Models
PIX TRANSMISSIONS LIMITEDPIXTRANSIndustrial Products
₹1,002per 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₹1,002implied FY26 P/E 10.4× · EV/EBITDA 8.4×
Against CMP ₹1,722.90−41.8%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3172%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
₹800₹1,405
52-week rangetraded range, a fact not a value
₹1,252₹2,089
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 361 |
| PV of terminal value | 927 |
| Enterprise value | 1,288 |
| less net debt | 77 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,365 |
| ÷ 1.36 crore shares | ₹1,002 |
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% | 1,032 | 1,100 | 1,181 | 1,281 | 1,405 |
| 10.50% | 961 | 1,017 | 1,083 | 1,163 | 1,261 |
| 11.00% | 899 | 947 | 1,002 | 1,067 | 1,146 |
| 11.50% | 846 | 886 | 933 | 987 | 1,052 |
| 12.00% | 800 | 834 | 874 | 920 | 973 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,722.90; 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 | 857 · 1,003 · 1,179 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.70 |
| Rank correlation with discount rate | −0.69 |
| 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 | 486 | 493 | 589 | 582 | 576 | 571 | 565 | 559 | 554 |
| growth % | 8.2 | 1.4 | 19.5 | (1.2) | (1.0) | (1.0) | (1.0) | (1.0) | (1.0) |
| EBITDA | 104 | 120 | 162 | 153 | 152 | 150 | 149 | 147 | 146 |
| margin % | 21.4 | 24.3 | 27.5 | 26.3 | 26.3 | 26.3 | 26.3 | 26.3 | 26.3 |
| less depreciation | (23) | (23) | (24) | (23) | (23) | (23) | (23) | (22) | (22) |
| EBIT | 80 | 97 | 139 | 130 | 129 | 127 | 126 | 125 | 123 |
| less tax on EBIT | (33) | (33) | (33) | (33) | (32) | (32) | |||
| NOPAT | 96 | 95 | 94 | 93 | 93 | 92 | |||
| add depreciation | 23 | 23 | 24 | 23 | 23 | 23 | 23 | 22 | 22 |
| less capex | (24) | (22) | (21) | (25) | (25) | (25) | (26) | (26) | (27) |
| less working-capital build | — | 2 | 2 | 2 | 2 | 2 | |||
| Free cash flow to firm | 88 | 115 | 87 | — | 96 | 94 | 92 | 91 | 89 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 91 | 80 | 71 | 63 | 56 |
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 24, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 130 | 129 | 127 | 126 | 125 | 123 |
| Interest at 10.2% on debt | (2) | (2) | (2) | (2) | (2) | |
| Profit before tax | 126 | 125 | 124 | 122 | 121 | |
| Profit after tax | 0 | 94 | 93 | 92 | 91 | 90 |
| Dividends | (12) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 101 | 195 | 287 | 378 | 467 | 554 |
| Working capital | 211 | 209 | 207 | 205 | 203 | 201 |
| Net block and other assets | 518 | 520 | 522 | 525 | 529 | 534 |
| Debt | 24 | 24 | 24 | 24 | 24 | 24 |
| Equity | 697 | 790 | 883 | 974 | 1,065 | 1,155 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 119 | 118 | 116 | 115 | 114 | |
| Investing (capex) | (25) | (25) | (26) | (26) | (27) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 94 | 92 | 91 | 89 | 87 | |
| Free cash flow to equity | 94 | 92 | 91 | 89 | 87 | |
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% | 26.3% | 11.00% | 5% | ₹1,002 | (41.8)% |
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.