Models
RATTANINDIA POWER LIMITEDRTNPOWERPower
₹-0per 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₹(0)implied FY26 P/E (2.1)× · EV/EBITDA 8.4×
Against CMP ₹7.20−106.0%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3162%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
₹(2)₹2
52-week rangetraded range, a fact not a value
₹7₹13
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,303 |
| PV of terminal value | 2,091 |
| Enterprise value | 3,393 |
| less net debt | (3,627) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (234) |
| ÷ 537.01 crore shares | ₹(0) |
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% | (0) | 0 | 1 | 1 | 2 |
| 10.50% | (1) | (0) | 0 | 0 | 1 |
| 11.00% | (1) | (1) | (0) | (0) | 0 |
| 11.50% | (1) | (1) | (1) | (1) | (0) |
| 12.00% | (2) | (1) | (1) | (1) | (1) |
The outlined cell is your model. Green figures sit above the CMP of ₹7.20; 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 | (1) · (0) · 1 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.79 |
| Rank correlation with discount rate | −0.59 |
| Rank correlation with revenue growth | −0.02 |
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 | 3,231 | 3,364 | 3,284 | 2,991 | 2,842 | 2,700 | 2,565 | 2,436 | 2,315 |
| growth % | (0.9) | 4.1 | (2.4) | (8.9) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 738 | 11,281 | 585 | 405 | 386 | 367 | 349 | 331 | 315 |
| margin % | 22.8 | 335.3 | 17.8 | 13.6 | 13.6 | 13.6 | 13.6 | 13.6 | 13.6 |
| less depreciation | (404) | (382) | (241) | (246) | (233) | (221) | (210) | (200) | (190) |
| EBIT | 334 | 10,899 | 344 | 159 | 153 | 146 | 138 | 132 | 125 |
| less tax on EBIT | 0 | 0 | 0 | 0 | 0 | 0 | |||
| NOPAT | 159 | 153 | 146 | 138 | 132 | 125 | |||
| add depreciation | 404 | 382 | 241 | 246 | 233 | 221 | 210 | 200 | 190 |
| less capex | (31) | (99) | (117) | (78) | (74) | (119) | (160) | (196) | (228) |
| less working-capital build | — | 140 | 133 | 127 | 120 | 114 | |||
| Free cash flow to firm | 985 | 1,207 | 293 | — | 453 | 381 | 316 | 256 | 201 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 430 | 326 | 243 | 178 | 126 |
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 3,637, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 159 | 153 | 146 | 138 | 132 | 125 |
| Interest at 12.9% on debt | (469) | (469) | (469) | (469) | (469) | |
| Profit before tax | (316) | (323) | (331) | (338) | (344) | |
| Profit after tax | 52 | (316) | (323) | (331) | (338) | (344) |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 10 | (6) | (94) | (247) | (460) | (728) |
| Working capital | 2,806 | 2,666 | 2,533 | 2,406 | 2,286 | 2,171 |
| Net block and other assets | 6,797 | 6,637 | 6,535 | 6,484 | 6,480 | 6,518 |
| Debt | 3,637 | 3,637 | 3,637 | 3,637 | 3,637 | 3,637 |
| Equity | 4,638 | 4,322 | 3,998 | 3,668 | 3,330 | 2,986 |
| Balance check | 0 | 0 | 0 | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 58 | 31 | 6 | (18) | (40) | |
| Investing (capex) | (74) | (119) | (160) | (196) | (228) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (16) | (88) | (153) | (213) | (268) | |
| Free cash flow to equity | (16) | (88) | (153) | (213) | (268) | |
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% | 13.6% | 11.00% | 5% | ₹(0) | (106.0)% |
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.