Models
SANDUR MANG & IRON ORES LSANDUMAFerrous Metals
₹588per 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₹588implied FY26 P/E 39.9× · EV/EBITDA 25.1×
Against CMP ₹190.40+208.9%close of 2026-09-10
Growth the CMP implies(0.9)%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
₹443₹877
52-week rangetraded range, a fact not a value
₹152₹273
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 5,733 |
| PV of terminal value | 23,795 |
| Enterprise value | 29,529 |
| less net debt | (942) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 28,587 |
| ÷ 48.61 crore shares | ₹588 |
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% | 609 | 658 | 716 | 788 | 877 |
| 10.50% | 558 | 598 | 646 | 704 | 774 |
| 11.00% | 514 | 548 | 588 | 635 | 692 |
| 11.50% | 476 | 505 | 539 | 578 | 624 |
| 12.00% | 443 | 468 | 497 | 530 | 568 |
The outlined cell is your model. Green figures sit above the CMP of ₹190.40; 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 | 426 · 583 · 793 |
| Draws below the CMP | 0% |
| Rank correlation with revenue growth | +0.75 |
| Rank correlation with ebitda margin | +0.46 |
| 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 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,126 | 1,252 | 3,135 | 5,088 | 6,615 | 8,599 | 11,179 | 14,533 | 18,893 |
| growth % | 202.8 | (41.1) | 150.4 | 62.3 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 392 | 320 | 785 | 1,177 | 1,528 | 1,986 | 2,582 | 3,357 | 4,364 |
| margin % | 18.5 | 25.6 | 25.0 | 23.1 | 23.1 | 23.1 | 23.1 | 23.1 | 23.1 |
| less depreciation | (64) | (58) | (121) | (212) | (278) | (361) | (470) | (610) | (794) |
| EBIT | 328 | 262 | 664 | 965 | 1,250 | 1,625 | 2,113 | 2,747 | 3,571 |
| less tax on EBIT | (197) | (255) | (332) | (431) | (560) | (728) | |||
| NOPAT | 768 | 995 | 1,294 | 1,682 | 2,186 | 2,842 | |||
| add depreciation | 64 | 58 | 121 | 212 | 278 | 361 | 470 | 610 | 794 |
| less capex | (187) | (103) | (88) | (155) | (198) | (302) | (449) | (658) | (952) |
| less working-capital build | — | (137) | (179) | (232) | (302) | (392) | |||
| Free cash flow to firm | (45) | 50 | 753 | — | 937 | 1,174 | 1,470 | 1,837 | 2,291 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 890 | 1,004 | 1,132 | 1,275 | 1,433 |
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 995, dividends at 3.1% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 965 | 1,250 | 1,625 | 2,113 | 2,747 | 3,571 |
| Interest at 14.8% on debt | (147) | (147) | (147) | (147) | (147) | |
| Profit before tax | 1,103 | 1,478 | 1,966 | 2,600 | 3,424 | |
| Profit after tax | 657 | 878 | 1,177 | 1,565 | 2,069 | 2,725 |
| Dividends | (20) | (27) | (36) | (49) | (64) | (84) |
| Balance sheet, year end | ||||||
| Cash | 53 | 846 | 1,867 | 3,171 | 4,826 | 6,915 |
| Working capital | 459 | 596 | 775 | 1,007 | 1,309 | 1,701 |
| Net block and other assets | 5,015 | 4,936 | 4,877 | 4,857 | 4,905 | 5,063 |
| Debt | 995 | 995 | 995 | 995 | 995 | 995 |
| Equity | 3,270 | 4,121 | 5,261 | 6,777 | 8,782 | 11,423 |
| Balance check | 0 | 0 | (0) | (0) | 0 | (0) |
| Cash flow | ||||||
| From operations | 1,018 | 1,359 | 1,802 | 2,378 | 3,126 | |
| Investing (capex) | (198) | (302) | (449) | (658) | (952) | |
| Financing (dividends) | (27) | (36) | (49) | (64) | (84) | |
| Net change in cash | 793 | 1,021 | 1,304 | 1,655 | 2,090 | |
| Free cash flow to equity | 820 | 1,057 | 1,353 | 1,719 | 2,174 | |
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% | 23.1% | 11.00% | 5% | ₹588 | 208.9% |
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.