Models
MODERN INSULATORS LTD.BSE 515008Electrical Equipment
₹40per 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₹40implied FY26 P/E 2.6× · EV/EBITDA 2.7×
Against CMP ₹447.00−91.0%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3192%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
₹26₹69
52-week rangetraded range, a fact not a value
₹111₹579
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 20 |
| PV of terminal value | 233 |
| Enterprise value | 253 |
| less net debt | (63) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 190 |
| ÷ 4.71 crore shares | ₹40 |
92% 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% | 42 | 47 | 53 | 60 | 69 |
| 10.50% | 37 | 41 | 46 | 52 | 59 |
| 11.00% | 33 | 36 | 40 | 45 | 51 |
| 11.50% | 29 | 32 | 35 | 39 | 44 |
| 12.00% | 26 | 28 | 31 | 35 | 38 |
The outlined cell is your model. Green figures sit above the CMP of ₹447.00; 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 | (114) · 40 · 141 |
| Draws below the CMP | 100% |
| Rank correlation with revenue growth | −0.78 |
| Rank correlation with ebitda margin | +0.60 |
| Rank correlation with discount rate | −0.06 |
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 | 431 | 443 | 503 | 720 | 936 | 1,217 | 1,581 | 2,056 | 2,673 |
| growth % | (2.4) | 2.9 | 13.5 | 43.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 23 | 35 | 44 | 95 | 124 | 161 | 209 | 271 | 353 |
| margin % | 5.4 | 7.9 | 8.8 | 13.2 | 13.2 | 13.2 | 13.2 | 13.2 | 13.2 |
| less depreciation | (9) | (9) | (9) | (10) | (13) | (17) | (22) | (29) | (37) |
| EBIT | 15 | 27 | 36 | 85 | 110 | 144 | 187 | 243 | 315 |
| less tax on EBIT | (18) | (23) | (30) | (39) | (51) | (66) | |||
| NOPAT | 67 | 87 | 114 | 148 | 192 | 249 | |||
| add depreciation | 9 | 9 | 9 | 10 | 13 | 17 | 22 | 29 | 37 |
| less capex | (6) | (6) | (19) | (21) | (27) | (32) | (36) | (41) | (45) |
| less working-capital build | — | (77) | (100) | (130) | (169) | (220) | |||
| Free cash flow to firm | 17 | 8 | 21 | — | (4) | (1) | 4 | 11 | 22 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (3) | (1) | 3 | 8 | 14 |
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 68, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 85 | 110 | 144 | 187 | 243 | 315 |
| Interest at 12.6% on debt | (9) | (9) | (9) | (9) | (9) | |
| Profit before tax | 102 | 135 | 178 | 234 | 307 | |
| Profit after tax | 0 | 81 | 107 | 141 | 185 | 243 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 6 | (5) | (13) | (16) | (12) | 4 |
| Working capital | 256 | 333 | 433 | 563 | 732 | 951 |
| Net block and other assets | 500 | 514 | 529 | 543 | 555 | 562 |
| Debt | 68 | 68 | 68 | 68 | 68 | 68 |
| Equity | 543 | 624 | 731 | 871 | 1,056 | 1,299 |
| Balance check | 0 | 0 | 0 | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | 17 | 24 | 33 | 45 | 61 | |
| Investing (capex) | (27) | (32) | (36) | (41) | (45) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (10) | (8) | (3) | 4 | 16 | |
| Free cash flow to equity | (10) | (8) | (3) | 4 | 16 | |
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 | 30% | 13.2% | 11.00% | 5% | ₹40 | (91.0)% |
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.