Models
PASUPATI SPG.& WVG.MILLS LTD.BSE 503092Textiles & Apparels
₹14per 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₹14implied FY26 P/E 3.4× · EV/EBITDA 7.5×
Against CMP ₹35.82−61.8%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3165%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
₹0₹40
52-week rangetraded range, a fact not a value
₹26₹41
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 22 |
| PV of terminal value | 42 |
| Enterprise value | 64 |
| less net debt | (51) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 13 |
| ÷ 0.93 crore shares | ₹14 |
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% | 16 | 20 | 26 | 32 | 40 |
| 10.50% | 11 | 15 | 19 | 24 | 31 |
| 11.00% | 7 | 10 | 14 | 18 | 23 |
| 11.50% | 3 | 6 | 9 | 13 | 17 |
| 12.00% | 0 | 3 | 5 | 8 | 12 |
The outlined cell is your model. Green figures sit above the CMP of ₹35.82; 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 | 3 · 14 · 26 |
| Draws below the CMP | 99% |
| Rank correlation with ebitda margin | +0.75 |
| Rank correlation with discount rate | −0.64 |
| Rank correlation with revenue growth | −0.03 |
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 | 137 | 108 | 101 | 99 | 98 | 97 | 96 | 95 | 94 |
| growth % | 35.1 | (21.5) | (6.9) | (1.2) | (1.0) | (1.0) | (1.0) | (1.0) | (1.0) |
| EBITDA | 7 | 6 | 7 | 8 | 8 | 8 | 8 | 8 | 8 |
| margin % | 4.8 | 5.3 | 6.5 | 8.5 | 8.5 | 8.5 | 8.5 | 8.5 | 8.5 |
| less depreciation | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) | (2) |
| EBIT | 5 | 4 | 4 | 6 | 6 | 6 | 6 | 6 | 6 |
| less tax on EBIT | (2) | (2) | (2) | (2) | (2) | (2) | |||
| NOPAT | 4 | 4 | 4 | 4 | 4 | 4 | |||
| add depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| less capex | (3) | (5) | (9) | 0 | 0 | (1) | (1) | (2) | (3) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | 13 | 10 | (5) | — | 7 | 6 | 5 | 5 | 4 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 7 | 5 | 4 | 3 | 3 |
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 51, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 6 | 6 | 6 | 6 | 6 | 6 |
| Interest at 8.3% on debt | (4) | (4) | (4) | (4) | (4) | |
| Profit before tax | 2 | 2 | 2 | 2 | 2 | |
| Profit after tax | 2 | 1 | 1 | 1 | 1 | 1 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 0 | 4 | 7 | 10 | 12 | 13 |
| Working capital | 46 | 45 | 45 | 44 | 44 | 44 |
| Net block and other assets | 62 | 59 | 58 | 57 | 56 | 57 |
| Debt | 51 | 51 | 51 | 51 | 51 | 51 |
| Equity | 34 | 35 | 36 | 37 | 38 | 39 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 4 | 4 | 4 | 4 | 4 | |
| Investing (capex) | 0 | (1) | (1) | (2) | (3) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 4 | 3 | 3 | 2 | 1 | |
| Free cash flow to equity | 4 | 3 | 3 | 2 | 1 | |
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 | -1% | 8.5% | 11.00% | 5% | ₹14 | (61.8)% |
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.