Models
JARO INS OF TEC MG N RE LJAROOther Consumer Services
₹436per 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₹436implied FY26 P/E 16.5× · EV/EBITDA 12.9×
Against CMP ₹452.40−3.6%close of 2026-09-10
Growth the CMP implies8.9%revenue, a year for 5 years, on your other inputs
Value after FY3174%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
₹343₹621
52-week rangetraded range, a fact not a value
₹384₹890
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 245 |
| PV of terminal value | 684 |
| Enterprise value | 929 |
| less net debt | 24 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 953 |
| ÷ 2.19 crore shares | ₹436 |
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% | 450 | 481 | 518 | 564 | 621 |
| 10.50% | 417 | 443 | 473 | 510 | 555 |
| 11.00% | 389 | 411 | 436 | 466 | 502 |
| 11.50% | 364 | 383 | 404 | 429 | 459 |
| 12.00% | 343 | 359 | 377 | 398 | 423 |
The outlined cell is your model. Green figures sit above the CMP of ₹452.40; 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 | 363 · 434 · 520 |
| Draws below the CMP | 62% |
| Rank correlation with discount rate | −0.63 |
| Rank correlation with ebitda margin | +0.61 |
| Rank correlation with revenue growth | +0.42 |
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 | 274 | 296 | 319 | 345 | 373 | 402 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 72 | 78 | 84 | 91 | 98 | 106 |
| margin % | 26.3 | 26.3 | 26.3 | 26.3 | 26.3 | 26.3 |
| less depreciation | (10) | (11) | (12) | (12) | (13) | (14) |
| EBIT | 62 | 67 | 73 | 78 | 85 | 91 |
| less tax on EBIT | (15) | (17) | (18) | (19) | (21) | (23) |
| NOPAT | 47 | 51 | 55 | 59 | 64 | 69 |
| add depreciation | 10 | 11 | 12 | 12 | 13 | 14 |
| less capex | (1) | (1) | (4) | (8) | (12) | (17) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 |
| Free cash flow to firm | — | 60 | 62 | 63 | 65 | 66 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 57 | 53 | 49 | 45 | 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 0, dividends at 8.2% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 62 | 67 | 73 | 78 | 85 | 91 |
| Interest at 8% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 67 | 72 | 78 | 85 | 91 | |
| Profit after tax | 53 | 51 | 55 | 59 | 64 | 69 |
| Dividends | (4) | (4) | (4) | (5) | (5) | (6) |
| Balance sheet, year end | ||||||
| Cash | 24 | 80 | 138 | 196 | 256 | 316 |
| Working capital | (7) | (7) | (7) | (7) | (7) | (7) |
| Net block and other assets | 412 | 402 | 395 | 390 | 389 | 392 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 360 | 407 | 457 | 511 | 569 | 633 |
| Balance check | 0 | 0 | (0) | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 61 | 66 | 71 | 77 | 83 | |
| Investing (capex) | (1) | (4) | (8) | (12) | (17) | |
| Financing (dividends) | (4) | (4) | (5) | (5) | (6) | |
| Net change in cash | 56 | 57 | 59 | 60 | 60 | |
| Free cash flow to equity | 60 | 62 | 63 | 65 | 66 | |
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% | 26.3% | 11.00% | 5% | ₹436 | (3.6)% |
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.