Models
QUEST CAPITAL MARKETS LIMITEDBSE 500069Capital Markets
₹652per 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₹652implied FY21 P/E 39.5× · EV/EBITDA 30.0×
Against CMP ₹250.00+160.7%close of 2026-09-10
Growth the CMP implies1.0%revenue, a year for 5 years, on your other inputs
Value after FY2681%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
₹502₹952
52-week rangetraded range, a fact not a value
₹222₹358
From enterprise to equity · ₹ crore
| PV of FY22–FY26 free cash flow | 116 |
| PV of terminal value | 508 |
| Enterprise value | 624 |
| less net debt | 28 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 652 |
| ÷ 1.00 crore shares | ₹652 |
81% of the value sits after FY26. 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% | 673 | 724 | 785 | 859 | 952 |
| 10.50% | 620 | 662 | 712 | 772 | 845 |
| 11.00% | 575 | 610 | 652 | 701 | 759 |
| 11.50% | 536 | 566 | 601 | 641 | 689 |
| 12.00% | 502 | 528 | 557 | 591 | 631 |
The outlined cell is your model. Green figures sit above the CMP of ₹250.00; 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 | 488 · 648 · 856 |
| Draws below the CMP | 0% |
| Rank correlation with revenue growth | +0.81 |
| Rank correlation with discount rate | −0.42 |
| Rank correlation with ebitda margin | +0.35 |
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 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6 | 19 | 46 | 60 | 78 | 101 | 131 | 170 |
| growth % | — | 208.0 | 147.3 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | — | 10 | 21 | 27 | 35 | 46 | 59 | 77 |
| margin % | — | 51.3 | 45.3 | 45.3 | 45.3 | 45.3 | 45.3 | 45.3 |
| less depreciation | — | (0) | (0) | (0) | (0) | (1) | (1) | (1) |
| EBIT | — | 9 | 21 | 27 | 35 | 45 | 59 | 76 |
| less tax on EBIT | (6) | (7) | (9) | (12) | (16) | (21) | ||
| NOPAT | 15 | 19 | 25 | 33 | 43 | 56 | ||
| add depreciation | — | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| less capex | — | — | 0 | 0 | (0) | (0) | (1) | (1) |
| less working-capital build | — | (2) | (3) | (4) | (5) | (6) | ||
| Free cash flow to firm | — | — | — | 18 | 23 | 29 | 38 | 49 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 17 | 19 | 23 | 26 | 31 |
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 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 21 | 27 | 35 | 45 | 59 | 76 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 27 | 35 | 45 | 59 | 76 | |
| Profit after tax | 0 | 19 | 25 | 33 | 43 | 56 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 28 | 46 | 69 | 98 | 136 | 185 |
| Working capital | 7 | 10 | 13 | 16 | 21 | 28 |
| Net block and other assets | 458 | 458 | 457 | 457 | 457 | 457 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 483 | 502 | 528 | 560 | 603 | 659 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 18 | 23 | 30 | 39 | 50 | |
| Investing (capex) | 0 | (0) | (0) | (1) | (1) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 18 | 23 | 29 | 38 | 49 | |
| Free cash flow to equity | 18 | 23 | 29 | 38 | 49 | |
Other liabilities are held at their FY21 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% | 45.3% | 11.00% | 5% | ₹652 | 160.7% |
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.