 3,756 |
| Balance check | 0 | 0 | (0) | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 256 | 282 | 310 | 341 | 373 | |
| Investing (capex) | (113) | (99) | (81) | (59) | (34) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 142 | 183 | 230 | 281 | 340 | |
| Free cash flow to equity | 142 | 183 | 230 | 281 | 340 | |
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% | 5.9% | 11.00% | 5% | ₹122 | (57.1)% |
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.