Models
MAN INDUSTRIES (I) LTD.MANINDSIndustrial Products
₹349per 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₹349implied FY26 P/E 12.6× · EV/EBITDA 6.7×
Against CMP ₹868.00−59.7%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3187%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
₹249₹550
52-week rangetraded range, a fact not a value
₹302₹944
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 384 |
| PV of terminal value | 2,547 |
| Enterprise value | 2,930 |
| less net debt | (310) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,620 |
| ÷ 7.50 crore shares | ₹349 |
87% 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% | 363 | 397 | 438 | 487 | 550 |
| 10.50% | 328 | 356 | 390 | 429 | 478 |
| 11.00% | 298 | 322 | 349 | 382 | 421 |
| 11.50% | 272 | 292 | 315 | 343 | 375 |
| 12.00% | 249 | 267 | 286 | 309 | 336 |
The outlined cell is your model. Green figures sit above the CMP of ₹868.00; 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 | 271 · 347 · 435 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.75 |
| Rank correlation with discount rate | −0.62 |
| Rank correlation with revenue growth | −0.02 |
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 | 2,231 | 3,142 | 3,505 | 3,564 | 3,617 | 3,672 | 3,727 | 3,783 | 3,839 |
| growth % | 4.3 | 40.8 | 11.6 | 1.7 | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 |
| EBITDA | 137 | 241 | 301 | 439 | 445 | 452 | 458 | 465 | 472 |
| margin % | 6.1 | 7.7 | 8.6 | 12.3 | 12.3 | 12.3 | 12.3 | 12.3 | 12.3 |
| less depreciation | (45) | (61) | (45) | (79) | (80) | (81) | (82) | (83) | (84) |
| EBIT | 92 | 180 | 256 | 360 | 365 | 371 | 376 | 382 | 388 |
| less tax on EBIT | (101) | (102) | (104) | (105) | (107) | (109) | |||
| NOPAT | 259 | 263 | 267 | 271 | 275 | 279 | |||
| add depreciation | 45 | 61 | 45 | 79 | 80 | 81 | 82 | 83 | 84 |
| less capex | (207) | (120) | (154) | (340) | (344) | (286) | (226) | (165) | (101) |
| less working-capital build | — | (16) | (16) | (17) | (17) | (17) | |||
| Free cash flow to firm | (326) | 137 | (87) | — | (17) | 46 | 110 | 177 | 245 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (16) | 39 | 85 | 123 | 153 |
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 500, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 360 | 365 | 371 | 376 | 382 | 388 |
| Interest at 8% on debt | (40) | (40) | (40) | (40) | (40) | |
| Profit before tax | 325 | 331 | 336 | 342 | 348 | |
| Profit after tax | 170 | 234 | 238 | 242 | 246 | 250 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 189 | 143 | 160 | 242 | 390 | 606 |
| Working capital | 1,073 | 1,089 | 1,105 | 1,122 | 1,139 | 1,156 |
| Net block and other assets | 3,758 | 4,022 | 4,227 | 4,372 | 4,453 | 4,470 |
| Debt | 500 | 500 | 500 | 500 | 500 | 500 |
| Equity | 2,087 | 2,321 | 2,559 | 2,801 | 3,048 | 3,298 |
| Balance check | 0 | 0 | 0 | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 298 | 303 | 308 | 313 | 318 | |
| Investing (capex) | (344) | (286) | (226) | (165) | (101) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (46) | 17 | 81 | 148 | 216 | |
| Free cash flow to equity | (46) | 17 | 81 | 148 | 216 | |
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 | 1.5% | 12.3% | 11.00% | 5% | ₹349 | (59.7)% |
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.