Models
RACE ECO CHAIN LIMITEDRACE
₹-1per 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₹(1)implied FY26 P/E (0.2)× · EV/EBITDA 4.2×
Against CMP ₹99.90−100.8%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY31105%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
₹(14)₹26
52-week rangetraded range, a fact not a value
₹84₹252
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (4) |
| PV of terminal value | 78 |
| Enterprise value | 74 |
| less net debt | (75) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (1) |
| ÷ 1.73 crore shares | ₹(1) |
105% 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% | 1 | 5 | 11 | 17 | 26 |
| 10.50% | (4) | 0 | 4 | 10 | 16 |
| 11.00% | (8) | (4) | (1) | 4 | 9 |
| 11.50% | (11) | (8) | (5) | (2) | 3 |
| 12.00% | (14) | (12) | (9) | (6) | (2) |
The outlined cell is your model. Green figures sit above the CMP of ₹99.90; 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 | (29) · (1) · 24 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.70 |
| Rank correlation with revenue growth | −0.64 |
| Rank correlation with discount rate | −0.24 |
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 | 347 | 555 | 619 | 690 | 769 | 858 | 956 | 1,066 |
| growth % | — | 59.7 | 11.5 | 11.5 | 11.5 | 11.5 | 11.5 | 11.5 |
| EBITDA | 6 | 10 | 18 | 19 | 22 | 24 | 27 | 30 |
| margin % | 1.7 | 1.7 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 |
| less depreciation | (1) | (1) | (2) | (2) | (2) | (3) | (3) | (3) |
| EBIT | 5 | 9 | 16 | 17 | 19 | 21 | 24 | 27 |
| less tax on EBIT | (3) | (4) | (4) | (4) | (5) | (5) | ||
| NOPAT | 12 | 14 | 15 | 17 | 19 | 21 | ||
| add depreciation | 1 | 1 | 2 | 2 | 2 | 3 | 3 | 3 |
| less capex | (3) | (9) | (13) | (14) | (12) | (10) | (7) | (4) |
| less working-capital build | — | (8) | (9) | (11) | (12) | (13) | ||
| Free cash flow to firm | (12) | (52) | — | (6) | (4) | (1) | 3 | 7 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | (6) | (3) | (1) | 2 | 5 |
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 90, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 16 | 17 | 19 | 21 | 24 | 27 |
| Interest at 10.8% on debt | (10) | (10) | (10) | (10) | (10) | |
| Profit before tax | 8 | 10 | 12 | 14 | 17 | |
| Profit after tax | 7 | 6 | 8 | 9 | 11 | 13 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 15 | 1 | (11) | (19) | (24) | (25) |
| Working capital | 74 | 82 | 91 | 102 | 114 | 127 |
| Net block and other assets | 127 | 138 | 148 | 156 | 160 | 161 |
| Debt | 90 | 90 | 90 | 90 | 90 | 90 |
| Equity | 87 | 92 | 100 | 109 | 121 | 134 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | (0) | 0 | 1 | 2 | 4 | |
| Investing (capex) | (14) | (12) | (10) | (7) | (4) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (14) | (12) | (9) | (5) | (0) | |
| Free cash flow to equity | (14) | (12) | (9) | (5) | (0) | |
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 | 11.5% | 2.8% | 11.00% | 5% | ₹(1) | (100.8)% |
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.