Models
SADBHAV ENGINEERING LTDSADBHAVTransport Infrastructure
₹-17per 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₹(17)implied FY26 P/E (9.5)× · EV/EBITDA 4.5×
Against CMP ₹7.48−322.0%close of 2026-09-20
Growth the CMP implies(1.9)%revenue, a year for 5 years, on your other inputs
Value after FY3166%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
₹(50)₹50
52-week rangetraded range, a fact not a value
₹6₹15
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 989 |
| PV of terminal value | 1,910 |
| Enterprise value | 2,899 |
| less net debt | (3,184) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (285) |
| ÷ 17.16 crore shares | ₹(17) |
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% | (11) | (0) | 13 | 29 | 50 |
| 10.50% | (23) | (14) | (3) | 10 | 26 |
| 11.00% | (33) | (26) | (17) | (6) | 7 |
| 11.50% | (42) | (36) | (28) | (19) | (9) |
| 12.00% | (50) | (44) | (38) | (30) | (22) |
The outlined cell is your model. Green figures sit above the CMP of ₹7.48; 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 | (43) · (16) · 15 |
| Draws below the CMP | 84% |
| Rank correlation with ebitda margin | +0.76 |
| Rank correlation with discount rate | −0.62 |
| 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 | 1,777 | 1,923 | 1,036 | 973 | 924 | 878 | 834 | 792 | 753 |
| growth % | (6.9) | 8.2 | (46.1) | (6.1) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | (321) | (252) | 396 | 638 | 606 | 576 | 547 | 520 | 494 |
| margin % | (18.1) | (13.1) | 38.2 | 65.6 | 65.6 | 65.6 | 65.6 | 65.6 | 65.6 |
| less depreciation | (131) | (127) | (127) | (139) | (132) | (126) | (119) | (113) | (108) |
| EBIT | (452) | (379) | 269 | 499 | 474 | 450 | 428 | 406 | 386 |
| less tax on EBIT | (234) | (222) | (211) | (200) | (190) | (181) | |||
| NOPAT | 265 | 252 | 240 | 228 | 216 | 205 | |||
| add depreciation | 131 | 127 | 127 | 139 | 132 | 126 | 119 | 113 | 108 |
| less capex | (66) | (9) | (1) | (72) | (68) | (86) | (102) | (117) | (129) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | 1,700 | 1,144 | 299 | — | 316 | 279 | 244 | 213 | 184 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 300 | 238 | 188 | 148 | 115 |
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 3,264, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 499 | 474 | 450 | 428 | 406 | 386 |
| Interest at 11.8% on debt | (385) | (385) | (385) | (385) | (385) | |
| Profit before tax | 89 | 65 | 43 | 21 | 1 | |
| Profit after tax | 26 | 47 | 35 | 23 | 11 | 1 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 80 | 191 | 265 | 304 | 312 | 291 |
| Working capital | (18) | (18) | (18) | (18) | (18) | (18) |
| Net block and other assets | 5,798 | 5,734 | 5,695 | 5,678 | 5,682 | 5,703 |
| Debt | 3,264 | 3,264 | 3,264 | 3,264 | 3,264 | 3,264 |
| Equity | (9) | 38 | 73 | 96 | 107 | 107 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 179 | 160 | 142 | 125 | 108 | |
| Investing (capex) | (68) | (86) | (102) | (117) | (129) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 111 | 74 | 40 | 8 | (21) | |
| Free cash flow to equity | 111 | 74 | 40 | 8 | (21) | |
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% | 65.6% | 11.00% | 5% | ₹(17) | (322.0)% |
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.