Models
RISHABH INSTRUMENTS LTDRISHABHElectrical Equipment
₹203per 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₹203implied FY26 P/E 7.8× · EV/EBITDA 6.0×
Against CMP ₹825.00−75.4%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3192%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
₹150₹310
52-week rangetraded range, a fact not a value
₹315₹852
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 60 |
| PV of terminal value | 703 |
| Enterprise value | 763 |
| less net debt | 22 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 785 |
| ÷ 3.87 crore shares | ₹203 |
92% 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% | 210 | 229 | 250 | 277 | 310 |
| 10.50% | 192 | 207 | 225 | 246 | 272 |
| 11.00% | 176 | 188 | 203 | 221 | 242 |
| 11.50% | 162 | 173 | 185 | 200 | 217 |
| 12.00% | 150 | 159 | 170 | 182 | 196 |
The outlined cell is your model. Green figures sit above the CMP of ₹825.00; 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 | 147 · 201 · 262 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.86 |
| Rank correlation with discount rate | −0.47 |
| Rank correlation with revenue growth | −0.05 |
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 | 690 | 720 | 775 | 833 | 896 | 963 | 1,035 | 1,113 |
| growth % | — | 4.4 | 7.6 | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 |
| EBITDA | 71 | 48 | 126 | 136 | 146 | 157 | 169 | 181 |
| margin % | 10.3 | 6.7 | 16.3 | 16.3 | 16.3 | 16.3 | 16.3 | 16.3 |
| less depreciation | (28) | (27) | (36) | (38) | (41) | (44) | (48) | (51) |
| EBIT | 44 | 21 | 91 | 97 | 105 | 113 | 121 | 130 |
| less tax on EBIT | (20) | (22) | (23) | (25) | (27) | (29) | ||
| NOPAT | 70 | 76 | 81 | 87 | 94 | 101 | ||
| add depreciation | 28 | 27 | 36 | 38 | 41 | 44 | 48 | 51 |
| less capex | (69) | (76) | (110) | (118) | (108) | (95) | (80) | (61) |
| less working-capital build | — | (17) | (19) | (20) | (21) | (23) | ||
| Free cash flow to firm | 7 | (11) | — | (22) | (4) | 17 | 41 | 68 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | (21) | (3) | 13 | 28 | 42 |
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 74, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 91 | 97 | 105 | 113 | 121 | 130 |
| Interest at 6.5% on debt | (5) | (5) | (5) | (5) | (5) | |
| Profit before tax | 93 | 100 | 108 | 116 | 125 | |
| Profit after tax | 82 | 72 | 78 | 84 | 90 | 97 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 96 | 71 | 64 | 77 | 113 | 177 |
| Working capital | 230 | 247 | 266 | 286 | 307 | 330 |
| Net block and other assets | 676 | 756 | 823 | 873 | 905 | 916 |
| Debt | 74 | 74 | 74 | 74 | 74 | 74 |
| Equity | 749 | 821 | 899 | 982 | 1,072 | 1,170 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 93 | 100 | 108 | 116 | 125 | |
| Investing (capex) | (118) | (108) | (95) | (80) | (61) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (25) | (8) | 13 | 37 | 64 | |
| Free cash flow to equity | (25) | (8) | 13 | 37 | 64 | |
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 | 7.5% | 16.3% | 11.00% | 5% | ₹203 | (75.4)% |
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.