Models
POLSON LTD.BSE 507645Chemicals & Petrochemicals
₹3,254per 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₹3,254implied FY26 P/E 8.2× · EV/EBITDA 4.9×
Against CMP ₹11,050.00−70.6%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
₹2,017₹5,715
52-week rangetraded range, a fact not a value
₹9,530₹12,643
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 23 |
| PV of terminal value | 50 |
| Enterprise value | 73 |
| less net debt | (34) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 39 |
| ÷ 0.01 crore shares | ₹3,254 |
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% | 3,442 | 3,856 | 4,351 | 4,957 | 5,715 |
| 10.50% | 3,004 | 3,347 | 3,753 | 4,240 | 4,835 |
| 11.00% | 2,628 | 2,917 | 3,254 | 3,653 | 4,131 |
| 11.50% | 2,302 | 2,548 | 2,832 | 3,163 | 3,554 |
| 12.00% | 2,017 | 2,228 | 2,470 | 2,749 | 3,074 |
The outlined cell is your model. Green figures sit above the CMP of ₹11,050.00; 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 | 2,015 · 3,269 · 4,662 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.85 |
| Rank correlation with discount rate | −0.50 |
| 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 | 84 | 96 | 93 | 91 | 89 | 87 | 84 | 82 | 80 |
| growth % | (14.0) | 15.0 | (3.2) | (2.3) | (2.5) | (2.5) | (2.5) | (2.5) | (2.5) |
| EBITDA | 16 | 16 | 15 | 15 | 15 | 14 | 14 | 14 | 13 |
| margin % | 18.5 | 16.4 | 16.1 | 16.5 | 16.5 | 16.5 | 16.5 | 16.5 | 16.5 |
| less depreciation | (6) | (6) | (6) | (6) | (6) | (6) | (6) | (6) | (6) |
| EBIT | 10 | 10 | 9 | 9 | 8 | 8 | 8 | 8 | 8 |
| less tax on EBIT | (3) | (2) | (2) | (2) | (2) | (2) | |||
| NOPAT | 6 | 6 | 6 | 6 | 6 | 5 | |||
| add depreciation | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| less capex | (13) | (10) | (10) | (6) | (6) | (6) | (6) | (7) | (7) |
| less working-capital build | — | 1 | 1 | 1 | 1 | 1 | |||
| Free cash flow to firm | (1) | 15 | 7 | — | 7 | 6 | 6 | 5 | 5 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 7 | 5 | 5 | 4 | 3 |
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 35, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 9 | 8 | 8 | 8 | 8 | 8 |
| Interest at 9.4% on debt | (3) | (3) | (3) | (3) | (3) | |
| Profit before tax | 5 | 5 | 5 | 5 | 4 | |
| Profit after tax | 5 | 4 | 3 | 3 | 3 | 3 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 2 | 6 | 10 | 14 | 17 | 19 |
| Working capital | 23 | 23 | 22 | 21 | 21 | 20 |
| Net block and other assets | 165 | 164 | 164 | 165 | 165 | 167 |
| Debt | 35 | 35 | 35 | 35 | 35 | 35 |
| Equity | 131 | 135 | 138 | 142 | 145 | 148 |
| Balance check | 0 | 0 | (0) | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | 10 | 10 | 10 | 10 | 9 | |
| Investing (capex) | (6) | (6) | (6) | (7) | (7) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 5 | 4 | 4 | 3 | 2 | |
| Free cash flow to equity | 5 | 4 | 4 | 3 | 2 | |
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 | -2.5% | 16.5% | 11.00% | 5% | ₹3,254 | (70.6)% |
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.