Models
S&S POWER SWITCHGEARS LTDS&SPOWER
₹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 30.5× · EV/EBITDA 26.8×
Against CMP ₹270.00−26.1%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 FY3182%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
₹148₹303
52-week rangetraded range, a fact not a value
₹194₹445
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 48 |
| PV of terminal value | 216 |
| Enterprise value | 264 |
| less net debt | (18) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 246 |
| ÷ 1.23 crore shares | ₹199 |
82% 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% | 207 | 224 | 245 | 271 | 303 |
| 10.50% | 189 | 203 | 220 | 241 | 266 |
| 11.00% | 173 | 185 | 199 | 216 | 236 |
| 11.50% | 160 | 170 | 182 | 196 | 212 |
| 12.00% | 148 | 157 | 167 | 179 | 192 |
The outlined cell is your model. Green figures sit above the CMP of ₹270.00; 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 | 123 · 194 · 273 |
| Draws below the CMP | 89% |
| Rank correlation with ebitda margin | +0.91 |
| Rank correlation with discount rate | −0.34 |
| 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 | 140 | 159 | 185 | 264 | 343 | 446 | 579 | 753 | 979 |
| growth % | 26.3 | 14.2 | 16.4 | 42.2 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 7 | 11 | 2 | 10 | 13 | 16 | 21 | 28 | 36 |
| margin % | 5.1 | 6.8 | 0.9 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 |
| less depreciation | (2) | (2) | (3) | (2) | (3) | (4) | (5) | (7) | (9) |
| EBIT | 5 | 8 | (1) | 7 | 10 | 12 | 16 | 21 | 27 |
| less tax on EBIT | 6 | 8 | 10 | 13 | 17 | 22 | |||
| NOPAT | 13 | 17 | 23 | 29 | 38 | 49 | |||
| add depreciation | 2 | 2 | 3 | 2 | 3 | 4 | 5 | 7 | 9 |
| less capex | (1) | (1) | (5) | (3) | (4) | (5) | (6) | (8) | (11) |
| less working-capital build | — | (9) | (12) | (16) | (21) | (27) | |||
| Free cash flow to firm | (12) | 5 | 6 | — | 7 | 9 | 12 | 16 | 21 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 7 | 8 | 9 | 11 | 13 |
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 36, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 7 | 10 | 12 | 16 | 21 | 27 |
| Interest at 16.1% on debt | (6) | (6) | (6) | (6) | (6) | |
| Profit before tax | 4 | 7 | 10 | 15 | 22 | |
| Profit after tax | 10 | 7 | 12 | 19 | 28 | 39 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 18 | 14 | 13 | 15 | 21 | 31 |
| Working capital | 31 | 41 | 53 | 69 | 90 | 116 |
| Net block and other assets | 224 | 225 | 226 | 227 | 228 | 230 |
| Debt | 36 | 36 | 36 | 36 | 36 | 36 |
| Equity | 89 | 96 | 108 | 127 | 154 | 193 |
| Balance check | 0 | 0 | 0 | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 1 | 4 | 8 | 14 | 21 | |
| Investing (capex) | (4) | (5) | (6) | (8) | (11) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (3) | (1) | 2 | 5 | 10 | |
| Free cash flow to equity | (3) | (1) | 2 | 5 | 10 | |
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 | 30% | 3.7% | 11.00% | 5% | ₹199 | (26.1)% |
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.