Models
JSW DULUX LIMITEDJSWDULUXConsumer Durables
₹4,860per 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₹4,860implied FY26 P/E 11.3× · EV/EBITDA 9.3×
Against CMP ₹3,154.50+54.1%close of 2026-09-10
Growth the CMP implies(15.0)%revenue, a year for 5 years, on your other inputs
Value after FY3170%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
₹3,857₹6,855
52-week rangetraded range, a fact not a value
₹2,659₹3,745
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 6,537 |
| PV of terminal value | 15,324 |
| Enterprise value | 21,861 |
| less net debt | 270 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 22,131 |
| ÷ 4.55 crore shares | ₹4,860 |
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% | 5,011 | 5,346 | 5,748 | 6,240 | 6,855 |
| 10.50% | 4,656 | 4,934 | 5,264 | 5,659 | 6,142 |
| 11.00% | 4,352 | 4,586 | 4,860 | 5,183 | 5,571 |
| 11.50% | 4,088 | 4,288 | 4,518 | 4,787 | 5,104 |
| 12.00% | 3,857 | 4,029 | 4,225 | 4,451 | 4,715 |
The outlined cell is your model. Green figures sit above the CMP of ₹3,154.50; 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 | 4,188 · 4,864 · 5,678 |
| Draws below the CMP | 0% |
| Rank correlation with discount rate | −0.74 |
| Rank correlation with ebitda margin | +0.64 |
| 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 | 3,802 | 3,962 | 4,091 | 3,599 | 3,419 | 3,248 | 3,086 | 2,932 | 2,785 |
| growth % | 20.8 | 4.2 | 3.3 | (12.0) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 525 | 632 | 642 | 2,354 | 2,236 | 2,124 | 2,018 | 1,917 | 1,821 |
| margin % | 13.8 | 16.0 | 15.7 | 65.4 | 65.4 | 65.4 | 65.4 | 65.4 | 65.4 |
| less depreciation | (82) | (82) | (89) | (75) | (72) | (68) | (65) | (62) | (58) |
| EBIT | 443 | 550 | 552 | 2,279 | 2,164 | 2,056 | 1,953 | 1,856 | 1,763 |
| less tax on EBIT | (378) | (359) | (341) | (324) | (308) | (293) | |||
| NOPAT | 1,901 | 1,805 | 1,715 | 1,629 | 1,548 | 1,470 | |||
| add depreciation | 82 | 82 | 89 | 75 | 72 | 68 | 65 | 62 | 58 |
| less capex | (104) | (119) | (107) | (47) | (44) | (52) | (59) | (65) | (70) |
| less working-capital build | — | 21 | 20 | 19 | 18 | 17 | |||
| Free cash flow to firm | 382 | 367 | 204 | — | 1,853 | 1,751 | 1,654 | 1,562 | 1,476 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 1,759 | 1,497 | 1,274 | 1,084 | 923 |
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 42.9% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 2,279 | 2,164 | 2,056 | 1,953 | 1,856 | 1,763 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 2,164 | 2,056 | 1,953 | 1,856 | 1,763 | |
| Profit after tax | 1,974 | 1,805 | 1,715 | 1,629 | 1,548 | 1,470 |
| Dividends | (847) | (774) | (736) | (699) | (664) | (631) |
| Balance sheet, year end | ||||||
| Cash | 270 | 1,349 | 2,364 | 3,319 | 4,217 | 5,062 |
| Working capital | 417 | 396 | 376 | 358 | 340 | 323 |
| Net block and other assets | 3,108 | 3,081 | 3,065 | 3,059 | 3,062 | 3,074 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 2,452 | 3,482 | 4,462 | 5,392 | 6,275 | 7,115 |
| Balance check | 0 | 0 | (0) | (0) | (0) | 0 |
| Cash flow | ||||||
| From operations | 1,898 | 1,803 | 1,713 | 1,627 | 1,546 | |
| Investing (capex) | (44) | (52) | (59) | (65) | (70) | |
| Financing (dividends) | (774) | (736) | (699) | (664) | (631) | |
| Net change in cash | 1,079 | 1,015 | 955 | 898 | 845 | |
| Free cash flow to equity | 1,853 | 1,751 | 1,654 | 1,562 | 1,476 | |
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% | 65.4% | 11.00% | 5% | ₹4,860 | 54.1% |
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.