Models
M&M FIN. SERVICES LTDM&MFINFinance
₹87per share · Base Model Note
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₹87implied P/B 0.46× on FY26 book
Against CMP ₹263.15−66.8%close of 28 Oct 2026
Cost of equity16.26%risk-free + beta × equity risk premium
Book equity, FY26₹192per share · excess returns add ₹(105)
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Excess-return schedule · ₹ crore · book equity earns your ROE; value is book plus the returns above the cost of equity
| ₹ crore | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|
| Opening book equity | 26,692 | 28,643 | 30,736 | 32,982 | 35,392 |
| Net income at 10.7% ROE | 2,856 | 3,065 | 3,289 | 3,529 | 3,787 |
| Cost of equity charge at 16.26% | (4,341) | (4,659) | (4,999) | (5,364) | (5,756) |
| Excess return | (1,485) | (1,594) | (1,710) | (1,835) | (1,969) |
| Present value | (1,377) | (1,271) | (1,173) | (1,083) | (1,000) |
| Closing book equity | 28,643 | 30,736 | 32,982 | 35,392 | 37,979 |
| Book equity today | 26,692 |
| PV of 5 years of excess return | (5,905) |
| PV of the terminal excess return, 5% flat | (8,641) |
| add non-operating investments | 0 |
| Equity value | 12,146 |
| ÷ 138.96 crore shares | ₹87 |
ROE is at or below the cost of equity, so every year destroys value against book and the model lands below book value. That is the arithmetic, not a view.
Where the methods land · ₹ per share · the dashed line is the CMP
52-week rangetraded range, a fact not a value
₹253₹415
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | Excess return | ROE 10.7% | — | 16.26% | 5% | ₹87 | (66.8)% |
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.