Models
LLOYDS ENGG WORK LIMITEDLLOYDSENGGIndustrial Manufacturing
₹5per 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₹5implied FY26 P/E 2.7× · EV/EBITDA 2.0×
Against CMP ₹83.49−94.4%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY31124%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
₹4₹7
52-week rangetraded range, a fact not a value
₹37₹100
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (91) |
| PV of terminal value | 476 |
| Enterprise value | 385 |
| less net debt | 303 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 688 |
| ÷ 147.14 crore shares | ₹5 |
124% 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% | 5 | 5 | 6 | 6 | 7 |
| 10.50% | 4 | 5 | 5 | 5 | 6 |
| 11.00% | 4 | 4 | 5 | 5 | 5 |
| 11.50% | 4 | 4 | 4 | 5 | 5 |
| 12.00% | 4 | 4 | 4 | 4 | 5 |
The outlined cell is your model. Green figures sit above the CMP of ₹83.49; 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 | (5) · 5 · 11 |
| Draws below the CMP | 100% |
| Rank correlation with revenue growth | −0.78 |
| Rank correlation with ebitda margin | +0.61 |
| Rank correlation with discount rate | −0.06 |
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 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 846 | 1,301 | 1,691 | 2,199 | 2,859 | 3,716 | 4,831 |
| growth % | — | 53.8 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 135 | 189 | 245 | 319 | 414 | 539 | 701 |
| margin % | 16.0 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 |
| less depreciation | (10) | (22) | (29) | (37) | (49) | (63) | (82) |
| EBIT | 126 | 167 | 217 | 281 | 366 | 476 | 618 |
| less tax on EBIT | (39) | (51) | (66) | (86) | (111) | (145) | |
| NOPAT | 128 | 166 | 216 | 280 | 364 | 474 | |
| add depreciation | 10 | 22 | 29 | 37 | 49 | 63 | 82 |
| less capex | (67) | (81) | (105) | (113) | (118) | (114) | (99) |
| less working-capital build | — | (144) | (187) | (243) | (316) | (411) | |
| Free cash flow to firm | 91 | — | (54) | (48) | (32) | (3) | 46 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | (52) | (41) | (25) | (2) | 29 |
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 34, dividends at 17.4% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 167 | 217 | 281 | 366 | 476 | 618 |
| Interest at 8% on debt | (3) | (3) | (3) | (3) | (3) | |
| Profit before tax | 214 | 279 | 363 | 473 | 616 | |
| Profit after tax | 190 | 164 | 214 | 278 | 362 | 472 |
| Dividends | (33) | (28) | (37) | (48) | (63) | (82) |
| Balance sheet, year end | ||||||
| Cash | 336 | 252 | 165 | 82 | 13 | (25) |
| Working capital | 481 | 625 | 812 | 1,055 | 1,372 | 1,783 |
| Net block and other assets | 1,552 | 1,628 | 1,704 | 1,774 | 1,825 | 1,841 |
| Debt | 34 | 34 | 34 | 34 | 34 | 34 |
| Equity | 1,683 | 1,819 | 1,995 | 2,225 | 2,524 | 2,914 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 48 | 64 | 83 | 109 | 142 | |
| Investing (capex) | (105) | (113) | (118) | (114) | (99) | |
| Financing (dividends) | (28) | (37) | (48) | (63) | (82) | |
| Net change in cash | (85) | (87) | (83) | (68) | (38) | |
| Free cash flow to equity | (56) | (50) | (34) | (5) | 44 | |
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% | 14.5% | 11.00% | 5% | ₹5 | (94.4)% |
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.