Models
LTM LIMITEDLTMIT - Software
₹2,945per 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₹2,945implied FY26 P/E 16.7× · EV/EBITDA 12.1×
Against CMP ₹4,312.00−31.7%close of 2026-09-10
Growth the CMP implies25.8%revenue, a year for 5 years, on your other inputs
Value after FY3176%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
₹2,298₹4,237
52-week rangetraded range, a fact not a value
₹3,528₹6,430
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 20,190 |
| PV of terminal value | 64,662 |
| Enterprise value | 84,852 |
| less net debt | 2,331 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 87,183 |
| ÷ 29.60 crore shares | ₹2,945 |
76% 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% | 3,040 | 3,258 | 3,519 | 3,838 | 4,237 |
| 10.50% | 2,811 | 2,992 | 3,206 | 3,463 | 3,776 |
| 11.00% | 2,615 | 2,768 | 2,945 | 3,155 | 3,407 |
| 11.50% | 2,446 | 2,575 | 2,725 | 2,900 | 3,106 |
| 12.00% | 2,298 | 2,409 | 2,536 | 2,683 | 2,855 |
The outlined cell is your model. Green figures sit above the CMP of ₹4,312.00; 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 | 2,407 · 2,924 · 3,561 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.67 |
| Rank correlation with discount rate | −0.58 |
| Rank correlation with revenue growth | +0.37 |
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 | 33,183 | 35,517 | 38,008 | 42,308 | 47,173 | 52,598 | 58,647 | 65,391 | 72,911 |
| growth % | 111.8 | 7.0 | 7.0 | 11.3 | 11.5 | 11.5 | 11.5 | 11.5 | 11.5 |
| EBITDA | 6,108 | 6,387 | 6,495 | 7,027 | 7,831 | 8,731 | 9,735 | 10,855 | 12,103 |
| margin % | 18.4 | 18.0 | 17.1 | 16.6 | 16.6 | 16.6 | 16.6 | 16.6 | 16.6 |
| less depreciation | (723) | (819) | (992) | (1,054) | (1,179) | (1,315) | (1,466) | (1,635) | (1,823) |
| EBIT | 5,385 | 5,569 | 5,503 | 5,973 | 6,651 | 7,416 | 8,269 | 9,220 | 10,280 |
| less tax on EBIT | (1,589) | (1,769) | (1,973) | (2,200) | (2,453) | (2,735) | |||
| NOPAT | 4,384 | 4,882 | 5,444 | 6,070 | 6,768 | 7,546 | |||
| add depreciation | 723 | 819 | 992 | 1,054 | 1,179 | 1,315 | 1,466 | 1,635 | 1,823 |
| less capex | (939) | (843) | (950) | (931) | (1,038) | (1,262) | (1,525) | (1,831) | (2,187) |
| less working-capital build | — | (618) | (689) | (768) | (857) | (955) | |||
| Free cash flow to firm | 2,157 | 4,826 | 3,596 | — | 4,406 | 4,807 | 5,243 | 5,715 | 6,226 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 4,182 | 4,111 | 4,039 | 3,966 | 3,893 |
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 39.7% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 5,973 | 6,651 | 7,416 | 8,269 | 9,220 | 10,280 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 6,651 | 7,416 | 8,269 | 9,220 | 10,280 | |
| Profit after tax | 5,018 | 4,882 | 5,444 | 6,070 | 6,768 | 7,546 |
| Dividends | (1,991) | (1,938) | (2,161) | (2,410) | (2,687) | (2,996) |
| Balance sheet, year end | ||||||
| Cash | 2,331 | 4,799 | 7,445 | 10,278 | 13,306 | 16,537 |
| Working capital | 5,367 | 5,985 | 6,674 | 7,442 | 8,298 | 9,253 |
| Net block and other assets | 29,498 | 29,357 | 29,304 | 29,363 | 29,559 | 29,923 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 24,108 | 27,052 | 30,334 | 33,994 | 38,075 | 42,625 |
| Balance check | 0 | 0 | 0 | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | 5,444 | 6,070 | 6,768 | 7,546 | 8,414 | |
| Investing (capex) | (1,038) | (1,262) | (1,525) | (1,831) | (2,187) | |
| Financing (dividends) | (1,938) | (2,161) | (2,410) | (2,687) | (2,996) | |
| Net change in cash | 2,468 | 2,646 | 2,833 | 3,028 | 3,231 | |
| Free cash flow to equity | 4,406 | 4,807 | 5,243 | 5,715 | 6,226 | |
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 | 11.5% | 16.6% | 11.00% | 5% | ₹2,945 | (31.7)% |
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.