Models
PRIME FOCUS LIMITEDPFOCUS
₹269per 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₹269implied FY26 P/E 175.0× · EV/EBITDA 18.0×
Against CMP ₹309.30−12.9%close of 2026-09-10
Growth the CMP implies33.4%revenue, a year for 5 years, on your other inputs
Value after FY3179%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
₹194₹420
52-week rangetraded range, a fact not a value
₹161₹367
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 5,394 |
| PV of terminal value | 19,779 |
| Enterprise value | 25,173 |
| less net debt | (4,252) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 20,921 |
| ÷ 77.65 crore shares | ₹269 |
79% 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% | 280 | 306 | 336 | 373 | 420 |
| 10.50% | 254 | 275 | 300 | 330 | 366 |
| 11.00% | 231 | 249 | 269 | 294 | 323 |
| 11.50% | 211 | 226 | 244 | 264 | 288 |
| 12.00% | 194 | 207 | 222 | 239 | 259 |
The outlined cell is your model. Green figures sit above the CMP of ₹309.30; 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 | 166 · 264 · 402 |
| Draws below the CMP | 67% |
| Rank correlation with revenue growth | +0.67 |
| Rank correlation with ebitda margin | +0.62 |
| Rank correlation with discount rate | −0.32 |
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 | 4,644 | 3,930 | 3,599 | 4,676 | 6,079 | 7,902 | 10,273 | 13,355 | 17,361 |
| growth % | 37.2 | (15.4) | (8.4) | 29.9 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 914 | 232 | 406 | 1,399 | 1,817 | 2,363 | 3,072 | 3,993 | 5,191 |
| margin % | 19.7 | 5.9 | 11.3 | 29.9 | 29.9 | 29.9 | 29.9 | 29.9 | 29.9 |
| less depreciation | (467) | (498) | (505) | (658) | (857) | (1,114) | (1,448) | (1,883) | (2,448) |
| EBIT | 447 | (266) | (99) | 741 | 960 | 1,249 | 1,623 | 2,110 | 2,743 |
| less tax on EBIT | (73) | (94) | (122) | (159) | (207) | (269) | |||
| NOPAT | 669 | 866 | 1,126 | 1,464 | 1,903 | 2,474 | |||
| add depreciation | 467 | 498 | 505 | 658 | 857 | 1,114 | 1,448 | 1,883 | 2,448 |
| less capex | (360) | (305) | (365) | (532) | (693) | (1,010) | (1,455) | (2,075) | (2,937) |
| less working-capital build | — | (28) | (36) | (47) | (62) | (80) | |||
| Free cash flow to firm | (106) | (338) | (70) | — | 1,002 | 1,194 | 1,410 | 1,649 | 1,905 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 951 | 1,021 | 1,087 | 1,145 | 1,191 |
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 4,941, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 741 | 960 | 1,249 | 1,623 | 2,110 | 2,743 |
| Interest at 11.4% on debt | (563) | (563) | (563) | (563) | (563) | |
| Profit before tax | 397 | 685 | 1,060 | 1,547 | 2,180 | |
| Profit after tax | 219 | 358 | 618 | 956 | 1,395 | 1,966 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 688 | 1,183 | 1,869 | 2,771 | 3,912 | 5,309 |
| Working capital | 95 | 123 | 159 | 207 | 268 | 349 |
| Net block and other assets | 9,866 | 9,702 | 9,598 | 9,604 | 9,796 | 10,286 |
| Debt | 4,941 | 4,941 | 4,941 | 4,941 | 4,941 | 4,941 |
| Equity | 2,546 | 2,904 | 3,522 | 4,478 | 5,873 | 7,839 |
| Balance check | 0 | 0 | (0) | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | 1,187 | 1,696 | 2,357 | 3,217 | 4,334 | |
| Investing (capex) | (693) | (1,010) | (1,455) | (2,075) | (2,937) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 494 | 686 | 902 | 1,141 | 1,396 | |
| Free cash flow to equity | 494 | 686 | 902 | 1,141 | 1,396 | |
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 | 30% | 29.9% | 11.00% | 5% | ₹269 | (12.9)% |
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.