Models
MAXVOLT ENERGY INDUS LMAXVOLT
₹295per 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₹295implied FY26 P/E —× · EV/EBITDA 10.7×
Against CMP ₹349.20−15.6%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3175%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
₹217₹450
52-week rangetraded range, a fact not a value
₹213₹509
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 94 |
| PV of terminal value | 286 |
| Enterprise value | 380 |
| less net debt | (59) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 321 |
| ÷ 1.09 crore shares | ₹295 |
75% 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% | 306 | 332 | 363 | 402 | 450 |
| 10.50% | 279 | 300 | 326 | 357 | 394 |
| 11.00% | 255 | 273 | 295 | 320 | 350 |
| 11.50% | 235 | 250 | 268 | 289 | 314 |
| 12.00% | 217 | 230 | 245 | 263 | 284 |
The outlined cell is your model. Green figures sit above the CMP of ₹349.20; 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 | 234 · 292 · 361 |
| Draws below the CMP | 86% |
| Rank correlation with ebitda margin | +0.74 |
| Rank correlation with discount rate | −0.63 |
| Rank correlation with revenue growth | −0.01 |
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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | 297 | 321 | 346 | 374 | 404 | 436 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 36 | 38 | 42 | 45 | 48 | 52 |
| margin % | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 |
| less depreciation | (1) | (1) | (1) | (1) | (2) | (2) |
| EBIT | 34 | 37 | 40 | 43 | 47 | 51 |
| less tax on EBIT | (9) | (10) | (10) | (11) | (12) | (13) |
| NOPAT | 26 | 28 | 30 | 32 | 35 | 38 |
| add depreciation | 1 | 1 | 1 | 1 | 2 | 2 |
| less capex | 0 | 0 | (0) | (1) | (1) | (2) |
| less working-capital build | — | (7) | (8) | (8) | (9) | (10) |
| Free cash flow to firm | — | 22 | 23 | 24 | 26 | 28 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 21 | 20 | 19 | 18 | 17 |
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 85, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 34 | 37 | 40 | 43 | 47 | 51 |
| Interest at 4.1% on debt | (3) | (3) | (3) | (3) | (3) | |
| Profit before tax | 34 | 37 | 40 | 43 | 47 | |
| Profit after tax | 0 | 25 | 27 | 30 | 32 | 35 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 26 | 46 | 66 | 88 | 111 | 136 |
| Working capital | 89 | 96 | 104 | 112 | 121 | 131 |
| Net block and other assets | 109 | 108 | 107 | 106 | 106 | 106 |
| Debt | 85 | 85 | 85 | 85 | 85 | 85 |
| Equity | 104 | 129 | 157 | 186 | 219 | 253 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 19 | 21 | 23 | 25 | 27 | |
| Investing (capex) | 0 | (0) | (1) | (1) | (2) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 19 | 20 | 22 | 23 | 25 | |
| Free cash flow to equity | 19 | 20 | 22 | 23 | 25 | |
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 | 8% | 12% | 11.00% | 5% | ₹295 | (15.6)% |
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.