Models
RAMCO SYSTEMS LTD.RAMCOSYSIT - Software
₹231per 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₹231implied FY26 P/E 20.8× · EV/EBITDA 5.4×
Against CMP ₹595.25−61.2%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3144%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
₹204₹284
52-week rangetraded range, a fact not a value
₹342₹968
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 416 |
| PV of terminal value | 330 |
| Enterprise value | 746 |
| less net debt | 123 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 869 |
| ÷ 3.76 crore shares | ₹231 |
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% | 236 | 245 | 255 | 268 | 284 |
| 10.50% | 226 | 233 | 242 | 252 | 265 |
| 11.00% | 218 | 224 | 231 | 239 | 250 |
| 11.50% | 210 | 216 | 222 | 229 | 237 |
| 12.00% | 204 | 208 | 213 | 219 | 226 |
The outlined cell is your model. Green figures sit above the CMP of ₹595.25; 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 | 131 · 227 · 329 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.97 |
| Rank correlation with discount rate | −0.13 |
| Rank correlation with revenue growth | +0.11 |
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 | 492 | 526 | 591 | 701 | 831 | 984 | 1,166 | 1,382 | 1,638 |
| growth % | (7.3) | 6.8 | 12.5 | 18.5 | 18.5 | 18.5 | 18.5 | 18.5 | 18.5 |
| EBITDA | (135) | (154) | 76 | 137 | 162 | 192 | 227 | 270 | 319 |
| margin % | (27.5) | (29.4) | 12.8 | 19.5 | 19.5 | 19.5 | 19.5 | 19.5 | 19.5 |
| less depreciation | (81) | (87) | (103) | (91) | (108) | (128) | (152) | (180) | (213) |
| EBIT | (216) | (242) | (27) | 46 | 54 | 64 | 76 | 90 | 106 |
| less tax on EBIT | (6) | (8) | (9) | (11) | (13) | (15) | |||
| NOPAT | 39 | 46 | 55 | 65 | 77 | 91 | |||
| add depreciation | 81 | 87 | 103 | 91 | 108 | 128 | 152 | 180 | 213 |
| less capex | 0 | 0 | (0) | 0 | 0 | (38) | (91) | (162) | (256) |
| less working-capital build | — | (9) | (10) | (12) | (14) | (17) | |||
| Free cash flow to firm | 40 | 104 | 113 | — | 146 | 134 | 114 | 81 | 32 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 138 | 115 | 87 | 56 | 20 |
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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 46 | 54 | 64 | 76 | 90 | 106 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 54 | 64 | 76 | 90 | 106 | |
| Profit after tax | 42 | 46 | 55 | 65 | 77 | 91 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 123 | 268 | 403 | 516 | 597 | 629 |
| Working capital | 47 | 56 | 66 | 78 | 93 | 110 |
| Net block and other assets | 575 | 467 | 378 | 317 | 299 | 342 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 354 | 400 | 455 | 520 | 598 | 689 |
| Balance check | 0 | (0) | 0 | (0) | 0 | (0) |
| Cash flow | ||||||
| From operations | 146 | 173 | 205 | 242 | 287 | |
| Investing (capex) | 0 | (38) | (91) | (162) | (256) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 146 | 134 | 114 | 81 | 32 | |
| Free cash flow to equity | 146 | 134 | 114 | 81 | 32 | |
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 | 18.5% | 19.5% | 11.00% | 5% | ₹231 | (61.2)% |
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.