Models
PASUPATI ACRYLON LIMITEDPASUPTAC
₹214per 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₹214implied FY26 P/E 20.0× · EV/EBITDA 17.8×
Against CMP ₹70.75+202.6%close of 8 Oct 2026
Growth the CMP implies(13.4)%revenue, a year for 5 years, on your other inputs
Value after FY3181%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
₹161₹320
52-week rangetraded range, a fact not a value
₹40₹81
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 373 |
| PV of terminal value | 1,601 |
| Enterprise value | 1,973 |
| less net debt | (65) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,908 |
| ÷ 8.91 crore shares | ₹214 |
81% 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% | 222 | 240 | 261 | 287 | 320 |
| 10.50% | 203 | 218 | 235 | 257 | 282 |
| 11.00% | 187 | 200 | 214 | 231 | 252 |
| 11.50% | 173 | 184 | 196 | 210 | 227 |
| 12.00% | 161 | 170 | 181 | 193 | 207 |
The outlined cell is your model. Green figures sit above the CMP of ₹70.75; 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 | 159 · 210 · 277 |
| Draws below the CMP | 0% |
| Rank correlation with ebitda margin | +0.71 |
| Rank correlation with revenue growth | +0.46 |
| Rank correlation with discount rate | −0.46 |
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 | 828 | 575 | 621 | 1,010 | 1,313 | 1,707 | 2,219 | 2,885 | 3,751 |
| growth % | 6.8 | (30.5) | 8.0 | 62.6 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 50 | 16 | 45 | 111 | 143 | 186 | 242 | 314 | 409 |
| margin % | 6.0 | 2.8 | 7.2 | 10.9 | 10.9 | 10.9 | 10.9 | 10.9 | 10.9 |
| less depreciation | (6) | (6) | (6) | (12) | (16) | (20) | (27) | (35) | (45) |
| EBIT | 44 | 10 | 39 | 98 | 127 | 166 | 215 | 280 | 364 |
| less tax on EBIT | (25) | (33) | (43) | (56) | (72) | (94) | |||
| NOPAT | 73 | 94 | 123 | 160 | 207 | 270 | |||
| add depreciation | 6 | 6 | 6 | 12 | 16 | 20 | 27 | 35 | 45 |
| less capex | (4) | (95) | (104) | (11) | (14) | (20) | (28) | (39) | (54) |
| less working-capital build | — | (37) | (48) | (63) | (82) | (106) | |||
| Free cash flow to firm | 26 | (22) | (97) | — | 58 | 75 | 95 | 121 | 154 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 55 | 64 | 73 | 84 | 96 |
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 107, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 98 | 127 | 166 | 215 | 280 | 364 |
| Interest at 11.5% on debt | (12) | (12) | (12) | (12) | (12) | |
| Profit before tax | 115 | 153 | 203 | 268 | 351 | |
| Profit after tax | 70 | 85 | 114 | 150 | 198 | 260 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 43 | 92 | 157 | 243 | 355 | 500 |
| Working capital | 124 | 161 | 210 | 273 | 355 | 461 |
| Net block and other assets | 471 | 470 | 469 | 471 | 475 | 484 |
| Debt | 107 | 107 | 107 | 107 | 107 | 107 |
| Equity | 435 | 521 | 634 | 785 | 983 | 1,243 |
| Balance check | 0 | (0) | 0 | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 64 | 86 | 114 | 151 | 199 | |
| Investing (capex) | (14) | (20) | (28) | (39) | (54) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 49 | 65 | 86 | 112 | 145 | |
| Free cash flow to equity | 49 | 65 | 86 | 112 | 145 | |
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% | 10.9% | 11.00% | 5% | ₹214 | 202.6% |
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.