Models
RAMKY INFRA LTDRAMKYConstruction
₹244per 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₹244implied FY26 P/E 7.2× · EV/EBITDA 7.4×
Against CMP ₹333.00−26.6%close of 2026-09-10
Growth the CMP implies2.0%revenue, a year for 5 years, on your other inputs
Value after FY3168%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
₹182₹370
52-week rangetraded range, a fact not a value
₹333₹705
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 676 |
| PV of terminal value | 1,458 |
| Enterprise value | 2,134 |
| less net debt | (442) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,692 |
| ÷ 6.92 crore shares | ₹244 |
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% | 254 | 275 | 300 | 331 | 370 |
| 10.50% | 232 | 249 | 270 | 295 | 325 |
| 11.00% | 213 | 227 | 244 | 265 | 289 |
| 11.50% | 196 | 209 | 223 | 240 | 260 |
| 12.00% | 182 | 192 | 205 | 219 | 235 |
The outlined cell is your model. Green figures sit above the CMP of ₹333.00; 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 | 198 · 245 · 301 |
| Draws below the CMP | 98% |
| Rank correlation with ebitda margin | +0.73 |
| Rank correlation with discount rate | −0.66 |
| Rank correlation with revenue growth | −0.03 |
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 | 1,705 | 2,161 | 2,045 | 1,846 | 1,754 | 1,666 | 1,583 | 1,504 | 1,429 |
| growth % | 16.9 | 26.7 | (5.4) | (9.7) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 1,632 | 510 | 336 | 290 | 275 | 262 | 249 | 236 | 224 |
| margin % | 95.7 | 23.6 | 16.4 | 15.7 | 15.7 | 15.7 | 15.7 | 15.7 | 15.7 |
| less depreciation | (42) | (48) | (51) | (57) | (54) | (52) | (49) | (47) | (44) |
| EBIT | 1,591 | 462 | 285 | 232 | 221 | 210 | 199 | 189 | 180 |
| less tax on EBIT | (47) | (44) | (42) | (40) | (38) | (36) | |||
| NOPAT | 186 | 177 | 168 | 159 | 151 | 144 | |||
| add depreciation | 42 | 48 | 51 | 57 | 54 | 52 | 49 | 47 | 44 |
| less capex | (134) | (110) | (146) | (36) | (35) | (40) | (45) | (49) | (53) |
| less working-capital build | — | 7 | 6 | 6 | 6 | 5 | |||
| Free cash flow to firm | 2,477 | 260 | 227 | — | 203 | 185 | 169 | 154 | 140 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 192 | 158 | 130 | 107 | 88 |
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 591, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 232 | 221 | 210 | 199 | 189 | 180 |
| Interest at 12.6% on debt | (74) | (74) | (74) | (74) | (74) | |
| Profit before tax | 147 | 135 | 125 | 115 | 106 | |
| Profit after tax | 271 | 117 | 108 | 100 | 92 | 84 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 149 | 292 | 418 | 527 | 622 | 703 |
| Working capital | 133 | 126 | 120 | 114 | 108 | 103 |
| Net block and other assets | 3,842 | 3,823 | 3,812 | 3,808 | 3,811 | 3,819 |
| Debt | 591 | 591 | 591 | 591 | 591 | 591 |
| Equity | 2,158 | 2,275 | 2,384 | 2,483 | 2,575 | 2,660 |
| Balance check | 0 | 0 | 0 | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 178 | 166 | 155 | 144 | 134 | |
| Investing (capex) | (35) | (40) | (45) | (49) | (53) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 143 | 126 | 110 | 95 | 81 | |
| Free cash flow to equity | 143 | 126 | 110 | 95 | 81 | |
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 | -5% | 15.7% | 11.00% | 5% | ₹244 | (26.6)% |
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.