Models
MARINE ELECTRICAL (I) LTDMARINEIndustrial Manufacturing
₹34per 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₹34implied FY26 P/E 7.3× · EV/EBITDA 5.7×
Against CMP ₹419.00−92.0%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3182%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
₹24₹52
52-week rangetraded range, a fact not a value
₹151₹450
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 96 |
| PV of terminal value | 438 |
| Enterprise value | 534 |
| less net debt | (62) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 472 |
| ÷ 13.99 crore shares | ₹34 |
82% 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% | 35 | 38 | 42 | 46 | 52 |
| 10.50% | 32 | 34 | 37 | 41 | 46 |
| 11.00% | 29 | 31 | 34 | 37 | 40 |
| 11.50% | 27 | 28 | 31 | 33 | 36 |
| 12.00% | 24 | 26 | 28 | 30 | 32 |
The outlined cell is your model. Green figures sit above the CMP of ₹419.00; 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 | 15 · 33 · 50 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.79 |
| Rank correlation with revenue growth | −0.53 |
| Rank correlation with discount rate | −0.27 |
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 | 443 | 622 | 767 | 877 | 1,004 | 1,150 | 1,316 | 1,507 | 1,726 |
| growth % | 17.7 | 40.5 | 23.3 | 14.3 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 |
| EBITDA | 39 | 52 | 69 | 93 | 106 | 122 | 140 | 160 | 183 |
| margin % | 8.7 | 8.3 | 9.0 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 |
| less depreciation | (8) | (10) | (16) | (15) | (17) | (20) | (22) | (26) | (29) |
| EBIT | 30 | 42 | 53 | 78 | 89 | 102 | 117 | 134 | 154 |
| less tax on EBIT | (18) | (20) | (23) | (26) | (30) | (35) | |||
| NOPAT | 61 | 69 | 79 | 91 | 104 | 119 | |||
| add depreciation | 8 | 10 | 16 | 15 | 17 | 20 | 22 | 26 | 29 |
| less capex | (23) | (24) | (22) | (28) | (32) | (33) | (34) | (35) | (35) |
| less working-capital build | — | (41) | (47) | (54) | (62) | (71) | |||
| Free cash flow to firm | (25) | (32) | 34 | — | 13 | 18 | 25 | 32 | 42 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 12 | 15 | 19 | 23 | 26 |
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 84, dividends at 7.1% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 78 | 89 | 102 | 117 | 134 | 154 |
| Interest at 8% on debt | (7) | (7) | (7) | (7) | (7) | |
| Profit before tax | 83 | 96 | 110 | 127 | 147 | |
| Profit after tax | 58 | 64 | 74 | 85 | 99 | 114 |
| Dividends | (4) | (5) | (5) | (6) | (7) | (8) |
| Balance sheet, year end | ||||||
| Cash | 22 | 25 | 33 | 46 | 67 | 96 |
| Working capital | 284 | 325 | 373 | 427 | 488 | 559 |
| Net block and other assets | 584 | 599 | 613 | 625 | 635 | 640 |
| Debt | 84 | 84 | 84 | 84 | 84 | 84 |
| Equity | 502 | 561 | 630 | 709 | 801 | 906 |
| Balance check | 0 | 0 | 0 | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 40 | 46 | 54 | 62 | 72 | |
| Investing (capex) | (32) | (33) | (34) | (35) | (35) | |
| Financing (dividends) | (5) | (5) | (6) | (7) | (8) | |
| Net change in cash | 3 | 8 | 13 | 20 | 29 | |
| Free cash flow to equity | 8 | 13 | 19 | 27 | 37 | |
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 | 14.5% | 10.6% | 11.00% | 5% | ₹34 | (92.0)% |
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.