Models
PTC INDIA LIMITEDPTCPower
₹306per 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₹306implied FY26 P/E 17.8× · EV/EBITDA 12.0×
Against CMP ₹153.02+100.0%close of 2026-09-10
Growth the CMP implies(13.9)%revenue, a year for 5 years, on your other inputs
Value after FY3174%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
₹228₹462
52-week rangetraded range, a fact not a value
₹150₹230
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 2,755 |
| PV of terminal value | 7,785 |
| Enterprise value | 10,540 |
| less net debt | (1,482) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 9,058 |
| ÷ 29.60 crore shares | ₹306 |
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% | 318 | 344 | 375 | 414 | 462 |
| 10.50% | 290 | 312 | 337 | 368 | 406 |
| 11.00% | 266 | 285 | 306 | 331 | 362 |
| 11.50% | 246 | 261 | 279 | 300 | 325 |
| 12.00% | 228 | 241 | 257 | 274 | 295 |
The outlined cell is your model. Green figures sit above the CMP of ₹153.02; 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 | 253 · 303 · 368 |
| Draws below the CMP | 0% |
| Rank correlation with discount rate | −0.72 |
| Rank correlation with ebitda margin | +0.63 |
| Rank correlation with revenue growth | +0.15 |
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 | 15,971 | 16,763 | 16,241 | 16,771 | 17,358 | 17,965 | 18,594 | 19,245 | 19,918 |
| growth % | (5.3) | 5.0 | (3.1) | 3.3 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 |
| EBITDA | 1,352 | 1,042 | 1,436 | 878 | 903 | 934 | 967 | 1,001 | 1,036 |
| margin % | 8.5 | 6.2 | 8.8 | 5.2 | 5.2 | 5.2 | 5.2 | 5.2 | 5.2 |
| less depreciation | (102) | (10) | (9) | (10) | (17) | (18) | (19) | (19) | (20) |
| EBIT | 1,250 | 1,032 | 1,426 | 868 | 885 | 916 | 948 | 981 | 1,016 |
| less tax on EBIT | (195) | (199) | (206) | (213) | (221) | (229) | |||
| NOPAT | 673 | 686 | 710 | 735 | 761 | 787 | |||
| add depreciation | 102 | 10 | 9 | 10 | 17 | 18 | 19 | 19 | 20 |
| less capex | (1) | (3) | (5) | (4) | 0 | (5) | (11) | (17) | (24) |
| less working-capital build | — | (29) | (30) | (31) | (33) | (34) | |||
| Free cash flow to firm | 3,574 | 2,448 | 1,915 | — | 674 | 692 | 711 | 730 | 750 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 640 | 592 | 548 | 507 | 469 |
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 1,757, dividends at 71.8% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 868 | 885 | 916 | 948 | 981 | 1,016 |
| Interest at 13.2% on debt | (232) | (232) | (232) | (232) | (232) | |
| Profit before tax | 653 | 684 | 716 | 750 | 784 | |
| Profit after tax | 606 | 506 | 530 | 555 | 581 | 608 |
| Dividends | (435) | (364) | (381) | (399) | (417) | (436) |
| Balance sheet, year end | ||||||
| Cash | 275 | 406 | 538 | 670 | 804 | 937 |
| Working capital | 845 | 875 | 905 | 937 | 969 | 1,003 |
| Net block and other assets | 11,510 | 11,493 | 11,480 | 11,473 | 11,471 | 11,475 |
| Debt | 1,757 | 1,757 | 1,757 | 1,757 | 1,757 | 1,757 |
| Equity | 7,059 | 7,201 | 7,351 | 7,507 | 7,671 | 7,843 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 494 | 518 | 542 | 568 | 594 | |
| Investing (capex) | 0 | (5) | (11) | (17) | (24) | |
| Financing (dividends) | (364) | (381) | (399) | (417) | (436) | |
| Net change in cash | 131 | 132 | 133 | 133 | 134 | |
| Free cash flow to equity | 494 | 513 | 531 | 550 | 570 | |
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 | 3.5% | 5.2% | 11.00% | 5% | ₹306 | 100.0% |
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.