Models
QUESS CORP LIMITEDQUESSCommercial Services & Supplies
₹258per 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₹258implied FY26 P/E 15.2× · EV/EBITDA 12.1×
Against CMP ₹346.40−25.4%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3171%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
₹206₹363
52-week rangetraded range, a fact not a value
₹166₹389
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,057 |
| PV of terminal value | 2,625 |
| Enterprise value | 3,681 |
| less net debt | 178 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 3,859 |
| ÷ 14.94 crore shares | ₹258 |
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% | 266 | 284 | 305 | 330 | 363 |
| 10.50% | 248 | 262 | 279 | 300 | 325 |
| 11.00% | 232 | 244 | 258 | 275 | 296 |
| 11.50% | 218 | 229 | 241 | 255 | 271 |
| 12.00% | 206 | 215 | 225 | 237 | 251 |
The outlined cell is your model. Green figures sit above the CMP of ₹346.40; 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 | 219 · 257 · 303 |
| Draws below the CMP | 99% |
| Rank correlation with ebitda margin | +0.73 |
| Rank correlation with discount rate | −0.65 |
| Rank correlation with revenue growth | +0.02 |
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 | 17,158 | 19,100 | 14,967 | 15,305 | 15,688 | 16,080 | 16,482 | 16,894 | 17,316 |
| growth % | 25.3 | 11.3 | (21.6) | 2.3 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 |
| EBITDA | 639 | 666 | 98 | 304 | 314 | 322 | 330 | 338 | 346 |
| margin % | 3.7 | 3.5 | 0.7 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 |
| less depreciation | (275) | (283) | (41) | (42) | (47) | (48) | (49) | (51) | (52) |
| EBIT | 365 | 383 | 57 | 263 | 267 | 273 | 280 | 287 | 294 |
| less tax on EBIT | (9) | (9) | (9) | (9) | (9) | (10) | |||
| NOPAT | 254 | 258 | 264 | 271 | 278 | 285 | |||
| add depreciation | 275 | 283 | 41 | 42 | 47 | 48 | 49 | 51 | 52 |
| less capex | 0 | 0 | 0 | 0 | 0 | (14) | (30) | (46) | (62) |
| less working-capital build | — | (20) | (20) | (21) | (21) | (22) | |||
| Free cash flow to firm | 466 | 529 | 380 | — | 285 | 278 | 270 | 262 | 253 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 271 | 238 | 208 | 182 | 158 |
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 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 263 | 267 | 273 | 280 | 287 | 294 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 267 | 273 | 280 | 287 | 294 | |
| Profit after tax | 222 | 258 | 264 | 271 | 278 | 285 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 178 | 464 | 742 | 1,012 | 1,274 | 1,526 |
| Working capital | 780 | 799 | 819 | 840 | 861 | 883 |
| Net block and other assets | 2,081 | 2,034 | 2,000 | 1,980 | 1,975 | 1,986 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 1,168 | 1,426 | 1,690 | 1,961 | 2,239 | 2,524 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 285 | 293 | 300 | 307 | 315 | |
| Investing (capex) | 0 | (14) | (30) | (46) | (62) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 285 | 278 | 270 | 262 | 253 | |
| Free cash flow to equity | 285 | 278 | 270 | 262 | 253 | |
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 | 2.5% | 2% | 11.00% | 5% | ₹258 | (25.4)% |
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.