Models
PACE DIGITEK LIMITEDPACEDIGITKTelecom - Services
₹193per 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₹193implied FY26 P/E 12.3× · EV/EBITDA 10.7×
Against CMP ₹158.37+21.8%close of 2026-09-10
Growth the CMP implies(2.1)%revenue, a year for 5 years, on your other inputs
Value after FY3179%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
₹140₹298
52-week rangetraded range, a fact not a value
₹140₹232
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,002 |
| PV of terminal value | 3,853 |
| Enterprise value | 4,855 |
| less net debt | (691) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 4,164 |
| ÷ 21.59 crore shares | ₹193 |
79% 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% | 201 | 218 | 240 | 266 | 298 |
| 10.50% | 182 | 197 | 214 | 235 | 261 |
| 11.00% | 166 | 178 | 193 | 210 | 231 |
| 11.50% | 152 | 163 | 175 | 189 | 206 |
| 12.00% | 140 | 149 | 160 | 172 | 186 |
The outlined cell is your model. Green figures sit above the CMP of ₹158.37; 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 | 154 · 191 · 238 |
| Draws below the CMP | 14% |
| Rank correlation with ebitda margin | +0.70 |
| Rank correlation with discount rate | −0.66 |
| Rank correlation with revenue growth | +0.13 |
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 | 2,641 | 2,853 | 3,081 | 3,327 | 3,593 | 3,881 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 455 | 491 | 530 | 572 | 618 | 668 |
| margin % | 17.2 | 17.2 | 17.2 | 17.2 | 17.2 | 17.2 |
| less depreciation | (12) | (14) | (15) | (17) | (18) | (19) |
| EBIT | 443 | 476 | 514 | 556 | 600 | 648 |
| less tax on EBIT | (126) | (136) | (147) | (158) | (171) | (185) |
| NOPAT | 317 | 341 | 368 | 397 | 429 | 463 |
| add depreciation | 12 | 14 | 15 | 17 | 18 | 19 |
| less capex | (106) | (114) | (97) | (77) | (52) | (23) |
| less working-capital build | — | (65) | (70) | (76) | (82) | (89) |
| Free cash flow to firm | — | 176 | 216 | 261 | 313 | 371 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 167 | 185 | 201 | 217 | 232 |
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 961, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 443 | 476 | 514 | 556 | 600 | 648 |
| Interest at 6.2% on debt | (60) | (60) | (60) | (60) | (60) | |
| Profit before tax | 417 | 455 | 496 | 541 | 589 | |
| Profit after tax | 298 | 298 | 325 | 355 | 386 | 421 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 270 | 403 | 576 | 795 | 1,066 | 1,394 |
| Working capital | 815 | 880 | 950 | 1,026 | 1,108 | 1,197 |
| Net block and other assets | 4,229 | 4,329 | 4,411 | 4,471 | 4,505 | 4,509 |
| Debt | 961 | 961 | 961 | 961 | 961 | 961 |
| Equity | 2,252 | 2,550 | 2,876 | 3,230 | 3,617 | 4,038 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 247 | 270 | 295 | 322 | 352 | |
| Investing (capex) | (114) | (97) | (77) | (52) | (23) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 133 | 173 | 219 | 270 | 328 | |
| Free cash flow to equity | 133 | 173 | 219 | 270 | 328 | |
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% | 17.2% | 11.00% | 5% | ₹193 | 21.8% |
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.