Models
POLYSPIN EXPORTS LTD.POLYSPINIndustrial Products
₹-6per 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₹(6)implied FY26 P/E (1.0)× · EV/EBITDA 5.8×
Against CMP ₹29.58−119.0%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3167%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
₹(19)₹21
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 21 |
| PV of terminal value | 44 |
| Enterprise value | 65 |
| less net debt | (71) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (6) |
| ÷ 1.00 crore shares | ₹(6) |
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% | (4) | 1 | 6 | 13 | 21 |
| 10.50% | (8) | (5) | (0) | 5 | 11 |
| 11.00% | (12) | (9) | (6) | (1) | 4 |
| 11.50% | (16) | (13) | (10) | (7) | (2) |
| 12.00% | (19) | (17) | (14) | (11) | (8) |
The outlined cell is your model. Green figures sit above the CMP of ₹29.58; 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 | (20) · (6) · 10 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.87 |
| Rank correlation with discount rate | −0.45 |
| Rank correlation with revenue growth | −0.06 |
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 | 241 | 202 | 225 | 226 | 227 | 228 | 229 | 230 | 231 |
| growth % | (12.8) | (16.2) | 11.3 | 0.3 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| EBITDA | 4 | (1) | 13 | 11 | 11 | 11 | 11 | 12 | 12 |
| margin % | 1.8 | (0.5) | 5.7 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 |
| less depreciation | (4) | (3) | (4) | (5) | (5) | (5) | (5) | (5) | (5) |
| EBIT | 0 | (4) | 8 | 7 | 7 | 7 | 7 | 7 | 7 |
| less tax on EBIT | (1) | (1) | (1) | (1) | (1) | (1) | |||
| NOPAT | 5 | 5 | 5 | 5 | 5 | 5 | |||
| add depreciation | 4 | 3 | 4 | 5 | 5 | 5 | 5 | 5 | 5 |
| less capex | (10) | (13) | (1) | (3) | (3) | (4) | (4) | (5) | (6) |
| less working-capital build | — | (0) | (0) | (0) | (0) | (0) | |||
| Free cash flow to firm | 5 | (5) | (10) | — | 6 | 6 | 5 | 5 | 4 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 6 | 5 | 4 | 3 | 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 71, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 7 | 7 | 7 | 7 | 7 | 7 |
| Interest at 7.3% on debt | (5) | (5) | (5) | (5) | (5) | |
| Profit before tax | 2 | 2 | 2 | 2 | 2 | |
| Profit after tax | 0 | 1 | 1 | 1 | 1 | 1 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 0 | 3 | 4 | 6 | 6 | 7 |
| Working capital | 61 | 61 | 62 | 62 | 62 | 63 |
| Net block and other assets | 102 | 100 | 100 | 99 | 100 | 101 |
| Debt | 71 | 71 | 71 | 71 | 71 | 71 |
| Equity | 70 | 71 | 72 | 74 | 75 | 76 |
| Balance check | 0 | 0 | (0) | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 6 | 6 | 6 | 6 | 6 | |
| Investing (capex) | (3) | (4) | (4) | (5) | (6) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 2 | 2 | 1 | 1 | 0 | |
| Free cash flow to equity | 2 | 2 | 1 | 1 | 0 | |
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 | 0.5% | 5% | 11.00% | 5% | ₹(6) | (119.0)% |
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.