Models
NEXOME CAPITAL MARKETS LIMITEDBSE 508905Finance
₹272per 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₹272implied FY26 P/E 13.0× · EV/EBITDA 16.7×
Against CMP ₹101.00+169.5%close of 2026-09-10
Growth the CMP implies(10.3)%revenue, a year for 5 years, on your other inputs
Value after FY3180%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
₹208₹400
52-week rangetraded range, a fact not a value
₹69₹161
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 47 |
| PV of terminal value | 190 |
| Enterprise value | 237 |
| less net debt | 3 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 240 |
| ÷ 0.88 crore shares | ₹272 |
80% 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% | 281 | 303 | 329 | 360 | 400 |
| 10.50% | 259 | 277 | 298 | 323 | 354 |
| 11.00% | 240 | 255 | 272 | 293 | 318 |
| 11.50% | 223 | 236 | 250 | 268 | 288 |
| 12.00% | 208 | 219 | 232 | 246 | 263 |
The outlined cell is your model. Green figures sit above the CMP of ₹101.00; 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 | 212 · 270 · 345 |
| Draws below the CMP | 0% |
| Rank correlation with revenue growth | +0.59 |
| Rank correlation with ebitda margin | +0.58 |
| Rank correlation with discount rate | −0.50 |
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 | 53 | 234 | 39 | 48 | 59 | 72 | 87 | 106 | 130 |
| growth % | (21.2) | 341.7 | (83.2) | 22.0 | 22.0 | 22.0 | 22.0 | 22.0 | 22.0 |
| EBITDA | (4) | (2) | (2) | 14 | 17 | 21 | 26 | 32 | 38 |
| margin % | (6.7) | (0.9) | (5.9) | 29.6 | 29.6 | 29.6 | 29.6 | 29.6 | 29.6 |
| less depreciation | (0) | (0) | (1) | (2) | (2) | (3) | (3) | (4) | (5) |
| EBIT | (4) | (2) | (3) | 12 | 15 | 18 | 22 | 27 | 33 |
| less tax on EBIT | (3) | (4) | (5) | (6) | (8) | (9) | |||
| NOPAT | 9 | 11 | 13 | 16 | 20 | 24 | |||
| add depreciation | 0 | 0 | 1 | 2 | 2 | 3 | 3 | 4 | 5 |
| less capex | (0) | (0) | (4) | (3) | (3) | (4) | (4) | (5) | (6) |
| less working-capital build | — | (2) | (3) | (3) | (4) | (5) | |||
| Free cash flow to firm | (7) | (5) | (10) | — | 8 | 10 | 12 | 15 | 18 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 7 | 8 | 9 | 10 | 11 |
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 4, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 12 | 15 | 18 | 22 | 27 | 33 |
| Interest at 14% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 15 | 18 | 22 | 27 | 33 | |
| Profit after tax | 11 | 11 | 13 | 16 | 19 | 24 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 7 | 14 | 24 | 35 | 50 | 68 |
| Working capital | 10 | 12 | 15 | 18 | 22 | 27 |
| Net block and other assets | 166 | 167 | 168 | 169 | 170 | 171 |
| Debt | 4 | 4 | 4 | 4 | 4 | 4 |
| Equity | 172 | 183 | 196 | 211 | 231 | 255 |
| Balance check | 0 | 0 | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 11 | 13 | 16 | 20 | 24 | |
| Investing (capex) | (3) | (4) | (4) | (5) | (6) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 7 | 9 | 12 | 14 | 18 | |
| Free cash flow to equity | 7 | 9 | 12 | 14 | 18 | |
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 | 22% | 29.6% | 11.00% | 5% | ₹272 | 169.5% |
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.