Models
RAJESH POWER SERVICES LIMITEDBSE 544291Other Utilities
₹2,755per 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₹2,755implied FY26 P/E —× · EV/EBITDA 25.9×
Against CMP ₹793.60+247.2%close of 2026-09-10
Growth the CMP implies(7.5)%revenue, a year for 5 years, on your other inputs
Value after FY3182%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
₹2,074₹4,116
52-week rangetraded range, a fact not a value
₹750₹1,625
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 935 |
| PV of terminal value | 4,152 |
| Enterprise value | 5,087 |
| less net debt | (126) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 4,961 |
| ÷ 1.80 crore shares | ₹2,755 |
82% 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% | 2,852 | 3,082 | 3,358 | 3,695 | 4,116 |
| 10.50% | 2,612 | 2,803 | 3,029 | 3,300 | 3,631 |
| 11.00% | 2,407 | 2,568 | 2,755 | 2,977 | 3,243 |
| 11.50% | 2,229 | 2,366 | 2,524 | 2,708 | 2,926 |
| 12.00% | 2,074 | 2,192 | 2,326 | 2,481 | 2,662 |
The outlined cell is your model. Green figures sit above the CMP of ₹793.60; 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 | 2,061 · 2,729 · 3,610 |
| Draws below the CMP | 0% |
| Rank correlation with revenue growth | +0.73 |
| Rank correlation with discount rate | −0.45 |
| Rank correlation with ebitda margin | +0.44 |
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 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 1,107 | 1,628 | 2,116 | 2,751 | 3,577 | 4,650 | 6,044 |
| growth % | — | 47.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | — | 197 | 256 | 333 | 433 | 563 | 731 |
| margin % | — | 12.1 | 12.1 | 12.1 | 12.1 | 12.1 | 12.1 |
| less depreciation | — | (1) | (2) | (3) | (4) | (5) | (6) |
| EBIT | — | 195 | 254 | 330 | 429 | 558 | 725 |
| less tax on EBIT | (54) | (70) | (91) | (118) | (154) | (200) | |
| NOPAT | 141 | 184 | 239 | 311 | 404 | 525 | |
| add depreciation | — | 1 | 2 | 3 | 4 | 5 | 6 |
| less capex | (3) | (2) | (2) | (3) | (4) | (5) | (7) |
| less working-capital build | — | (43) | (57) | (73) | (95) | (124) | |
| Free cash flow to firm | (19) | — | 140 | 182 | 237 | 308 | 400 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | 133 | 156 | 183 | 214 | 250 |
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 127, dividends at 1.3% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 195 | 254 | 330 | 429 | 558 | 725 |
| Interest at 8.6% on debt | (11) | (11) | (11) | (11) | (11) | |
| Profit before tax | 243 | 319 | 418 | 547 | 714 | |
| Profit after tax | 143 | 176 | 231 | 303 | 396 | 517 |
| Dividends | (2) | (2) | (3) | (4) | (5) | (7) |
| Balance sheet, year end | ||||||
| Cash | 1 | 132 | 303 | 528 | 823 | 1,208 |
| Working capital | 145 | 189 | 245 | 319 | 414 | 538 |
| Net block and other assets | 796 | 796 | 796 | 796 | 797 | 798 |
| Debt | 127 | 127 | 127 | 127 | 127 | 127 |
| Equity | 406 | 580 | 808 | 1,107 | 1,498 | 2,008 |
| Balance check | 0 | 0 | 0 | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 135 | 177 | 233 | 305 | 399 | |
| Investing (capex) | (2) | (3) | (4) | (5) | (7) | |
| Financing (dividends) | (2) | (3) | (4) | (5) | (7) | |
| Net change in cash | 130 | 171 | 225 | 295 | 385 | |
| Free cash flow to equity | 132 | 174 | 229 | 300 | 392 | |
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 | 30% | 12.1% | 11.00% | 5% | ₹2,755 | 247.2% |
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.