Models
MPHASIS LIMITEDMPHASISIT - Software
₹1,673per 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₹1,673implied FY26 P/E 16.7× · EV/EBITDA 11.1×
Against CMP ₹2,295.00−27.1%close of 2026-09-10
Growth the CMP implies25.6%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
₹1,294₹2,429
52-week rangetraded range, a fact not a value
₹2,013₹3,037
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 8,207 |
| PV of terminal value | 24,396 |
| Enterprise value | 32,603 |
| less net debt | (670) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 31,933 |
| ÷ 19.09 crore shares | ₹1,673 |
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% | 1,729 | 1,856 | 2,009 | 2,196 | 2,429 |
| 10.50% | 1,595 | 1,701 | 1,826 | 1,976 | 2,159 |
| 11.00% | 1,480 | 1,569 | 1,673 | 1,796 | 1,943 |
| 11.50% | 1,380 | 1,456 | 1,544 | 1,646 | 1,767 |
| 12.00% | 1,294 | 1,359 | 1,433 | 1,519 | 1,619 |
The outlined cell is your model. Green figures sit above the CMP of ₹2,295.00; 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 | 1,339 · 1,657 · 2,041 |
| Draws below the CMP | 98% |
| Rank correlation with ebitda margin | +0.73 |
| Rank correlation with discount rate | −0.56 |
| Rank correlation with revenue growth | +0.30 |
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 | 13,798 | 13,279 | 14,230 | 15,880 | 17,706 | 19,742 | 22,012 | 24,544 | 27,366 |
| growth % | 15.4 | (3.8) | 7.2 | 11.6 | 11.5 | 11.5 | 11.5 | 11.5 | 11.5 |
| EBITDA | 2,434 | 2,422 | 2,647 | 2,943 | 3,276 | 3,652 | 4,072 | 4,541 | 5,063 |
| margin % | 17.6 | 18.2 | 18.6 | 18.5 | 18.5 | 18.5 | 18.5 | 18.5 | 18.5 |
| less depreciation | (325) | (410) | (476) | (555) | (620) | (691) | (770) | (859) | (958) |
| EBIT | 2,109 | 2,011 | 2,171 | 2,387 | 2,656 | 2,961 | 3,302 | 3,682 | 4,105 |
| less tax on EBIT | (616) | (685) | (764) | (852) | (950) | (1,059) | |||
| NOPAT | 1,771 | 1,971 | 2,197 | 2,450 | 2,732 | 3,046 | |||
| add depreciation | 325 | 410 | 476 | 555 | 620 | 691 | 770 | 859 | 958 |
| less capex | (113) | (94) | (62) | (319) | (354) | (503) | (682) | (896) | (1,149) |
| less working-capital build | — | (327) | (364) | (406) | (453) | (505) | |||
| Free cash flow to firm | 1,349 | 2,086 | 1,843 | — | 1,909 | 2,020 | 2,132 | 2,242 | 2,349 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 1,812 | 1,728 | 1,642 | 1,556 | 1,469 |
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 1,793, dividends at 58.2% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 2,387 | 2,656 | 2,961 | 3,302 | 3,682 | 4,105 |
| Interest at 14% on debt | (251) | (251) | (251) | (251) | (251) | |
| Profit before tax | 2,405 | 2,710 | 3,051 | 3,431 | 3,854 | |
| Profit after tax | 1,863 | 1,784 | 2,011 | 2,264 | 2,545 | 2,860 |
| Dividends | (1,084) | (1,039) | (1,170) | (1,317) | (1,481) | (1,664) |
| Balance sheet, year end | ||||||
| Cash | 1,123 | 1,808 | 2,471 | 3,099 | 3,673 | 4,172 |
| Working capital | 2,837 | 3,163 | 3,528 | 3,934 | 4,387 | 4,893 |
| Net block and other assets | 13,822 | 13,557 | 13,369 | 13,281 | 13,318 | 13,510 |
| Debt | 1,793 | 1,793 | 1,793 | 1,793 | 1,793 | 1,793 |
| Equity | 10,744 | 11,490 | 12,330 | 13,276 | 14,340 | 15,536 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 2,077 | 2,338 | 2,628 | 2,951 | 3,312 | |
| Investing (capex) | (354) | (503) | (682) | (896) | (1,149) | |
| Financing (dividends) | (1,039) | (1,170) | (1,317) | (1,481) | (1,664) | |
| Net change in cash | 685 | 664 | 628 | 574 | 499 | |
| Free cash flow to equity | 1,723 | 1,834 | 1,945 | 2,056 | 2,163 | |
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 | 11.5% | 18.5% | 11.00% | 5% | ₹1,673 | (27.1)% |
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.