Models
PIDILITE INDUSTRIES LTDPIDILITINDChemicals & Petrochemicals
₹445per share · Base Model Note
Scenario
Value per share, your model₹445implied FY26 P/E 17.1× · EV/EBITDA 12.9×
Against CMP ₹1,566.90−71.6%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3177%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
₹343₹648
52-week rangetraded range, a fact not a value
₹1,259₹1,708
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 10,200 |
| PV of terminal value | 34,985 |
| Enterprise value | 45,185 |
| less net debt | 127 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 45,312 |
| ÷ 101.78 crore shares | ₹445 |
77% 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% | 460 | 494 | 535 | 586 | 648 |
| 10.50% | 424 | 453 | 486 | 527 | 576 |
| 11.00% | 393 | 417 | 445 | 478 | 518 |
| 11.50% | 367 | 387 | 411 | 438 | 470 |
| 12.00% | 343 | 361 | 381 | 404 | 431 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,566.90; 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 | 364 · 443 · 539 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.63 |
| Rank correlation with discount rate | −0.61 |
| Rank correlation with revenue growth | +0.40 |
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 | 11,799 | 12,383 | 13,140 | 14,601 | 16,207 | 17,990 | 19,969 | 22,165 | 24,603 |
| growth % | 18.9 | 4.9 | 6.1 | 11.1 | 11.0 | 11.0 | 11.0 | 11.0 | 11.0 |
| EBITDA | 1,984 | 2,636 | 2,988 | 3,505 | 3,890 | 4,318 | 4,792 | 5,320 | 5,905 |
| margin % | 16.8 | 21.3 | 22.7 | 24.0 | 24.0 | 24.0 | 24.0 | 24.0 | 24.0 |
| less depreciation | (270) | (341) | (358) | (395) | (438) | (486) | (539) | (598) | (664) |
| EBIT | 1,715 | 2,295 | 2,629 | 3,111 | 3,452 | 3,832 | 4,253 | 4,721 | 5,240 |
| less tax on EBIT | (796) | (884) | (981) | (1,089) | (1,209) | (1,342) | |||
| NOPAT | 2,314 | 2,568 | 2,851 | 3,164 | 3,513 | 3,899 | |||
| add depreciation | 270 | 341 | 358 | 395 | 438 | 486 | 539 | 598 | 664 |
| less capex | (505) | (559) | (452) | (593) | (664) | (699) | (733) | (766) | (797) |
| less working-capital build | — | (262) | (291) | (323) | (358) | (397) | |||
| Free cash flow to firm | 1,052 | 2,166 | 1,833 | — | 2,080 | 2,347 | 2,648 | 2,987 | 3,369 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 1,974 | 2,007 | 2,040 | 2,073 | 2,106 |
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 106, dividends at 62.3% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 3,111 | 3,452 | 3,832 | 4,253 | 4,721 | 5,240 |
| Interest at 8% on debt | (8) | (8) | (8) | (8) | (8) | |
| Profit before tax | 3,444 | 3,823 | 4,245 | 4,713 | 5,232 | |
| Profit after tax | 2,449 | 2,562 | 2,845 | 3,158 | 3,506 | 3,893 |
| Dividends | (1,526) | (1,596) | (1,772) | (1,968) | (2,184) | (2,425) |
| Balance sheet, year end | ||||||
| Cash | 232 | 710 | 1,278 | 1,953 | 2,749 | 3,686 |
| Working capital | 2,380 | 2,642 | 2,933 | 3,255 | 3,613 | 4,011 |
| Net block and other assets | 12,820 | 13,047 | 13,260 | 13,454 | 13,621 | 13,754 |
| Debt | 106 | 106 | 106 | 106 | 106 | 106 |
| Equity | 11,049 | 12,015 | 13,087 | 14,278 | 15,599 | 17,067 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 2,738 | 3,040 | 3,375 | 3,747 | 4,159 | |
| Investing (capex) | (664) | (699) | (733) | (766) | (797) | |
| Financing (dividends) | (1,596) | (1,772) | (1,968) | (2,184) | (2,425) | |
| Net change in cash | 477 | 569 | 674 | 796 | 937 | |
| Free cash flow to equity | 2,073 | 2,341 | 2,642 | 2,981 | 3,362 | |
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 | 11% | 24% | 11.00% | 5% | ₹445 | (71.6)% |
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.