Models
MANOMAY TEX INDIA LTDMANOMAYTextiles & Apparels
₹90per 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₹90implied FY26 P/E 8.0× · EV/EBITDA 6.0×
Against CMP ₹233.80−61.7%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3169%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
₹32₹205
52-week rangetraded range, a fact not a value
₹160₹260
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 158 |
| PV of terminal value | 351 |
| Enterprise value | 509 |
| less net debt | (347) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 162 |
| ÷ 1.80 crore shares | ₹90 |
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% | 98 | 118 | 141 | 169 | 205 |
| 10.50% | 78 | 94 | 113 | 136 | 164 |
| 11.00% | 60 | 74 | 90 | 108 | 131 |
| 11.50% | 45 | 57 | 70 | 85 | 104 |
| 12.00% | 32 | 42 | 53 | 66 | 81 |
The outlined cell is your model. Green figures sit above the CMP of ₹233.80; 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 | 28 · 88 · 154 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.86 |
| Rank correlation with discount rate | −0.46 |
| Rank correlation with revenue growth | −0.10 |
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 | 699 | 583 | 697 | 711 | 725 | 739 | 754 | 769 | 785 |
| growth % | 18.6 | (16.6) | 19.5 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 |
| EBITDA | 42 | 49 | 86 | 84 | 86 | 88 | 90 | 92 | 93 |
| margin % | 5.9 | 8.3 | 12.3 | 11.9 | 11.9 | 11.9 | 11.9 | 11.9 | 11.9 |
| less depreciation | (11) | (15) | (29) | (29) | (30) | (30) | (31) | (32) | (32) |
| EBIT | 30 | 34 | 56 | 55 | 57 | 58 | 59 | 60 | 61 |
| less tax on EBIT | (14) | (14) | (14) | (14) | (15) | (15) | |||
| NOPAT | 42 | 43 | 44 | 44 | 45 | 46 | |||
| add depreciation | 11 | 15 | 29 | 29 | 30 | 30 | 31 | 32 | 32 |
| less capex | (15) | (154) | (21) | (21) | (21) | (25) | (29) | (34) | (39) |
| less working-capital build | — | (6) | (6) | (6) | (6) | (6) | |||
| Free cash flow to firm | (4) | (141) | (17) | — | 46 | 43 | 40 | 37 | 34 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 44 | 37 | 31 | 26 | 21 |
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 348, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 55 | 57 | 58 | 59 | 60 | 61 |
| Interest at 9.1% on debt | (32) | (32) | (32) | (32) | (32) | |
| Profit before tax | 25 | 26 | 27 | 28 | 30 | |
| Profit after tax | 20 | 19 | 20 | 21 | 21 | 22 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 0 | 22 | 42 | 58 | 71 | 81 |
| Working capital | 277 | 282 | 288 | 294 | 300 | 306 |
| Net block and other assets | 399 | 390 | 385 | 384 | 386 | 392 |
| Debt | 348 | 348 | 348 | 348 | 348 | 348 |
| Equity | 171 | 190 | 209 | 230 | 251 | 274 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 43 | 44 | 46 | 47 | 48 | |
| Investing (capex) | (21) | (25) | (29) | (34) | (39) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 22 | 19 | 16 | 13 | 10 | |
| Free cash flow to equity | 22 | 19 | 16 | 13 | 10 | |
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 | 2% | 11.9% | 11.00% | 5% | ₹90 | (61.7)% |
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.