Models
MAHARASHTRA SEAMLESS LTDMAHSEAMLESIndustrial Products
₹407per 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₹407implied FY26 P/E 7.4× · EV/EBITDA 8.0×
Against CMP ₹730.00−44.2%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3171%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
₹322₹577
52-week rangetraded range, a fact not a value
₹501₹724
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,552 |
| PV of terminal value | 3,843 |
| Enterprise value | 5,396 |
| less net debt | 63 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 5,459 |
| ÷ 13.40 crore shares | ₹407 |
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% | 420 | 449 | 483 | 525 | 577 |
| 10.50% | 390 | 414 | 442 | 475 | 517 |
| 11.00% | 364 | 384 | 407 | 435 | 468 |
| 11.50% | 342 | 359 | 378 | 401 | 428 |
| 12.00% | 322 | 337 | 353 | 373 | 395 |
The outlined cell is your model. Green figures sit above the CMP of ₹730.00; 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 | 349 · 408 · 478 |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.73 |
| Rank correlation with ebitda margin | +0.66 |
| Rank correlation with revenue growth | −0.03 |
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 | 5,716 | 5,404 | 5,269 | 4,674 | 4,441 | 4,219 | 4,008 | 3,807 | 3,617 |
| growth % | 36.1 | (5.5) | (2.5) | (11.3) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 1,040 | 1,199 | 920 | 678 | 644 | 612 | 581 | 552 | 524 |
| margin % | 18.2 | 22.2 | 17.5 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 |
| less depreciation | (138) | (110) | (101) | (110) | (107) | (101) | (96) | (91) | (87) |
| EBIT | 903 | 1,089 | 819 | 568 | 537 | 510 | 485 | 461 | 438 |
| less tax on EBIT | (142) | (134) | (128) | (121) | (115) | (109) | |||
| NOPAT | 426 | 403 | 383 | 364 | 346 | 328 | |||
| add depreciation | 138 | 110 | 101 | 110 | 107 | 101 | 96 | 91 | 87 |
| less capex | (19) | (32) | (23) | (170) | (160) | (144) | (130) | (117) | (104) |
| less working-capital build | — | 73 | 69 | 66 | 62 | 59 | |||
| Free cash flow to firm | 898 | 1,010 | 586 | — | 422 | 409 | 396 | 383 | 370 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 401 | 350 | 305 | 266 | 231 |
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 13, dividends at 19.1% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 568 | 537 | 510 | 485 | 461 | 438 |
| Interest at 8% on debt | (1) | (1) | (1) | (1) | (1) | |
| Profit before tax | 536 | 509 | 484 | 460 | 437 | |
| Profit after tax | 701 | 402 | 382 | 363 | 345 | 327 |
| Dividends | (134) | (77) | (73) | (69) | (66) | (63) |
| Balance sheet, year end | ||||||
| Cash | 77 | 421 | 757 | 1,082 | 1,398 | 1,705 |
| Working capital | 1,452 | 1,380 | 1,311 | 1,245 | 1,183 | 1,123 |
| Net block and other assets | 6,210 | 6,263 | 6,306 | 6,340 | 6,365 | 6,383 |
| Debt | 13 | 13 | 13 | 13 | 13 | 13 |
| Equity | 6,876 | 7,202 | 7,511 | 7,804 | 8,083 | 8,348 |
| Balance check | 0 | 0 | 0 | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 581 | 552 | 525 | 498 | 473 | |
| Investing (capex) | (160) | (144) | (130) | (117) | (104) | |
| Financing (dividends) | (77) | (73) | (69) | (66) | (63) | |
| Net change in cash | 345 | 335 | 326 | 316 | 307 | |
| Free cash flow to equity | 422 | 408 | 395 | 382 | 369 | |
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 | -5% | 14.5% | 11.00% | 5% | ₹407 | (44.2)% |
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.