Models
PROTEAN EGOV TECHNO LTDPROTEANIT - Services
₹243per 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₹243implied FY26 P/E 11.9× · EV/EBITDA 8.5×
Against CMP ₹492.00−50.6%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3175%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
₹191₹346
52-week rangetraded range, a fact not a value
₹444₹940
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 231 |
| PV of terminal value | 708 |
| Enterprise value | 939 |
| less net debt | 48 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 987 |
| ÷ 4.06 crore shares | ₹243 |
75% 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% | 251 | 268 | 289 | 314 | 346 |
| 10.50% | 232 | 247 | 264 | 284 | 309 |
| 11.00% | 217 | 229 | 243 | 260 | 280 |
| 11.50% | 203 | 213 | 225 | 239 | 256 |
| 12.00% | 191 | 200 | 210 | 222 | 236 |
The outlined cell is your model. Green figures sit above the CMP of ₹492.00; 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 | 172 · 240 · 319 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.87 |
| Rank correlation with discount rate | −0.35 |
| Rank correlation with revenue growth | +0.27 |
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 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 882 | 841 | 998 | 1,182 | 1,401 | 1,660 | 1,967 | 2,331 |
| growth % | — | (4.7) | 18.7 | 18.5 | 18.5 | 18.5 | 18.5 | 18.5 |
| EBITDA | 89 | 80 | 111 | 131 | 156 | 184 | 218 | 259 |
| margin % | 10.1 | 9.6 | 11.1 | 11.1 | 11.1 | 11.1 | 11.1 | 11.1 |
| less depreciation | (27) | (28) | (47) | (56) | (66) | (78) | (92) | (110) |
| EBIT | 62 | 53 | 64 | 76 | 90 | 106 | 126 | 149 |
| less tax on EBIT | (15) | (17) | (20) | (24) | (29) | (34) | ||
| NOPAT | 49 | 58 | 69 | 82 | 97 | 115 | ||
| add depreciation | 27 | 28 | 47 | 56 | 66 | 78 | 92 | 110 |
| less capex | (8) | (13) | (42) | (50) | (64) | (82) | (104) | (131) |
| less working-capital build | — | (13) | (15) | (18) | (21) | (25) | ||
| Free cash flow to firm | 49 | 180 | — | 52 | 56 | 60 | 65 | 68 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 49 | 48 | 47 | 45 | 43 |
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 0, dividends at 40.3% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 64 | 76 | 90 | 106 | 126 | 149 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 76 | 90 | 106 | 126 | 149 | |
| Profit after tax | 101 | 58 | 69 | 82 | 97 | 115 |
| Dividends | (41) | (24) | (28) | (33) | (39) | (46) |
| Balance sheet, year end | ||||||
| Cash | 48 | 76 | 104 | 132 | 157 | 179 |
| Working capital | 69 | 81 | 96 | 114 | 136 | 161 |
| Net block and other assets | 1,357 | 1,351 | 1,349 | 1,353 | 1,364 | 1,386 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 1,077 | 1,112 | 1,154 | 1,203 | 1,261 | 1,329 |
| Balance check | 0 | 0 | 0 | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 101 | 120 | 142 | 168 | 200 | |
| Investing (capex) | (50) | (64) | (82) | (104) | (131) | |
| Financing (dividends) | (24) | (28) | (33) | (39) | (46) | |
| Net change in cash | 28 | 28 | 27 | 25 | 22 | |
| Free cash flow to equity | 52 | 56 | 60 | 65 | 68 | |
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 | 18.5% | 11.1% | 11.00% | 5% | ₹243 | (50.6)% |
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.