Models
MIDWEST LIMITEDMIDWESTLTDConsumer Durables
₹380per 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₹380implied FY26 P/E 11.9× · EV/EBITDA 8.5×
Against CMP ₹1,007.00−62.2%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3188%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
₹275₹592
52-week rangetraded range, a fact not a value
₹1,026₹1,860
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 183 |
| PV of terminal value | 1,301 |
| Enterprise value | 1,483 |
| less net debt | (108) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,375 |
| ÷ 3.62 crore shares | ₹380 |
88% 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% | 395 | 431 | 474 | 527 | 592 |
| 10.50% | 358 | 388 | 423 | 465 | 517 |
| 11.00% | 326 | 351 | 380 | 415 | 456 |
| 11.50% | 299 | 320 | 345 | 373 | 407 |
| 12.00% | 275 | 293 | 314 | 338 | 366 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,007.00; 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 | 292 · 376 · 480 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.75 |
| Rank correlation with discount rate | −0.59 |
| Rank correlation with revenue growth | +0.17 |
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 | 646 | 697 | 753 | 813 | 878 | 949 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 174 | 188 | 203 | 220 | 237 | 256 |
| margin % | 27.0 | 27.0 | 27.0 | 27.0 | 27.0 | 27.0 |
| less depreciation | (31) | (33) | (36) | (39) | (42) | (46) |
| EBIT | 143 | 155 | 167 | 181 | 195 | 211 |
| less tax on EBIT | (37) | (40) | (43) | (47) | (51) | (55) |
| NOPAT | 106 | 115 | 124 | 134 | 144 | 156 |
| add depreciation | 31 | 33 | 36 | 39 | 42 | 46 |
| less capex | (130) | (140) | (124) | (105) | (82) | (55) |
| less working-capital build | — | (16) | (17) | (19) | (20) | (22) |
| Free cash flow to firm | — | (8) | 18 | 49 | 84 | 125 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | (8) | 16 | 38 | 59 | 78 |
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 172, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 143 | 155 | 167 | 181 | 195 | 211 |
| Interest at 8% on debt | (14) | (14) | (14) | (14) | (14) | |
| Profit before tax | 141 | 153 | 167 | 181 | 197 | |
| Profit after tax | 105 | 105 | 114 | 124 | 134 | 146 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 63 | 45 | 53 | 92 | 167 | 282 |
| Working capital | 200 | 216 | 233 | 252 | 272 | 293 |
| Net block and other assets | 1,104 | 1,210 | 1,299 | 1,365 | 1,405 | 1,414 |
| Debt | 172 | 172 | 172 | 172 | 172 | 172 |
| Equity | 979 | 1,083 | 1,197 | 1,320 | 1,455 | 1,601 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 122 | 133 | 144 | 156 | 170 | |
| Investing (capex) | (140) | (124) | (105) | (82) | (55) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (18) | 8 | 39 | 74 | 115 | |
| Free cash flow to equity | (18) | 8 | 39 | 74 | 115 | |
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% | 27% | 11.00% | 5% | ₹380 | (62.2)% |
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.