Models
PB FINTECH LIMITEDPOLICYBZRFinancial Technology (Fintech)
₹60per 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₹60implied FY26 P/E 3.7× · EV/EBITDA 4.0×
Against CMP ₹1,797.30−96.7%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3170%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
₹51₹78
52-week rangetraded range, a fact not a value
₹1,364₹1,964
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 616 |
| PV of terminal value | 1,413 |
| Enterprise value | 2,029 |
| less net debt | 746 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,775 |
| ÷ 46.27 crore shares | ₹60 |
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% | 61 | 64 | 68 | 73 | 78 |
| 10.50% | 58 | 61 | 64 | 67 | 72 |
| 11.00% | 55 | 57 | 60 | 63 | 66 |
| 11.50% | 53 | 55 | 57 | 59 | 62 |
| 12.00% | 51 | 52 | 54 | 56 | 59 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,797.30; 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 | (23) · 60 · 116 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.73 |
| Rank correlation with revenue growth | −0.67 |
| Rank correlation with discount rate | −0.06 |
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 | 2,558 | 3,438 | 4,977 | 6,794 | 8,832 | 11,482 | 14,926 | 19,404 | 25,226 |
| growth % | 79.5 | 34.4 | 44.8 | 36.5 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | (662) | (186) | 135 | 509 | 662 | 861 | 1,119 | 1,455 | 1,892 |
| margin % | (25.9) | (5.4) | 2.7 | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 |
| less depreciation | (64) | (89) | (121) | (136) | (177) | (230) | (299) | (388) | (505) |
| EBIT | (725) | (275) | 13 | 373 | 486 | 632 | 821 | 1,067 | 1,387 |
| less tax on EBIT | (20) | (26) | (33) | (44) | (57) | (74) | |||
| NOPAT | 353 | 460 | 598 | 777 | 1,011 | 1,314 | |||
| add depreciation | 64 | 89 | 121 | 136 | 177 | 230 | 299 | 388 | 505 |
| less capex | (60) | (63) | (97) | (80) | (106) | (172) | (269) | (407) | (605) |
| less working-capital build | — | (377) | (490) | (637) | (828) | (1,077) | |||
| Free cash flow to firm | (359) | (55) | (280) | — | 154 | 165 | 170 | 163 | 136 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 146 | 141 | 131 | 113 | 85 |
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 0, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 373 | 486 | 632 | 821 | 1,067 | 1,387 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 486 | 632 | 821 | 1,067 | 1,387 | |
| Profit after tax | 670 | 460 | 598 | 777 | 1,011 | 1,314 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 746 | 900 | 1,065 | 1,235 | 1,398 | 1,534 |
| Working capital | 1,258 | 1,635 | 2,126 | 2,763 | 3,591 | 4,668 |
| Net block and other assets | 6,702 | 6,631 | 6,574 | 6,544 | 6,563 | 6,664 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 7,318 | 7,778 | 8,376 | 9,153 | 10,164 | 11,478 |
| Balance check | 0 | (0) | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 260 | 337 | 439 | 570 | 741 | |
| Investing (capex) | (106) | (172) | (269) | (407) | (605) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 154 | 165 | 170 | 163 | 136 | |
| Free cash flow to equity | 154 | 165 | 170 | 163 | 136 | |
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% | 7.5% | 11.00% | 5% | ₹60 | (96.7)% |
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.