Models
MASTER TRUST LIMITEDMASTERTRCapital Markets
₹190per 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₹190implied FY26 P/E 17.0× · EV/EBITDA 9.5×
Against CMP ₹90.00+111.6%close of 2026-09-10
Growth the CMP implies(18.7)%revenue, a year for 5 years, on your other inputs
Value after FY3172%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
₹151₹269
52-week rangetraded range, a fact not a value
₹56₹165
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 633 |
| PV of terminal value | 1,622 |
| Enterprise value | 2,255 |
| less net debt | 88 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,343 |
| ÷ 12.30 crore shares | ₹190 |
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% | 196 | 209 | 225 | 244 | 269 |
| 10.50% | 182 | 193 | 206 | 222 | 241 |
| 11.00% | 171 | 180 | 190 | 203 | 218 |
| 11.50% | 160 | 168 | 177 | 188 | 200 |
| 12.00% | 151 | 158 | 166 | 175 | 185 |
The outlined cell is your model. Green figures sit above the CMP of ₹90.00; 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 | 164 · 191 · 222 |
| Draws below the CMP | 0% |
| Rank correlation with discount rate | −0.75 |
| Rank correlation with ebitda margin | +0.63 |
| 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 | 339 | 500 | 584 | 576 | 567 | 559 | 550 | 542 | 534 |
| growth % | 2.4 | 47.6 | 16.7 | (1.4) | (1.5) | (1.5) | (1.5) | (1.5) | (1.5) |
| EBITDA | 120 | 204 | 243 | 236 | 233 | 229 | 226 | 222 | 219 |
| margin % | 35.4 | 40.7 | 41.6 | 41.0 | 41.0 | 41.0 | 41.0 | 41.0 | 41.0 |
| less depreciation | (3) | (4) | (4) | (4) | (5) | (4) | (4) | (4) | (4) |
| EBIT | 117 | 200 | 239 | 232 | 228 | 225 | 221 | 218 | 215 |
| less tax on EBIT | (62) | (61) | (60) | (60) | (59) | (58) | |||
| NOPAT | 169 | 167 | 164 | 162 | 159 | 157 | |||
| add depreciation | 3 | 4 | 4 | 4 | 5 | 4 | 4 | 4 | 4 |
| less capex | (5) | (5) | (3) | (3) | (3) | (4) | (4) | (5) | (5) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | 6 | 453 | (41) | — | 168 | 165 | 162 | 159 | 156 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 159 | 141 | 125 | 110 | 98 |
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 0, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 232 | 228 | 225 | 221 | 218 | 215 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 228 | 225 | 221 | 218 | 215 | |
| Profit after tax | 0 | 167 | 164 | 162 | 159 | 157 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 88 | 256 | 421 | 582 | 741 | 898 |
| Working capital | 9 | 8 | 8 | 8 | 8 | 8 |
| Net block and other assets | 2,148 | 2,147 | 2,146 | 2,146 | 2,147 | 2,148 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 819 | 985 | 1,149 | 1,311 | 1,470 | 1,627 |
| Balance check | 0 | 0 | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 171 | 169 | 166 | 164 | 161 | |
| Investing (capex) | (3) | (4) | (4) | (5) | (5) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 168 | 165 | 162 | 159 | 156 | |
| Free cash flow to equity | 168 | 165 | 162 | 159 | 156 | |
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% | 41% | 11.00% | 5% | ₹190 | 111.6% |
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.