Models
RAVINDRA ENERGY LIMITEDRELTDElectrical Equipment
₹117per 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₹117implied FY26 P/E 35.5× · EV/EBITDA 20.8×
Against CMP ₹157.39−25.7%close of 2026-09-10
Growth the CMP implies36.3%revenue, a year for 5 years, on your other inputs
Value after FY31128%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
₹66₹219
52-week rangetraded range, a fact not a value
₹117₹196
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (756) |
| PV of terminal value | 3,491 |
| Enterprise value | 2,735 |
| less net debt | (411) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,324 |
| ÷ 19.88 crore shares | ₹117 |
128% 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% | 123 | 141 | 162 | 187 | 219 |
| 10.50% | 105 | 120 | 137 | 158 | 183 |
| 11.00% | 90 | 103 | 117 | 134 | 154 |
| 11.50% | 77 | 88 | 100 | 114 | 130 |
| 12.00% | 66 | 75 | 85 | 97 | 111 |
The outlined cell is your model. Green figures sit above the CMP of ₹157.39; 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 | 65 · 115 · 184 |
| Draws below the CMP | 79% |
| Rank correlation with revenue growth | +0.70 |
| Rank correlation with ebitda margin | +0.50 |
| Rank correlation with discount rate | −0.44 |
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 | 253 | 131 | 250 | 543 | 706 | 918 | 1,193 | 1,551 | 2,017 |
| growth % | (67.0) | (48.2) | 91.2 | 116.9 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 13 | (31) | 37 | 131 | 171 | 222 | 289 | 375 | 488 |
| margin % | 5.3 | (24.0) | 14.8 | 24.2 | 24.2 | 24.2 | 24.2 | 24.2 | 24.2 |
| less depreciation | (11) | (13) | (11) | (28) | (37) | (48) | (62) | (81) | (105) |
| EBIT | 2 | (45) | 26 | 103 | 134 | 174 | 227 | 295 | 383 |
| less tax on EBIT | 3 | 4 | 5 | 6 | 8 | 11 | |||
| NOPAT | 106 | 138 | 179 | 233 | 303 | 394 | |||
| add depreciation | 11 | 13 | 11 | 28 | 37 | 48 | 62 | 81 | 105 |
| less capex | (37) | (76) | (177) | (455) | (592) | (591) | (537) | (398) | (126) |
| less working-capital build | — | (13) | (17) | (22) | (28) | (37) | |||
| Free cash flow to firm | 85 | (15) | (105) | — | (430) | (381) | (264) | (42) | 336 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (408) | (326) | (203) | (29) | 210 |
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 502, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 103 | 134 | 174 | 227 | 295 | 383 |
| Interest at 10.1% on debt | (51) | (51) | (51) | (51) | (51) | |
| Profit before tax | 83 | 124 | 176 | 244 | 332 | |
| Profit after tax | 0 | 86 | 127 | 181 | 251 | 342 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 92 | (391) | (824) | (1,140) | (1,234) | (950) |
| Working capital | 43 | 56 | 72 | 94 | 123 | 159 |
| Net block and other assets | 996 | 1,551 | 2,095 | 2,570 | 2,887 | 2,908 |
| Debt | 502 | 502 | 502 | 502 | 502 | 502 |
| Equity | 440 | 525 | 653 | 834 | 1,084 | 1,426 |
| Balance check | 0 | 0 | 0 | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 110 | 158 | 221 | 303 | 410 | |
| Investing (capex) | (592) | (591) | (537) | (398) | (126) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (482) | (433) | (316) | (94) | 284 | |
| Free cash flow to equity | (482) | (433) | (316) | (94) | 284 | |
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 | 30% | 24.2% | 11.00% | 5% | ₹117 | (25.7)% |
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.