Models
PIONEER EMBROIDERIES LTDPIONEEREMBTextiles & Apparels
₹-13per 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₹(13)implied FY26 P/E —× · EV/EBITDA 2.4×
Against CMP ₹20.50−164.9%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3151%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
₹(15)₹(9)
52-week rangetraded range, a fact not a value
₹20₹39
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 21 |
| PV of terminal value | 22 |
| Enterprise value | 43 |
| less net debt | (84) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (41) |
| ÷ 3.08 crore shares | ₹(13) |
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% | (13) | (12) | (11) | (10) | (9) |
| 10.50% | (14) | (13) | (12) | (12) | (11) |
| 11.00% | (14) | (14) | (13) | (13) | (12) |
| 11.50% | (15) | (15) | (14) | (13) | (13) |
| 12.00% | (15) | (15) | (15) | (14) | (14) |
The outlined cell is your model. Green figures sit above the CMP of ₹20.50; 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 | (19) · (13) · (8) |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.97 |
| Rank correlation with discount rate | −0.21 |
| Rank correlation with revenue growth | −0.02 |
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 | 295 | 336 | 375 | 336 | 319 | 303 | 288 | 274 | 260 |
| growth % | 0.9 | 14.0 | 11.6 | (10.4) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 19 | 22 | 25 | 18 | 17 | 16 | 16 | 15 | 14 |
| margin % | 6.5 | 6.6 | 6.7 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 |
| less depreciation | (8) | (13) | (16) | (15) | (14) | (13) | (13) | (12) | (11) |
| EBIT | 11 | 10 | 10 | 3 | 3 | 3 | 3 | 3 | 3 |
| less tax on EBIT | (1) | (1) | (1) | (1) | (0) | (0) | |||
| NOPAT | 3 | 3 | 2 | 2 | 2 | 2 | |||
| add depreciation | 8 | 13 | 16 | 15 | 14 | 13 | 13 | 12 | 11 |
| less capex | (70) | (34) | (9) | (12) | (11) | (12) | (13) | (13) | (14) |
| less working-capital build | — | 3 | 3 | 3 | 2 | 2 | |||
| Free cash flow to firm | (59) | (22) | 24 | — | 8 | 7 | 5 | 3 | 2 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 8 | 6 | 4 | 2 | 1 |
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 85, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 3 | 3 | 3 | 3 | 3 | 3 |
| Interest at 10.6% on debt | (9) | (9) | (9) | (9) | (9) | |
| Profit before tax | (6) | (6) | (6) | (6) | (6) | |
| Profit after tax | 1 | (5) | (5) | (5) | (5) | (5) |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 1 | 2 | 1 | (1) | (5) | (11) |
| Working capital | 56 | 53 | 50 | 48 | 45 | 43 |
| Net block and other assets | 269 | 267 | 265 | 265 | 266 | 269 |
| Debt | 85 | 85 | 85 | 85 | 85 | 85 |
| Equity | 157 | 152 | 147 | 142 | 137 | 131 |
| Balance check | 0 | 0 | 0 | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 12 | 11 | 10 | 9 | 8 | |
| Investing (capex) | (11) | (12) | (13) | (13) | (14) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 1 | (1) | (3) | (4) | (5) | |
| Free cash flow to equity | 1 | (1) | (3) | (4) | (5) | |
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 | -5% | 5.4% | 11.00% | 5% | ₹(13) | (164.9)% |
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.