Models
RANE (MADRAS) LIMITEDRMLAuto Components
₹-26per 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₹(26)implied FY26 P/E (0.6)× · EV/EBITDA 1.5×
Against CMP ₹1,358.00−101.9%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3183%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
₹(72)₹66
52-week rangetraded range, a fact not a value
₹609₹1,440
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 87 |
| PV of terminal value | 429 |
| Enterprise value | 516 |
| less net debt | (588) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (72) |
| ÷ 2.76 crore shares | ₹(26) |
83% 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% | (19) | (4) | 15 | 37 | 66 |
| 10.50% | (36) | (23) | (8) | 11 | 33 |
| 11.00% | (49) | (39) | (26) | (11) | 7 |
| 11.50% | (61) | (52) | (41) | (29) | (14) |
| 12.00% | (72) | (64) | (55) | (44) | (32) |
The outlined cell is your model. Green figures sit above the CMP of ₹1,358.00; 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 | (329) · (26) · 226 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.82 |
| Rank correlation with revenue growth | −0.54 |
| Rank correlation with discount rate | −0.07 |
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 | 24 | 2,239 | 3,406 | 3,863 | 4,384 | 4,976 | 5,648 | 6,411 | 7,276 |
| growth % | 35.2 | 9409.5 | 52.1 | 13.4 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 |
| EBITDA | 2 | 40 | 269 | 336 | 381 | 433 | 491 | 558 | 633 |
| margin % | 7.3 | 1.8 | 7.9 | 8.7 | 8.7 | 8.7 | 8.7 | 8.7 | 8.7 |
| less depreciation | (1) | (91) | (132) | (147) | (167) | (189) | (215) | (244) | (276) |
| EBIT | 1 | (51) | 137 | 189 | 215 | 244 | 277 | 314 | 357 |
| less tax on EBIT | (50) | (57) | (64) | (73) | (83) | (94) | |||
| NOPAT | 140 | 158 | 180 | 204 | 232 | 263 | |||
| add depreciation | 1 | 91 | 132 | 147 | 167 | 189 | 215 | 244 | 276 |
| less capex | (1) | (137) | (185) | (191) | (215) | (240) | (267) | (298) | (332) |
| less working-capital build | — | (100) | (114) | (129) | (146) | (166) | |||
| Free cash flow to firm | (0) | (17) | 131 | — | 10 | 16 | 22 | 31 | 41 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 9 | 13 | 17 | 21 | 26 |
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 634, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 189 | 215 | 244 | 277 | 314 | 357 |
| Interest at 8.5% on debt | (54) | (54) | (54) | (54) | (54) | |
| Profit before tax | 161 | 190 | 223 | 260 | 303 | |
| Profit after tax | 0 | 119 | 140 | 164 | 192 | 223 |
| Dividends | (22) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 46 | 16 | (8) | (25) | (34) | (32) |
| Working capital | 742 | 842 | 956 | 1,085 | 1,231 | 1,397 |
| Net block and other assets | 1,733 | 1,781 | 1,832 | 1,884 | 1,938 | 1,994 |
| Debt | 634 | 634 | 634 | 634 | 634 | 634 |
| Equity | 751 | 869 | 1,009 | 1,173 | 1,365 | 1,588 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 185 | 215 | 250 | 289 | 333 | |
| Investing (capex) | (215) | (240) | (267) | (298) | (332) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (30) | (24) | (17) | (9) | 2 | |
| Free cash flow to equity | (30) | (24) | (17) | (9) | 2 | |
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 | 13.5% | 8.7% | 11.00% | 5% | ₹(26) | (101.9)% |
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.