₹1,015per 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₹1,015implied FY26 P/E —× · EV/EBITDA 10.3×
Against CMP ₹2,696.00−62.3%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3181%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
₹792₹1,461
52-week rangetraded range, a fact not a value
₹1,733₹3,082
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 299 |
| PV of terminal value | 1,250 |
| Enterprise value | 1,548 |
| less net debt | 130 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,678 |
| ÷ 1.65 crore shares | ₹1,015 |
81% 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% | 1,047 | 1,123 | 1,213 | 1,323 | 1,461 |
| 10.50% | 968 | 1,031 | 1,105 | 1,194 | 1,302 |
| 11.00% | 901 | 954 | 1,015 | 1,088 | 1,175 |
| 11.50% | 843 | 888 | 939 | 1,000 | 1,071 |
| 12.00% | 792 | 830 | 874 | 925 | 984 |
The outlined cell is your model. Green figures sit above the CMP of ₹2,696.00; 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 | 837 · 1,006 · 1,216 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.70 |
| Rank correlation with discount rate | −0.62 |
| Rank correlation with revenue growth | +0.24 |
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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | 708 | 764 | 825 | 891 | 963 | 1,040 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 151 | 163 | 176 | 190 | 205 | 221 |
| margin % | 21.3 | 21.3 | 21.3 | 21.3 | 21.3 | 21.3 |
| less depreciation | (21) | (23) | (25) | (27) | (29) | (31) |
| EBIT | 130 | 140 | 151 | 163 | 176 | 190 |
| less tax on EBIT | (33) | (35) | (38) | (41) | (45) | (48) |
| NOPAT | 97 | 104 | 113 | 122 | 132 | 142 |
| add depreciation | 21 | 23 | 25 | 27 | 29 | 31 |
| less capex | (65) | (70) | (64) | (57) | (48) | (37) |
| less working-capital build | — | (11) | (12) | (13) | (14) | (16) |
| Free cash flow to firm | — | 46 | 61 | 78 | 98 | 120 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 43 | 52 | 60 | 68 | 75 |
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 20, dividends at 34.5% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 130 | 140 | 151 | 163 | 176 | 190 |
| Interest at 4.5% on debt | (1) | (1) | (1) | (1) | (1) | |
| Profit before tax | 139 | 150 | 162 | 175 | 189 | |
| Profit after tax | 115 | 104 | 112 | 121 | 131 | 141 |
| Dividends | (40) | (36) | (39) | (42) | (45) | (49) |
| Balance sheet, year end | ||||||
| Cash | 150 | 160 | 181 | 217 | 269 | 340 |
| Working capital | 143 | 155 | 167 | 180 | 195 | 210 |
| Net block and other assets | 499 | 547 | 586 | 617 | 636 | 642 |
| Debt | 20 | 20 | 20 | 20 | 20 | 20 |
| Equity | 605 | 673 | 747 | 826 | 912 | 1,005 |
| Balance check | 0 | 0 | (0) | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | 115 | 125 | 135 | 145 | 157 | |
| Investing (capex) | (70) | (64) | (57) | (48) | (37) | |
| Financing (dividends) | (36) | (39) | (42) | (45) | (49) | |
| Net change in cash | 9 | 21 | 36 | 52 | 71 | |
| Free cash flow to equity | 45 | 60 | 78 | 97 | 120 | |
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 | 8% | 21.3% | 11.00% | 5% | ₹1,015 | (62.3)% |
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.