Models
SANATHAN TEXTILES LIMITEDSANATHANTextiles & Apparels
₹183per 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₹183implied FY26 P/E 25.4× · EV/EBITDA 10.6×
Against CMP ₹472.10−61.3%close of 2026-09-10
Growth the CMP implies40.4%revenue, a year for 5 years, on your other inputs
Value after FY31128%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₹450
52-week rangetraded range, a fact not a value
₹353₹552
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (848) |
| PV of terminal value | 3,867 |
| Enterprise value | 3,019 |
| less net debt | (1,477) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,542 |
| ÷ 8.44 crore shares | ₹183 |
128% 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% | 199 | 245 | 299 | 366 | 450 |
| 10.50% | 153 | 191 | 236 | 289 | 355 |
| 11.00% | 114 | 145 | 183 | 227 | 280 |
| 11.50% | 80 | 107 | 138 | 175 | 218 |
| 12.00% | 50 | 74 | 100 | 131 | 167 |
The outlined cell is your model. Green figures sit above the CMP of ₹472.10; 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 | 40 · 178 · 366 |
| Draws below the CMP | 97% |
| Rank correlation with revenue growth | +0.68 |
| Rank correlation with ebitda margin | +0.56 |
| Rank correlation with discount rate | −0.41 |
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 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 2,999 | 3,811 | 4,840 | 6,147 | 7,807 | 9,915 | 12,592 |
| growth % | — | 27.1 | 27.0 | 27.0 | 27.0 | 27.0 | 27.0 |
| EBITDA | 263 | 284 | 363 | 461 | 586 | 744 | 944 |
| margin % | 8.8 | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 |
| less depreciation | (46) | (93) | (116) | (148) | (187) | (238) | (302) |
| EBIT | 217 | 191 | 247 | 313 | 398 | 506 | 642 |
| less tax on EBIT | (62) | (80) | (102) | (130) | (165) | (209) | |
| NOPAT | 129 | 166 | 211 | 268 | 341 | 433 | |
| add depreciation | 46 | 93 | 116 | 148 | 187 | 238 | 302 |
| less capex | (1,429) | (614) | (779) | (787) | (741) | (613) | (363) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |
| Free cash flow to firm | (1,145) | — | (497) | (428) | (285) | (34) | 372 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | (471) | (366) | (220) | (24) | 233 |
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 1,487, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 191 | 247 | 313 | 398 | 506 | 642 |
| Interest at 7.5% on debt | (112) | (112) | (112) | (112) | (112) | |
| Profit before tax | 135 | 202 | 287 | 394 | 531 | |
| Profit after tax | 77 | 91 | 136 | 193 | 266 | 358 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 11 | (561) | (1,064) | (1,425) | (1,534) | (1,237) |
| Working capital | (117) | (117) | (117) | (117) | (117) | (117) |
| Net block and other assets | 4,820 | 5,483 | 6,122 | 6,676 | 7,051 | 7,111 |
| Debt | 1,487 | 1,487 | 1,487 | 1,487 | 1,487 | 1,487 |
| Equity | 1,872 | 1,963 | 2,099 | 2,293 | 2,558 | 2,916 |
| Balance check | 0 | 0 | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 207 | 284 | 381 | 504 | 660 | |
| Investing (capex) | (779) | (787) | (741) | (613) | (363) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (572) | (503) | (360) | (110) | 297 | |
| Free cash flow to equity | (572) | (503) | (360) | (110) | 297 | |
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 | 27% | 7.5% | 11.00% | 5% | ₹183 | (61.3)% |
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.