Models
RATNAMANI MET & TUB LTD.RATNAMANIIndustrial Products
₹759per 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₹759implied FY26 P/E 12.3× · EV/EBITDA 7.4×
Against CMP ₹2,827.00−73.1%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3179%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
₹575₹1,127
52-week rangetraded range, a fact not a value
₹1,937₹3,345
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,193 |
| PV of terminal value | 4,359 |
| Enterprise value | 5,552 |
| less net debt | (230) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 5,322 |
| ÷ 7.01 crore shares | ₹759 |
79% 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% | 786 | 848 | 922 | 1,013 | 1,127 |
| 10.50% | 721 | 772 | 833 | 906 | 996 |
| 11.00% | 665 | 709 | 759 | 819 | 891 |
| 11.50% | 617 | 654 | 697 | 746 | 805 |
| 12.00% | 575 | 607 | 643 | 685 | 734 |
The outlined cell is your model. Green figures sit above the CMP of ₹2,827.00; 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 | 635 · 760 · 910 |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.74 |
| Rank correlation with ebitda margin | +0.65 |
| 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 | 4,474 | 5,059 | 5,186 | 4,494 | 4,269 | 4,056 | 3,853 | 3,660 | 3,477 |
| growth % | 42.6 | 13.1 | 2.5 | (13.4) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 775 | 897 | 824 | 747 | 709 | 673 | 640 | 608 | 577 |
| margin % | 17.3 | 17.7 | 15.9 | 16.6 | 16.6 | 16.6 | 16.6 | 16.6 | 16.6 |
| less depreciation | (83) | (98) | (108) | (132) | (124) | (118) | (112) | (106) | (101) |
| EBIT | 692 | 800 | 716 | 616 | 585 | 556 | 528 | 501 | 476 |
| less tax on EBIT | (150) | (142) | (135) | (128) | (122) | (116) | |||
| NOPAT | 466 | 443 | 421 | 400 | 380 | 361 | |||
| add depreciation | 83 | 98 | 108 | 132 | 124 | 118 | 112 | 106 | 101 |
| less capex | (142) | (213) | (329) | (485) | (461) | (364) | (275) | (194) | (121) |
| less working-capital build | — | 97 | 92 | 88 | 83 | 79 | |||
| Free cash flow to firm | 169 | 298 | 207 | — | 203 | 267 | 324 | 375 | 420 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 192 | 228 | 250 | 260 | 262 |
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 304, dividends at 20.3% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 616 | 585 | 556 | 528 | 501 | 476 |
| Interest at 14.1% on debt | (43) | (43) | (43) | (43) | (43) | |
| Profit before tax | 542 | 513 | 485 | 459 | 433 | |
| Profit after tax | 483 | 410 | 388 | 367 | 347 | 328 |
| Dividends | (98) | (83) | (79) | (75) | (70) | (67) |
| Balance sheet, year end | ||||||
| Cash | 74 | 161 | 317 | 534 | 805 | 1,126 |
| Working capital | 1,948 | 1,850 | 1,758 | 1,670 | 1,587 | 1,508 |
| Net block and other assets | 3,366 | 3,703 | 3,949 | 4,113 | 4,201 | 4,221 |
| Debt | 304 | 304 | 304 | 304 | 304 | 304 |
| Equity | 4,208 | 4,535 | 4,844 | 5,137 | 5,413 | 5,675 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 631 | 598 | 567 | 537 | 508 | |
| Investing (capex) | (461) | (364) | (275) | (194) | (121) | |
| Financing (dividends) | (83) | (79) | (75) | (70) | (67) | |
| Net change in cash | 87 | 156 | 217 | 272 | 321 | |
| Free cash flow to equity | 170 | 234 | 292 | 342 | 387 | |
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% | 16.6% | 11.00% | 5% | ₹759 | (73.1)% |
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.