Models
SANDHAR TECHNOLOGIES LTDSANDHARAuto Components
₹29per 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₹29implied FY26 P/E 0.9× · EV/EBITDA 2.4×
Against CMP ₹618.15−95.2%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3198%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
₹(22)₹132
52-week rangetraded range, a fact not a value
₹424₹763
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 24 |
| PV of terminal value | 1,050 |
| Enterprise value | 1,074 |
| less net debt | (897) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 177 |
| ÷ 6.02 crore shares | ₹29 |
98% 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% | 36 | 54 | 74 | 100 | 132 |
| 10.50% | 18 | 33 | 50 | 70 | 95 |
| 11.00% | 3 | 15 | 29 | 46 | 66 |
| 11.50% | (10) | 0 | 12 | 26 | 43 |
| 12.00% | (22) | (13) | (3) | 9 | 23 |
The outlined cell is your model. Green figures sit above the CMP of ₹618.15; 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 | (260) · 29 · 257 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.89 |
| Rank correlation with revenue growth | −0.43 |
| Rank correlation with discount rate | −0.09 |
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 | 2,909 | 3,521 | 3,885 | 4,852 | 6,065 | 7,581 | 9,477 | 11,846 | 14,807 |
| growth % | 25.2 | 21.0 | 10.3 | 24.9 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 |
| EBITDA | 245 | 345 | 395 | 443 | 552 | 690 | 862 | 1,078 | 1,347 |
| margin % | 8.4 | 9.8 | 10.2 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 |
| less depreciation | (122) | (154) | (171) | (193) | (243) | (303) | (379) | (474) | (592) |
| EBIT | 124 | 191 | 225 | 249 | 309 | 387 | 483 | 604 | 755 |
| less tax on EBIT | (56) | (69) | (86) | (108) | (135) | (168) | |||
| NOPAT | 194 | 240 | 300 | 376 | 469 | 587 | |||
| add depreciation | 122 | 154 | 171 | 193 | 243 | 303 | 379 | 474 | 592 |
| less capex | (257) | (237) | (316) | (299) | (376) | (444) | (521) | (610) | (711) |
| less working-capital build | — | (150) | (188) | (235) | (294) | (367) | |||
| Free cash flow to firm | 51 | 38 | (69) | — | (44) | (28) | (2) | 39 | 101 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (41) | (24) | (1) | 27 | 63 |
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 948, dividends at 10.6% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 249 | 309 | 387 | 483 | 604 | 755 |
| Interest at 7.8% on debt | (74) | (74) | (74) | (74) | (74) | |
| Profit before tax | 235 | 313 | 409 | 530 | 681 | |
| Profit after tax | 199 | 183 | 243 | 318 | 412 | 529 |
| Dividends | (21) | (19) | (26) | (34) | (44) | (56) |
| Balance sheet, year end | ||||||
| Cash | 51 | (69) | (180) | (273) | (335) | (347) |
| Working capital | 601 | 751 | 939 | 1,174 | 1,468 | 1,835 |
| Net block and other assets | 2,824 | 2,957 | 3,097 | 3,240 | 3,376 | 3,494 |
| Debt | 948 | 948 | 948 | 948 | 948 | 948 |
| Equity | 1,333 | 1,497 | 1,714 | 1,998 | 2,366 | 2,840 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 275 | 358 | 462 | 592 | 754 | |
| Investing (capex) | (376) | (444) | (521) | (610) | (711) | |
| Financing (dividends) | (19) | (26) | (34) | (44) | (56) | |
| Net change in cash | (120) | (111) | (93) | (62) | (12) | |
| Free cash flow to equity | (101) | (85) | (59) | (18) | 44 | |
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 | 25% | 9.1% | 11.00% | 5% | ₹29 | (95.2)% |
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.