Models
RAM RATNA WIRES LIMITEDRAMRATElectrical Equipment
₹84per 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₹84implied FY26 P/E 4.4× · EV/EBITDA 5.5×
Against CMP ₹534.95−84.4%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY31108%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
₹35₹180
52-week rangetraded range, a fact not a value
₹268₹602
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (118) |
| PV of terminal value | 1,545 |
| Enterprise value | 1,426 |
| less net debt | (646) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 780 |
| ÷ 9.33 crore shares | ₹84 |
108% 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% | 90 | 106 | 126 | 150 | 180 |
| 10.50% | 73 | 87 | 103 | 122 | 146 |
| 11.00% | 59 | 70 | 84 | 99 | 119 |
| 11.50% | 46 | 56 | 67 | 81 | 96 |
| 12.00% | 35 | 44 | 54 | 65 | 78 |
The outlined cell is your model. Green figures sit above the CMP of ₹534.95; 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 | (53) · 81 · 183 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.81 |
| Rank correlation with revenue growth | −0.51 |
| Rank correlation with discount rate | −0.20 |
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 | 2,650 | 2,983 | 3,677 | 5,177 | 6,730 | 8,749 | 11,373 | 14,785 | 19,221 |
| growth % | 15.8 | 12.6 | 23.2 | 40.8 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 109 | 119 | 156 | 260 | 336 | 437 | 569 | 739 | 961 |
| margin % | 4.1 | 4.0 | 4.3 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 |
| less depreciation | (18) | (20) | (22) | (38) | (47) | (61) | (80) | (103) | (135) |
| EBIT | 90 | 99 | 134 | 222 | 289 | 376 | 489 | 636 | 826 |
| less tax on EBIT | (63) | (82) | (106) | (138) | (180) | (234) | |||
| NOPAT | 159 | 207 | 270 | 351 | 456 | 593 | |||
| add depreciation | 18 | 20 | 22 | 38 | 47 | 61 | 80 | 103 | 135 |
| less capex | (25) | (116) | (243) | (171) | (222) | (235) | (235) | (215) | (161) |
| less working-capital build | — | (146) | (190) | (247) | (321) | (417) | |||
| Free cash flow to firm | 39 | 23 | (16) | — | (113) | (94) | (52) | 23 | 149 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (108) | (80) | (40) | 16 | 93 |
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 654, dividends at 10.9% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 222 | 289 | 376 | 489 | 636 | 826 |
| Interest at 17.6% on debt | (115) | (115) | (115) | (115) | (115) | |
| Profit before tax | 174 | 261 | 374 | 521 | 711 | |
| Profit after tax | 107 | 125 | 187 | 268 | 373 | 510 |
| Dividends | (12) | (14) | (20) | (29) | (41) | (56) |
| Balance sheet, year end | ||||||
| Cash | 8 | (202) | (398) | (562) | (662) | (651) |
| Working capital | 485 | 631 | 821 | 1,068 | 1,388 | 1,805 |
| Net block and other assets | 1,501 | 1,676 | 1,849 | 2,005 | 2,117 | 2,144 |
| Debt | 654 | 654 | 654 | 654 | 654 | 654 |
| Equity | 585 | 696 | 863 | 1,102 | 1,434 | 1,889 |
| Balance check | 0 | 0 | (0) | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 26 | 59 | 101 | 156 | 228 | |
| Investing (capex) | (222) | (235) | (235) | (215) | (161) | |
| Financing (dividends) | (14) | (20) | (29) | (41) | (56) | |
| Net change in cash | (210) | (197) | (164) | (100) | 11 | |
| Free cash flow to equity | (196) | (176) | (134) | (59) | 66 | |
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% | 5% | 11.00% | 5% | ₹84 | (84.4)% |
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.