Models
L&T TECHNOLOGY SER. LTD.LTTSIT - Services
₹1,762per 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₹1,762implied FY26 P/E 14.1× · EV/EBITDA 9.1×
Against CMP ₹3,350.00−47.4%close of 2026-09-10
Growth the CMP implies25.5%revenue, a year for 5 years, on your other inputs
Value after FY3172%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
₹1,419₹2,445
52-week rangetraded range, a fact not a value
₹3,010₹4,726
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 4,803 |
| PV of terminal value | 12,225 |
| Enterprise value | 17,028 |
| less net debt | 1,650 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 18,678 |
| ÷ 10.60 crore shares | ₹1,762 |
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% | 1,813 | 1,928 | 2,066 | 2,235 | 2,445 |
| 10.50% | 1,692 | 1,787 | 1,900 | 2,036 | 2,201 |
| 11.00% | 1,588 | 1,668 | 1,762 | 1,873 | 2,006 |
| 11.50% | 1,498 | 1,566 | 1,645 | 1,737 | 1,846 |
| 12.00% | 1,419 | 1,478 | 1,545 | 1,623 | 1,713 |
The outlined cell is your model. Green figures sit above the CMP of ₹3,350.00; 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 | 1,498 · 1,748 · 2,063 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.72 |
| Rank correlation with discount rate | −0.64 |
| Rank correlation with revenue growth | +0.12 |
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 | 8,014 | 9,647 | 10,670 | 10,996 | 11,326 | 11,666 | 12,016 | 12,376 | 12,747 |
| growth % | 22.0 | 20.4 | 10.6 | 3.1 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| EBITDA | 1,711 | 1,919 | 1,893 | 1,863 | 1,914 | 1,971 | 2,031 | 2,092 | 2,154 |
| margin % | 21.3 | 19.9 | 17.7 | 16.9 | 16.9 | 16.9 | 16.9 | 16.9 | 16.9 |
| less depreciation | (232) | (272) | (305) | (345) | (351) | (362) | (372) | (384) | (395) |
| EBIT | 1,479 | 1,647 | 1,587 | 1,517 | 1,563 | 1,610 | 1,658 | 1,708 | 1,759 |
| less tax on EBIT | (402) | (414) | (427) | (439) | (453) | (466) | |||
| NOPAT | 1,115 | 1,149 | 1,183 | 1,219 | 1,255 | 1,293 | |||
| add depreciation | 232 | 272 | 305 | 345 | 351 | 362 | 372 | 384 | 395 |
| less capex | (176) | (253) | (112) | (185) | (193) | (257) | (326) | (398) | (474) |
| less working-capital build | — | (33) | (34) | (35) | (36) | (37) | |||
| Free cash flow to firm | 1,130 | 1,240 | 1,370 | — | 1,275 | 1,254 | 1,231 | 1,205 | 1,177 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 1,210 | 1,072 | 948 | 837 | 736 |
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 46.3% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 1,517 | 1,563 | 1,610 | 1,658 | 1,708 | 1,759 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 1,563 | 1,610 | 1,658 | 1,708 | 1,759 | |
| Profit after tax | 1,279 | 1,149 | 1,183 | 1,219 | 1,255 | 1,293 |
| Dividends | (593) | (532) | (548) | (564) | (581) | (599) |
| Balance sheet, year end | ||||||
| Cash | 1,650 | 2,392 | 3,099 | 3,765 | 4,390 | 4,968 |
| Working capital | 1,085 | 1,117 | 1,151 | 1,185 | 1,221 | 1,258 |
| Net block and other assets | 7,755 | 7,596 | 7,492 | 7,445 | 7,459 | 7,538 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 6,492 | 7,109 | 7,744 | 8,399 | 9,073 | 9,767 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 1,467 | 1,511 | 1,557 | 1,603 | 1,651 | |
| Investing (capex) | (193) | (257) | (326) | (398) | (474) | |
| Financing (dividends) | (532) | (548) | (564) | (581) | (599) | |
| Net change in cash | 743 | 706 | 667 | 624 | 579 | |
| Free cash flow to equity | 1,275 | 1,254 | 1,231 | 1,205 | 1,177 | |
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 | 3% | 16.9% | 11.00% | 5% | ₹1,762 | (47.4)% |
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.