Models
PRINCE PIPES FITTINGS LTDPRINCEPIPEIndustrial Products
₹37per 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₹37implied FY26 P/E 4.0× · EV/EBITDA 1.8×
Against CMP ₹266.85−86.2%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3196%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
₹26₹58
52-week rangetraded range, a fact not a value
₹205₹353
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 17 |
| PV of terminal value | 403 |
| Enterprise value | 420 |
| less net debt | (12) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 408 |
| ÷ 11.06 crore shares | ₹37 |
96% 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% | 38 | 42 | 46 | 52 | 58 |
| 10.50% | 35 | 38 | 41 | 45 | 51 |
| 11.00% | 31 | 34 | 37 | 40 | 45 |
| 11.50% | 29 | 31 | 33 | 36 | 40 |
| 12.00% | 26 | 28 | 30 | 33 | 36 |
The outlined cell is your model. Green figures sit above the CMP of ₹266.85; 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 | 11 · 37 · 63 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.96 |
| Rank correlation with discount rate | −0.19 |
| Rank correlation with revenue growth | −0.14 |
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 | 2,711 | 2,569 | 2,524 | 2,598 | 2,676 | 2,757 | 2,839 | 2,924 | 3,012 |
| growth % | 2.0 | (5.2) | (1.7) | 2.9 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| EBITDA | 250 | 325 | 162 | 229 | 236 | 243 | 250 | 257 | 265 |
| margin % | 9.2 | 12.7 | 6.4 | 8.8 | 8.8 | 8.8 | 8.8 | 8.8 | 8.8 |
| less depreciation | (83) | (91) | (107) | (131) | (134) | (138) | (142) | (146) | (151) |
| EBIT | 167 | 234 | 55 | 98 | 102 | 105 | 108 | 111 | 114 |
| less tax on EBIT | (26) | (27) | (27) | (28) | (29) | (30) | |||
| NOPAT | 72 | 75 | 77 | 80 | 82 | 85 | |||
| add depreciation | 83 | 91 | 107 | 131 | 134 | 138 | 142 | 146 | 151 |
| less capex | (96) | (187) | (256) | (211) | (217) | (209) | (200) | (191) | (181) |
| less working-capital build | — | (14) | (14) | (15) | (15) | (16) | |||
| Free cash flow to firm | 264 | (154) | (137) | — | (22) | (8) | 7 | 22 | 39 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (21) | (7) | 5 | 15 | 24 |
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 140, dividends at 7.5% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 98 | 102 | 105 | 108 | 111 | 114 |
| Interest at 4.8% on debt | (7) | (7) | (7) | (7) | (7) | |
| Profit before tax | 95 | 98 | 101 | 104 | 108 | |
| Profit after tax | 73 | 70 | 72 | 75 | 77 | 80 |
| Dividends | (6) | (5) | (5) | (6) | (6) | (6) |
| Balance sheet, year end | ||||||
| Cash | 128 | 96 | 78 | 74 | 86 | 113 |
| Working capital | 466 | 480 | 495 | 509 | 525 | 540 |
| Net block and other assets | 1,829 | 1,912 | 1,983 | 2,041 | 2,086 | 2,116 |
| Debt | 140 | 140 | 140 | 140 | 140 | 140 |
| Equity | 1,645 | 1,709 | 1,776 | 1,846 | 1,917 | 1,991 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 190 | 196 | 202 | 208 | 215 | |
| Investing (capex) | (217) | (209) | (200) | (191) | (181) | |
| Financing (dividends) | (5) | (5) | (6) | (6) | (6) | |
| Net change in cash | (32) | (18) | (4) | 12 | 28 | |
| Free cash flow to equity | (27) | (13) | 2 | 17 | 34 | |
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 | 3% | 8.8% | 11.00% | 5% | ₹37 | (86.2)% |
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.