Models
LE TRAVENUES TECHNOLOGY LIXIGOLeisure Services
₹55per 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₹55implied FY26 P/E 28.0× · EV/EBITDA 29.6×
Against CMP ₹158.71−65.7%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3180%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
₹43₹77
52-week rangetraded range, a fact not a value
₹151₹339
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 419 |
| PV of terminal value | 1,653 |
| Enterprise value | 2,071 |
| less net debt | 320 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,391 |
| ÷ 43.87 crore shares | ₹55 |
80% 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% | 56 | 60 | 64 | 70 | 77 |
| 10.50% | 52 | 55 | 59 | 63 | 69 |
| 11.00% | 49 | 51 | 55 | 58 | 62 |
| 11.50% | 46 | 48 | 51 | 54 | 57 |
| 12.00% | 43 | 45 | 47 | 50 | 53 |
The outlined cell is your model. Green figures sit above the CMP of ₹158.71; 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 | 41 · 54 · 71 |
| Draws below the CMP | 100% |
| Rank correlation with revenue growth | +0.82 |
| Rank correlation with discount rate | −0.38 |
| Rank correlation with ebitda margin | +0.38 |
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 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 656 | 914 | 1,228 | 1,596 | 2,075 | 2,698 | 3,507 | 4,560 |
| growth % | — | 39.4 | 34.3 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 74 | 85 | 70 | 91 | 118 | 154 | 200 | 260 |
| margin % | 11.2 | 9.3 | 5.7 | 5.7 | 5.7 | 5.7 | 5.7 | 5.7 |
| less depreciation | (13) | (10) | (15) | (19) | (25) | (32) | (42) | (55) |
| EBIT | 61 | 75 | 55 | 72 | 93 | 121 | 158 | 205 |
| less tax on EBIT | (9) | (12) | (16) | (21) | (27) | (35) | ||
| NOPAT | 46 | 60 | 77 | 101 | 131 | 170 | ||
| add depreciation | 13 | 10 | 15 | 19 | 25 | 32 | 42 | 55 |
| less capex | (7) | (4) | (5) | (6) | (14) | (25) | (41) | (66) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow to firm | 36 | 118 | — | 72 | 89 | 108 | 132 | 159 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 69 | 76 | 83 | 91 | 100 |
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 25, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 55 | 72 | 93 | 121 | 158 | 205 |
| Interest at 9.6% on debt | (2) | (2) | (2) | (2) | (2) | |
| Profit before tax | 69 | 91 | 119 | 155 | 203 | |
| Profit after tax | 72 | 58 | 75 | 99 | 129 | 168 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 344 | 415 | 502 | 608 | 737 | 895 |
| Working capital | (146) | (146) | (146) | (146) | (146) | (146) |
| Net block and other assets | 2,342 | 2,330 | 2,319 | 2,311 | 2,310 | 2,321 |
| Debt | 25 | 25 | 25 | 25 | 25 | 25 |
| Equity | 2,048 | 2,106 | 2,181 | 2,280 | 2,409 | 2,577 |
| Balance check | 0 | 0 | (0) | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 77 | 100 | 131 | 171 | 223 | |
| Investing (capex) | (6) | (14) | (25) | (41) | (66) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 70 | 87 | 106 | 130 | 157 | |
| Free cash flow to equity | 70 | 87 | 106 | 130 | 157 | |
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 | 30% | 5.7% | 11.00% | 5% | ₹55 | (65.7)% |
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.