₹-5per 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₹(5)implied FY24 P/E (1.3)× · EV/EBITDA 4.6×
Against CMP ₹51.50−109.4%close of 8 Oct 2026
Growth the CMP implies—%no growth rate between −20% and 45% a year brings the value to the CMP on your other inputs
Value after FY2974%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
₹(15)₹15
52-week rangetraded range, a fact not a value
₹40₹73
From enterprise to equity · ₹ crore
| PV of FY25–FY29 free cash flow | 46 |
| PV of terminal value | 127 |
| Enterprise value | 173 |
| less net debt | (191) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (18) |
| ÷ 3.77 crore shares | ₹(5) |
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% | (3) | (0) | 4 | 9 | 15 |
| 10.50% | (7) | (4) | (1) | 3 | 8 |
| 11.00% | (10) | (8) | (5) | (2) | 2 |
| 11.50% | (13) | (11) | (8) | (6) | (2) |
| 12.00% | (15) | (13) | (11) | (9) | (6) |
The outlined cell is your model. Green figures sit above the CMP of ₹51.50; 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 | (21) · (5) · 11 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.87 |
| Rank correlation with revenue growth | −0.35 |
| Rank correlation with discount rate | −0.31 |
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 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 322 | 299 | 354 | 367 | 379 | 393 | 407 | 421 | 435 |
| growth % | — | (7.2) | 18.2 | 3.7 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 |
| EBITDA | 67 | 52 | 53 | 38 | 39 | 40 | 42 | 43 | 45 |
| margin % | 20.9 | 17.3 | 14.9 | 10.3 | 10.3 | 10.3 | 10.3 | 10.3 | 10.3 |
| less depreciation | (12) | (12) | (14) | (14) | (14) | (15) | (15) | (16) | (17) |
| EBIT | 55 | 39 | 39 | 24 | 25 | 26 | 26 | 27 | 28 |
| less tax on EBIT | (4) | (4) | (4) | (4) | (5) | (5) | |||
| NOPAT | 20 | 21 | 21 | 22 | 23 | 24 | |||
| add depreciation | 12 | 12 | 14 | 14 | 14 | 15 | 15 | 16 | 17 |
| less capex | (10) | (15) | (26) | (16) | (17) | (17) | (18) | (19) | (20) |
| less working-capital build | — | (7) | (7) | (8) | (8) | (8) | |||
| Free cash flow to firm | 27 | 18 | 0 | — | 11 | 12 | 12 | 12 | 12 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 11 | 10 | 9 | 8 | 8 |
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 194, dividends at 11.9% of profit
| ₹ crore | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 24 | 25 | 26 | 26 | 27 | 28 |
| Interest at 8% on debt | (16) | (16) | (16) | (16) | (16) | |
| Profit before tax | 9 | 10 | 11 | 12 | 13 | |
| Profit after tax | 13 | 8 | 8 | 9 | 10 | 11 |
| Dividends | (2) | (1) | (1) | (1) | (1) | (1) |
| Balance sheet, year end | ||||||
| Cash | 3 | 0 | (2) | (4) | (7) | (9) |
| Working capital | 200 | 207 | 215 | 222 | 230 | 238 |
| Net block and other assets | 369 | 371 | 373 | 376 | 379 | 382 |
| Debt | 194 | 194 | 194 | 194 | 194 | 194 |
| Equity | 297 | 304 | 311 | 319 | 328 | 337 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 15 | 16 | 17 | 18 | 19 | |
| Investing (capex) | (17) | (17) | (18) | (19) | (20) | |
| Financing (dividends) | (1) | (1) | (1) | (1) | (1) | |
| Net change in cash | (3) | (2) | (2) | (2) | (2) | |
| Free cash flow to equity | (2) | (1) | (1) | (1) | (1) | |
Other liabilities are held at their FY24 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 | 3.5% | 10.3% | 11.00% | 5% | ₹(5) | (109.4)% |
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.