Models
RISHI LASER LTD.BSE 526861Industrial Manufacturing
₹162per 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₹162implied FY23 P/E 30.1× · EV/EBITDA 17.5×
Against CMP ₹142.00+14.0%close of 2026-09-10
Growth the CMP implies11.2%revenue, a year for 5 years, on your other inputs
Value after FY2875%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
₹125₹236
52-week rangetraded range, a fact not a value
₹90₹150
From enterprise to equity · ₹ crore
| PV of FY24–FY28 free cash flow | 38 |
| PV of terminal value | 115 |
| Enterprise value | 154 |
| less net debt | (5) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 149 |
| ÷ 0.92 crore shares | ₹162 |
75% of the value sits after FY28. 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% | 167 | 180 | 195 | 213 | 236 |
| 10.50% | 154 | 165 | 177 | 192 | 210 |
| 11.00% | 143 | 152 | 162 | 174 | 188 |
| 11.50% | 133 | 141 | 149 | 159 | 171 |
| 12.00% | 125 | 131 | 138 | 147 | 157 |
The outlined cell is your model. Green figures sit above the CMP of ₹142.00; 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 | 125 · 161 · 205 |
| Draws below the CMP | 26% |
| Rank correlation with ebitda margin | +0.63 |
| Rank correlation with revenue growth | +0.54 |
| Rank correlation with discount rate | −0.48 |
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 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 92 | 75 | 117 | 134 | 154 | 176 | 201 | 231 | 264 |
| growth % | (34.8) | (18.9) | 57.3 | 14.3 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 |
| EBITDA | 2 | 3 | 5 | 9 | 10 | 11 | 13 | 15 | 17 |
| margin % | 2.6 | 3.8 | 4.3 | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 |
| less depreciation | (4) | (4) | (3) | (3) | (3) | (4) | (4) | (5) | (6) |
| EBIT | (2) | (1) | 2 | 6 | 7 | 8 | 9 | 10 | 12 |
| less tax on EBIT | 0 | 0 | 1 | 1 | 1 | 1 | |||
| NOPAT | 6 | 7 | 8 | 9 | 11 | 12 | |||
| add depreciation | 4 | 4 | 3 | 3 | 3 | 4 | 4 | 5 | 6 |
| less capex | — | 0 | 0 | (1) | (2) | (2) | (4) | (5) | (7) |
| less working-capital build | — | (0) | (0) | (0) | (0) | (0) | |||
| Free cash flow to firm | — | 1 | 8 | — | 9 | 9 | 10 | 11 | 11 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 8 | 8 | 8 | 7 | 7 |
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 7, dividends at 0% of profit
| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 6 | 7 | 8 | 9 | 10 | 12 |
| Interest at 8% on debt | (1) | (1) | (1) | (1) | (1) | |
| Profit before tax | 6 | 7 | 8 | 10 | 11 | |
| Profit after tax | 0 | 7 | 8 | 9 | 10 | 12 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 2 | 10 | 19 | 28 | 38 | 49 |
| Working capital | 1 | 1 | 1 | 1 | 1 | 1 |
| Net block and other assets | 82 | 80 | 79 | 78 | 78 | 79 |
| Debt | 7 | 7 | 7 | 7 | 7 | 7 |
| Equity | 45 | 51 | 59 | 68 | 78 | 90 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 10 | 11 | 13 | 15 | 17 | |
| Investing (capex) | (2) | (2) | (4) | (5) | (7) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 8 | 9 | 9 | 10 | 11 | |
| Free cash flow to equity | 8 | 9 | 9 | 10 | 11 | |
Other liabilities are held at their FY23 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 | 14.5% | 6.5% | 11.00% | 5% | ₹162 | 14.0% |
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.