PANTH INFINITY LIMITED — valuation model

PANTH INFINITY LIMITEDBSE 539143Diversified

₹109per 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₹109implied FY26 P/E —× · EV/EBITDA 16.0×

Against CMP ₹9.99+988.7%close of 2026-09-10

Growth the CMP implies(20.0)%revenue, a year for 5 years, on your other inputs

Value after FY3176%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

₹81₹164

52-week rangetraded range, a fact not a value

₹6₹15

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	163
PV of terminal value	512
Enterprise value	675
less net debt	(75)
less non-controlling interest	0
add non-operating investments	0
Equity value	600
÷ 5.52 crore shares	₹109

76% 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%	113	122	133	147	164
10.50%	103	111	120	131	144
11.00%	95	101	109	118	128
11.50%	88	93	99	107	116
12.00%	81	86	91	98	105

The outlined cell is your model. Green figures sit above the CMP of ₹9.99; 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	89 · 108 · 132
Draws below the CMP	0%
Rank correlation with discount rate	−0.69
Rank correlation with ebitda margin	+0.64
Rank correlation with revenue growth	+0.24

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	282	305	329	355	384	414
growth %	—	8.0	8.0	8.0	8.0	8.0
EBITDA	42	45	49	53	57	62
margin %	14.9	14.9	14.9	14.9	14.9	14.9
less depreciation	(0)	0	0	0	0	0
EBIT	42	45	49	53	57	62
less tax on EBIT	(3)	(3)	(4)	(4)	(4)	(4)
NOPAT	39	42	45	49	53	57
add depreciation	0	0	0	0	0	0
less capex	0	0	0	0	0	0
less working-capital build	—	(6)	(6)	(7)	(7)	(8)
Free cash flow to firm	—	36	39	42	46	49
Discount factor		0.949	0.855	0.770	0.694	0.625
Present value		34	33	33	32	31

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 75, dividends at 0% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	42	45	49	53	57	62
Interest at 8% on debt		(6)	(6)	(6)	(6)	(6)
Profit before tax		39	43	47	51	56
Profit after tax	39	37	40	44	48	52
Dividends	0	0	0	0	0	0
Balance sheet, year end
Cash	0	31	65	101	141	185
Working capital	74	80	86	93	100	108
Net block and other assets	125	125	125	125	125	125
Debt	75	75	75	75	75	75
Equity	99	135	175	219	266	318
Balance check	0	(0)	(0)	(0)	(0)	(0)
Cash flow
From operations		31	34	37	40	44
Investing (capex)		0	0	0	0	0
Financing (dividends)		0	0	0	0	0
Net change in cash		31	34	37	40	44
Free cash flow to equity		31	34	37	40	44

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%	14.9%	11.00%	5%	₹109	988.7%

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.