Models
KNOWLEDGE MARINE & EN W LKMEWEngineering Services
₹879per 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₹879implied FY26 P/E 12.7× · EV/EBITDA 23.9×
Against CMP ₹2,880.90−69.5%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3193%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
₹623₹1,392
52-week rangetraded range, a fact not a value
₹869₹3,175
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 160 |
| PV of terminal value | 2,149 |
| Enterprise value | 2,309 |
| less net debt | (148) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,161 |
| ÷ 2.46 crore shares | ₹879 |
93% 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% | 913 | 1,001 | 1,105 | 1,233 | 1,392 |
| 10.50% | 824 | 896 | 981 | 1,084 | 1,209 |
| 11.00% | 747 | 808 | 879 | 963 | 1,063 |
| 11.50% | 680 | 732 | 792 | 862 | 944 |
| 12.00% | 623 | 667 | 718 | 777 | 845 |
The outlined cell is your model. Green figures sit above the CMP of ₹2,880.90; 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 | 617 · 871 · 1,205 |
| Draws below the CMP | 100% |
| Rank correlation with revenue growth | +0.67 |
| Rank correlation with ebitda margin | +0.54 |
| Rank correlation with discount rate | −0.44 |
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 | 202 | 164 | 201 | 256 | 327 | 417 | 531 | 677 | 864 |
| growth % | 229.8 | (18.8) | 22.7 | 27.7 | 27.5 | 27.5 | 27.5 | 27.5 | 27.5 |
| EBITDA | — | — | 78 | 97 | 124 | 157 | 201 | 256 | 326 |
| margin % | — | — | 39.0 | 37.8 | 37.8 | 37.8 | 37.8 | 37.8 | 37.8 |
| less depreciation | — | — | (11) | (19) | (24) | (30) | (39) | (49) | (63) |
| EBIT | — | — | 67 | 78 | 100 | 127 | 162 | 207 | 263 |
| less tax on EBIT | 0 | 0 | 1 | 1 | 1 | 1 | |||
| NOPAT | 78 | 100 | 128 | 163 | 207 | 264 | |||
| add depreciation | — | — | 11 | 19 | 24 | 30 | 39 | 49 | 63 |
| less capex | — | — | (63) | (119) | (152) | (154) | (147) | (123) | (76) |
| less working-capital build | — | (17) | (22) | (28) | (35) | (45) | |||
| Free cash flow to firm | — | — | (5) | — | (45) | (18) | 27 | 98 | 207 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (43) | (15) | 21 | 68 | 129 |
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 222, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 78 | 100 | 127 | 162 | 207 | 263 |
| Interest at 8.4% on debt | (19) | (19) | (19) | (19) | (19) | |
| Profit before tax | 81 | 108 | 143 | 188 | 245 | |
| Profit after tax | 79 | 81 | 109 | 144 | 189 | 246 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 74 | 10 | (27) | (19) | 61 | 249 |
| Working capital | 62 | 79 | 100 | 128 | 163 | 208 |
| Net block and other assets | 685 | 813 | 937 | 1,045 | 1,119 | 1,131 |
| Debt | 222 | 222 | 222 | 222 | 222 | 222 |
| Equity | 573 | 654 | 763 | 907 | 1,096 | 1,341 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 88 | 118 | 155 | 203 | 264 | |
| Investing (capex) | (152) | (154) | (147) | (123) | (76) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (64) | (37) | 8 | 80 | 188 | |
| Free cash flow to equity | (64) | (37) | 8 | 80 | 188 | |
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 | 27.5% | 37.8% | 11.00% | 5% | ₹879 | (69.5)% |
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.