Models
RNFI SERVICES LIMITEDRNFI
₹199per 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₹199implied FY26 P/E 17.5× · EV/EBITDA 7.6×
Against CMP ₹317.85−37.5%close of 8 Oct 2026
Growth the CMP implies31.9%revenue, a year for 5 years, on your other inputs
Value after FY3174%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
₹160₹275
52-week rangetraded range, a fact not a value
₹216₹388
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 115 |
| PV of terminal value | 327 |
| Enterprise value | 442 |
| less net debt | 62 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 504 |
| ÷ 2.54 crore shares | ₹199 |
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% | 204 | 217 | 233 | 251 | 275 |
| 10.50% | 191 | 202 | 214 | 229 | 248 |
| 11.00% | 179 | 188 | 199 | 211 | 226 |
| 11.50% | 169 | 177 | 186 | 196 | 208 |
| 12.00% | 160 | 167 | 175 | 183 | 193 |
The outlined cell is your model. Green figures sit above the CMP of ₹317.85; 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 | 163 · 197 · 238 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.81 |
| Rank correlation with discount rate | −0.53 |
| Rank correlation with revenue growth | +0.13 |
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 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 917 | 969 | 1,022 | 1,078 | 1,137 | 1,200 | 1,266 |
| growth % | — | 5.7 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 |
| EBITDA | 37 | 58 | 61 | 65 | 68 | 72 | 76 |
| margin % | 4.0 | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 |
| less depreciation | (15) | (17) | (18) | (19) | (20) | (22) | (23) |
| EBIT | 22 | 41 | 43 | 45 | 48 | 50 | 53 |
| less tax on EBIT | (10) | (11) | (12) | (12) | (13) | (14) | |
| NOPAT | 30 | 32 | 34 | 35 | 37 | 39 | |
| add depreciation | 15 | 17 | 18 | 19 | 20 | 22 | 23 |
| less capex | (23) | (18) | (19) | (21) | (23) | (25) | (27) |
| less working-capital build | — | (3) | (3) | (3) | (3) | (3) | |
| Free cash flow to firm | 6 | — | 28 | 29 | 30 | 31 | 31 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | 27 | 25 | 23 | 21 | 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 27, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 41 | 43 | 45 | 48 | 50 | 53 |
| Interest at 10.3% on debt | (3) | (3) | (3) | (3) | (3) | |
| Profit before tax | 40 | 42 | 45 | 48 | 50 | |
| Profit after tax | 29 | 30 | 32 | 33 | 35 | 37 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 89 | 115 | 142 | 169 | 198 | 227 |
| Working capital | 50 | 53 | 56 | 59 | 62 | 66 |
| Net block and other assets | 222 | 223 | 224 | 227 | 231 | 235 |
| Debt | 27 | 27 | 27 | 27 | 27 | 27 |
| Equity | 176 | 205 | 237 | 270 | 306 | 343 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 45 | 48 | 51 | 54 | 57 | |
| Investing (capex) | (19) | (21) | (23) | (25) | (27) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 26 | 27 | 28 | 29 | 29 | |
| Free cash flow to equity | 26 | 27 | 28 | 29 | 29 | |
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 | 5.5% | 6% | 11.00% | 5% | ₹199 | (37.5)% |
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.