Models
JUSTDIAL LTD.JUSTDIALRetailing
₹560per 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₹560implied FY24 P/E 13.1× · EV/EBITDA 21.9×
Against CMP ₹669.90−16.3%close of 2026-09-10
Growth the CMP implies28.4%revenue, a year for 5 years, on your other inputs
Value after FY2978%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
₹432₹817
52-week rangetraded range, a fact not a value
₹481₹879
From enterprise to equity · ₹ crore
| PV of FY25–FY29 free cash flow | 1,052 |
| PV of terminal value | 3,697 |
| Enterprise value | 4,749 |
| less net debt | 18 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 4,767 |
| ÷ 8.51 crore shares | ₹560 |
78% of the value sits after FY29. 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% | 579 | 622 | 674 | 738 | 817 |
| 10.50% | 534 | 570 | 612 | 663 | 726 |
| 11.00% | 495 | 525 | 560 | 602 | 652 |
| 11.50% | 461 | 487 | 517 | 551 | 592 |
| 12.00% | 432 | 454 | 479 | 508 | 543 |
The outlined cell is your model. Green figures sit above the CMP of ₹669.90; 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 | 423 · 557 · 732 |
| Draws below the CMP | 80% |
| Rank correlation with revenue growth | +0.75 |
| Rank correlation with ebitda margin | +0.44 |
| Rank correlation with discount rate | −0.43 |
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 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 675 | 647 | 845 | 1,043 | 1,288 | 1,591 | 1,964 | 2,426 | 2,996 |
| growth % | (29.2) | (4.2) | 30.6 | 23.5 | 23.5 | 23.5 | 23.5 | 23.5 | 23.5 |
| EBITDA | 155 | (2) | 86 | 217 | 268 | 331 | 409 | 505 | 623 |
| margin % | 22.9 | (0.3) | 10.2 | 20.8 | 20.8 | 20.8 | 20.8 | 20.8 | 20.8 |
| less depreciation | (42) | (30) | (32) | (46) | (57) | (70) | (86) | (107) | (132) |
| EBIT | 113 | (32) | 54 | 170 | 211 | 261 | 322 | 398 | 491 |
| less tax on EBIT | (38) | (47) | (58) | (72) | (88) | (109) | |||
| NOPAT | 133 | 164 | 203 | 251 | 310 | 382 | |||
| add depreciation | 42 | 30 | 32 | 46 | 57 | 70 | 86 | 107 | 132 |
| less capex | (4) | (12) | (18) | (11) | (14) | (34) | (63) | (103) | (158) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | 135 | 27 | 161 | — | 207 | 239 | 274 | 314 | 356 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 196 | 204 | 211 | 218 | 223 |
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 0% of profit
| ₹ crore | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 170 | 211 | 261 | 322 | 398 | 491 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 211 | 261 | 322 | 398 | 491 | |
| Profit after tax | 0 | 164 | 203 | 251 | 310 | 382 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 18 | 225 | 463 | 738 | 1,051 | 1,407 |
| Working capital | (13) | (13) | (13) | (13) | (13) | (13) |
| Net block and other assets | 4,857 | 4,814 | 4,778 | 4,755 | 4,751 | 4,777 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 4,024 | 4,188 | 4,391 | 4,641 | 4,951 | 5,333 |
| Balance check | 0 | 0 | 0 | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 221 | 273 | 337 | 416 | 514 | |
| Investing (capex) | (14) | (34) | (63) | (103) | (158) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 207 | 239 | 274 | 314 | 356 | |
| Free cash flow to equity | 207 | 239 | 274 | 314 | 356 | |
Other liabilities are held at their FY24 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 | 23.5% | 20.8% | 11.00% | 5% | ₹560 | (16.3)% |
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.