Models
ROLEX RINGS LIMITEDROLEXRINGSAuto Components
₹54per 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₹54implied FY26 P/E 9.5× · EV/EBITDA 7.9×
Against CMP ₹172.00−68.6%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3171%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
₹43₹76
52-week rangetraded range, a fact not a value
₹100₹189
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 402 |
| PV of terminal value | 1,002 |
| Enterprise value | 1,403 |
| less net debt | 69 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,472 |
| ÷ 27.23 crore shares | ₹54 |
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% | 56 | 59 | 64 | 69 | 76 |
| 10.50% | 52 | 55 | 58 | 63 | 68 |
| 11.00% | 49 | 51 | 54 | 58 | 62 |
| 11.50% | 46 | 48 | 50 | 53 | 57 |
| 12.00% | 43 | 45 | 47 | 50 | 52 |
The outlined cell is your model. Green figures sit above the CMP of ₹172.00; 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 | 46 · 54 · 64 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.72 |
| Rank correlation with discount rate | −0.66 |
| Rank correlation with revenue growth | −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 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,179 | 1,222 | 1,155 | 1,143 | 1,132 | 1,121 | 1,110 | 1,098 | 1,087 |
| growth % | 16.0 | 3.6 | (5.5) | (1.0) | (1.0) | (1.0) | (1.0) | (1.0) | (1.0) |
| EBITDA | 261 | 230 | 222 | 179 | 177 | 175 | 173 | 171 | 170 |
| margin % | 22.1 | 18.8 | 19.2 | 15.6 | 15.6 | 15.6 | 15.6 | 15.6 | 15.6 |
| less depreciation | (27) | (33) | (40) | (37) | (36) | (36) | (36) | (35) | (35) |
| EBIT | 234 | 197 | 182 | 141 | 140 | 139 | 138 | 136 | 135 |
| less tax on EBIT | (37) | (36) | (36) | (36) | (35) | (35) | |||
| NOPAT | 105 | 104 | 103 | 102 | 101 | 100 | |||
| add depreciation | 27 | 33 | 40 | 37 | 36 | 36 | 36 | 35 | 35 |
| less capex | (42) | (55) | (52) | (36) | (35) | (37) | (39) | (40) | (42) |
| less working-capital build | — | 4 | 4 | 4 | 4 | 3 | |||
| Free cash flow to firm | 171 | 167 | 175 | — | 109 | 106 | 103 | 99 | 96 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 103 | 90 | 79 | 69 | 60 |
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 0, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 141 | 140 | 139 | 138 | 136 | 135 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 140 | 139 | 138 | 136 | 135 | |
| Profit after tax | 141 | 104 | 103 | 102 | 101 | 100 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 69 | 178 | 284 | 386 | 486 | 582 |
| Working capital | 362 | 359 | 355 | 352 | 348 | 345 |
| Net block and other assets | 939 | 938 | 939 | 942 | 947 | 954 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 1,214 | 1,318 | 1,421 | 1,523 | 1,623 | 1,723 |
| Balance check | 0 | 0 | 0 | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 144 | 142 | 141 | 140 | 138 | |
| Investing (capex) | (35) | (37) | (39) | (40) | (42) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 109 | 106 | 103 | 99 | 96 | |
| Free cash flow to equity | 109 | 106 | 103 | 99 | 96 | |
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 | -1% | 15.6% | 11.00% | 5% | ₹54 | (68.6)% |
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.