Models
REDTAPE LIMITEDREDTAPEConsumer Durables
₹2per 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₹2implied FY26 P/E 0.5× · EV/EBITDA 1.4×
Against CMP ₹116.49−98.3%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3169%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
₹0₹6
52-week rangetraded range, a fact not a value
₹108₹164
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 149 |
| PV of terminal value | 339 |
| Enterprise value | 489 |
| less net debt | (377) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 112 |
| ÷ 55.28 crore shares | ₹2 |
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% | 2 | 3 | 4 | 5 | 6 |
| 10.50% | 2 | 2 | 3 | 3 | 4 |
| 11.00% | 1 | 2 | 2 | 3 | 3 |
| 11.50% | 1 | 1 | 1 | 2 | 2 |
| 12.00% | 0 | 1 | 1 | 1 | 2 |
The outlined cell is your model. Green figures sit above the CMP of ₹116.49; 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 | (25) · 2 · 22 |
| Draws below the CMP | 100% |
| Rank correlation with revenue growth | −0.77 |
| Rank correlation with ebitda margin | +0.63 |
| Rank correlation with discount rate | −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 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,843 | 2,021 | 2,419 | 2,890 | 3,454 | 4,128 | 4,932 | 5,894 |
| growth % | — | 9.7 | 19.7 | 19.5 | 19.5 | 19.5 | 19.5 | 19.5 |
| EBITDA | 315 | 335 | 347 | 416 | 497 | 594 | 710 | 849 |
| margin % | 17.1 | 16.6 | 14.4 | 14.4 | 14.4 | 14.4 | 14.4 | 14.4 |
| less depreciation | (59) | (83) | (88) | (104) | (124) | (149) | (178) | (212) |
| EBIT | 256 | 252 | 259 | 312 | 373 | 446 | 533 | 637 |
| less tax on EBIT | (67) | (81) | (96) | (115) | (137) | (164) | ||
| NOPAT | 193 | 232 | 277 | 331 | 395 | 472 | ||
| add depreciation | 59 | 83 | 88 | 104 | 124 | 149 | 178 | 212 |
| less capex | (120) | (171) | (84) | (101) | (128) | (161) | (203) | (255) |
| less working-capital build | — | (195) | (233) | (278) | (332) | (397) | ||
| Free cash flow to firm | (35) | (167) | — | 40 | 40 | 40 | 37 | 33 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 38 | 35 | 31 | 26 | 20 |
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 386, dividends at 5.7% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 259 | 312 | 373 | 446 | 533 | 637 |
| Interest at 18.1% on debt | (70) | (70) | (70) | (70) | (70) | |
| Profit before tax | 242 | 303 | 376 | 463 | 567 | |
| Profit after tax | 241 | 180 | 225 | 279 | 343 | 421 |
| Dividends | (14) | (10) | (13) | (16) | (20) | (24) |
| Balance sheet, year end | ||||||
| Cash | 9 | (13) | (38) | (65) | (99) | (143) |
| Working capital | 998 | 1,193 | 1,426 | 1,704 | 2,036 | 2,433 |
| Net block and other assets | 1,299 | 1,296 | 1,299 | 1,312 | 1,338 | 1,380 |
| Debt | 386 | 386 | 386 | 386 | 386 | 386 |
| Equity | 1,021 | 1,191 | 1,403 | 1,666 | 1,990 | 2,387 |
| Balance check | 0 | (0) | (0) | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 89 | 117 | 149 | 189 | 236 | |
| Investing (capex) | (101) | (128) | (161) | (203) | (255) | |
| Financing (dividends) | (10) | (13) | (16) | (20) | (24) | |
| Net change in cash | (22) | (24) | (28) | (34) | (43) | |
| Free cash flow to equity | (12) | (11) | (12) | (14) | (19) | |
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 | 19.5% | 14.4% | 11.00% | 5% | ₹2 | (98.3)% |
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.