Models
LENSKART SOLUTIONS LTDLENSKARTRetailing
₹43per 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₹43implied FY26 P/E 11.2× · EV/EBITDA 3.8×
Against CMP ₹681.90−93.7%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3164%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
₹35₹57
52-week rangetraded range, a fact not a value
₹356₹704
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 2,426 |
| PV of terminal value | 4,252 |
| Enterprise value | 6,678 |
| less net debt | 754 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 7,432 |
| ÷ 173.88 crore shares | ₹43 |
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% | 44 | 46 | 49 | 53 | 57 |
| 10.50% | 41 | 43 | 46 | 49 | 52 |
| 11.00% | 39 | 41 | 43 | 45 | 48 |
| 11.50% | 37 | 39 | 40 | 42 | 44 |
| 12.00% | 35 | 37 | 38 | 40 | 42 |
The outlined cell is your model. Green figures sit above the CMP of ₹681.90; 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 | 27 · 42 · 58 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.95 |
| Rank correlation with discount rate | −0.23 |
| 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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | 8,814 | 9,519 | 10,281 | 11,103 | 11,991 | 12,951 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 1,737 | 1,875 | 2,025 | 2,187 | 2,362 | 2,551 |
| margin % | 19.7 | 19.7 | 19.7 | 19.7 | 19.7 | 19.7 |
| less depreciation | (1,048) | (1,133) | (1,223) | (1,321) | (1,427) | (1,541) |
| EBIT | 689 | 742 | 802 | 866 | 935 | 1,010 |
| less tax on EBIT | (180) | (195) | (210) | (227) | (245) | (265) |
| NOPAT | 508 | 548 | 592 | 639 | 690 | 745 |
| add depreciation | 1,048 | 1,133 | 1,223 | 1,321 | 1,427 | 1,541 |
| less capex | (828) | (895) | (1,092) | (1,315) | (1,566) | (1,849) |
| less working-capital build | — | (20) | (22) | (24) | (26) | (28) |
| Free cash flow to firm | — | 765 | 701 | 622 | 525 | 409 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 727 | 600 | 479 | 365 | 256 |
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 220, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 689 | 742 | 802 | 866 | 935 | 1,010 |
| Interest at 8% on debt | (18) | (18) | (18) | (18) | (18) | |
| Profit before tax | 725 | 784 | 848 | 918 | 993 | |
| Profit after tax | 494 | 535 | 579 | 626 | 677 | 733 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 973 | 1,726 | 2,414 | 3,023 | 3,536 | 3,932 |
| Working capital | 258 | 279 | 301 | 325 | 351 | 378 |
| Net block and other assets | 13,182 | 12,944 | 12,812 | 12,805 | 12,945 | 13,253 |
| Debt | 220 | 220 | 220 | 220 | 220 | 220 |
| Equity | 8,852 | 9,387 | 9,966 | 10,592 | 11,269 | 12,002 |
| Balance check | 0 | (0) | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 1,647 | 1,780 | 1,924 | 2,079 | 2,246 | |
| Investing (capex) | (895) | (1,092) | (1,315) | (1,566) | (1,849) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 753 | 688 | 609 | 512 | 396 | |
| Free cash flow to equity | 753 | 688 | 609 | 512 | 396 | |
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 | 8% | 19.7% | 11.00% | 5% | ₹43 | (93.7)% |
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.