Models
PDS LIMITEDPDSLTextiles & Apparels
₹199per 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₹199implied FY26 P/E 23.9× · EV/EBITDA 8.3×
Against CMP ₹347.10−42.6%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3168%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
₹153₹290
52-week rangetraded range, a fact not a value
₹246₹419
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,021 |
| PV of terminal value | 2,171 |
| Enterprise value | 3,192 |
| less net debt | (380) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,812 |
| ÷ 14.12 crore shares | ₹199 |
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% | 206 | 221 | 240 | 262 | 290 |
| 10.50% | 190 | 203 | 218 | 236 | 258 |
| 11.00% | 176 | 187 | 199 | 214 | 232 |
| 11.50% | 164 | 173 | 183 | 196 | 210 |
| 12.00% | 153 | 161 | 170 | 180 | 192 |
The outlined cell is your model. Green figures sit above the CMP of ₹347.10; 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 · 198 · 248 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.83 |
| Rank correlation with discount rate | −0.50 |
| Rank correlation with revenue growth | +0.07 |
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 | 10,577 | 10,373 | 12,578 | 13,110 | 13,634 | 14,180 | 14,747 | 15,337 | 15,950 |
| growth % | 19.8 | (1.9) | 21.3 | 4.2 | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| EBITDA | 459 | 398 | 457 | 385 | 395 | 411 | 428 | 445 | 463 |
| margin % | 4.3 | 3.8 | 3.6 | 2.9 | 2.9 | 2.9 | 2.9 | 2.9 | 2.9 |
| less depreciation | (80) | (93) | (111) | (131) | (136) | (142) | (147) | (153) | (160) |
| EBIT | 379 | 305 | 346 | 254 | 259 | 269 | 280 | 291 | 303 |
| less tax on EBIT | (34) | (35) | (36) | (38) | (39) | (41) | |||
| NOPAT | 220 | 224 | 233 | 243 | 252 | 262 | |||
| add depreciation | 80 | 93 | 111 | 131 | 136 | 142 | 147 | 153 | 160 |
| less capex | (32) | (162) | (91) | (36) | (41) | (74) | (111) | (150) | (191) |
| less working-capital build | — | (18) | (19) | (20) | (21) | (21) | |||
| Free cash flow to firm | 478 | 27 | (128) | — | 301 | 282 | 260 | 236 | 209 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 286 | 241 | 200 | 163 | 131 |
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 1,141, dividends at 83.5% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 254 | 259 | 269 | 280 | 291 | 303 |
| Interest at 13% on debt | (148) | (148) | (148) | (148) | (148) | |
| Profit before tax | 111 | 121 | 132 | 143 | 155 | |
| Profit after tax | 112 | 96 | 105 | 114 | 124 | 134 |
| Dividends | (93) | (80) | (88) | (95) | (103) | (112) |
| Balance sheet, year end | ||||||
| Cash | 760 | 853 | 919 | 955 | 958 | 927 |
| Working capital | 463 | 482 | 501 | 521 | 541 | 563 |
| Net block and other assets | 4,042 | 3,946 | 3,879 | 3,842 | 3,838 | 3,870 |
| Debt | 1,141 | 1,141 | 1,141 | 1,141 | 1,141 | 1,141 |
| Equity | 1,859 | 1,875 | 1,892 | 1,911 | 1,931 | 1,954 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 214 | 228 | 242 | 257 | 272 | |
| Investing (capex) | (41) | (74) | (111) | (150) | (191) | |
| Financing (dividends) | (80) | (88) | (95) | (103) | (112) | |
| Net change in cash | 93 | 66 | 36 | 4 | (31) | |
| Free cash flow to equity | 173 | 153 | 131 | 107 | 81 | |
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 | 4% | 2.9% | 11.00% | 5% | ₹199 | (42.6)% |
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.