Models
RAJPUTANA STAINLESS LTDRSLIndustrial Products
₹115per 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₹115implied FY26 P/E —× · EV/EBITDA 10.0×
Against CMP ₹191.00−39.9%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3176%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
₹90₹165
52-week rangetraded range, a fact not a value
₹102₹193
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 219 |
| PV of terminal value | 705 |
| Enterprise value | 923 |
| less net debt | 35 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 958 |
| ÷ 8.35 crore shares | ₹115 |
76% 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% | 118 | 127 | 137 | 149 | 165 |
| 10.50% | 110 | 117 | 125 | 135 | 147 |
| 11.00% | 102 | 108 | 115 | 123 | 133 |
| 11.50% | 96 | 101 | 106 | 113 | 121 |
| 12.00% | 90 | 94 | 99 | 105 | 111 |
The outlined cell is your model. Green figures sit above the CMP of ₹191.00; 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 | 94 · 114 · 137 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.76 |
| Rank correlation with discount rate | −0.61 |
| Rank correlation with revenue growth | +0.05 |
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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | 1,007 | 1,088 | 1,175 | 1,268 | 1,370 | 1,480 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 92 | 99 | 107 | 115 | 125 | 135 |
| margin % | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 |
| less depreciation | (9) | (10) | (11) | (11) | (12) | (13) |
| EBIT | 83 | 89 | 96 | 104 | 112 | 121 |
| less tax on EBIT | (21) | (22) | (24) | (26) | (28) | (30) |
| NOPAT | 62 | 67 | 72 | 78 | 84 | 91 |
| add depreciation | 9 | 10 | 11 | 11 | 12 | 13 |
| less capex | (13) | (14) | (15) | (15) | (16) | (16) |
| less working-capital build | — | (15) | (16) | (18) | (19) | (21) |
| Free cash flow to firm | — | 47 | 52 | 57 | 62 | 68 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 45 | 44 | 44 | 43 | 42 |
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 67, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 83 | 89 | 96 | 104 | 112 | 121 |
| Interest at 8% on debt | (5) | (5) | (5) | (5) | (5) | |
| Profit before tax | 84 | 91 | 99 | 107 | 116 | |
| Profit after tax | 50 | 63 | 68 | 74 | 80 | 87 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 102 | 146 | 194 | 247 | 305 | 368 |
| Working capital | 190 | 205 | 221 | 239 | 258 | 279 |
| Net block and other assets | 308 | 312 | 316 | 320 | 323 | 326 |
| Debt | 67 | 67 | 67 | 67 | 67 | 67 |
| Equity | 363 | 426 | 495 | 569 | 649 | 736 |
| Balance check | 0 | (0) | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 58 | 63 | 68 | 74 | 80 | |
| Investing (capex) | (14) | (15) | (15) | (16) | (16) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 43 | 48 | 53 | 58 | 64 | |
| Free cash flow to equity | 43 | 48 | 53 | 58 | 64 | |
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 | 8% | 9.1% | 11.00% | 5% | ₹115 | (39.9)% |
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.