LAGNAM SPINTEX LIMITED — valuation model

LAGNAM SPINTEX LIMITEDLAGNAMTextiles & Apparels

₹75per 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₹75implied FY26 P/E 7.2× · EV/EBITDA 7.3×

Against CMP ₹72.78+2.7%close of 2026-09-10

Growth the CMP implies45.0%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

₹17₹190

52-week rangetraded range, a fact not a value

₹59₹97

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	145
PV of terminal value	345
Enterprise value	490
less net debt	(358)
less non-controlling interest	0
add non-operating investments	0
Equity value	132
÷ 1.77 crore shares	₹75

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%	83	103	126	155	190
10.50%	63	79	98	121	149
11.00%	45	59	75	93	116
11.50%	30	42	55	70	89
12.00%	17	27	38	51	66

The outlined cell is your model. Green figures sit above the CMP of ₹72.78; 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	28 · 75 · 129
Draws below the CMP	48%
Rank correlation with ebitda margin	+0.76
Rank correlation with discount rate	−0.62
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	305	438	606	605	605	605	605	605	605
growth %	(12.6)	43.6	38.4	(0.1)	0.0	0.0	0.0	0.0	0.0
EBITDA	31	45	65	67	67	67	67	67	67
margin %	10.1	10.3	10.8	11.0	11.0	11.0	11.0	11.0	11.0
less depreciation	(7)	(9)	(17)	(17)	(16)	(16)	(16)	(16)	(16)
EBIT	23	36	49	50	50	50	50	50	50
less tax on EBIT				(14)	(14)	(14)	(14)	(14)	(14)
NOPAT				36	36	36	36	36	36
add depreciation	7	9	17	17	16	16	16	16	16
less capex	(25)	(201)	(3)	(12)	(12)	(14)	(16)	(18)	(20)
less working-capital build				—	0	0	0	0	0
Free cash flow to firm	(13)	(179)	21	—	41	39	37	35	33
Discount factor					0.949	0.855	0.770	0.694	0.625
Present value					39	33	28	24	21

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 358, dividends at 0% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	50	50	50	50	50	50
Interest at 8.2% on debt		(29)	(29)	(29)	(29)	(29)
Profit before tax		21	21	21	21	21
Profit after tax	14	15	15	15	15	15
Dividends	0	0	0	0	0	0
Balance sheet, year end
Cash	0	20	37	53	66	78
Working capital	165	165	165	165	165	165
Net block and other assets	406	402	399	399	400	404
Debt	358	358	358	358	358	358
Equity	135	150	166	181	196	211
Balance check	0	0	0	0	0	0
Cash flow
From operations		31	31	31	31	31
Investing (capex)		(12)	(14)	(16)	(18)	(20)
Financing (dividends)		0	0	0	0	0
Net change in cash		19	18	16	14	12
Free cash flow to equity		19	18	16	14	12

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	0%	11%	11.00%	5%	₹75	2.7%

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.