Models
SANGAM (INDIA) LTDSANGAMINDTextiles & Apparels
₹97per 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₹97implied FY26 P/E 4.0× · EV/EBITDA 5.5×
Against CMP ₹571.25−83.0%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3192%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
₹6₹281
52-week rangetraded range, a fact not a value
₹372₹673
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 145 |
| PV of terminal value | 1,568 |
| Enterprise value | 1,713 |
| less net debt | (1,225) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 488 |
| ÷ 5.03 crore shares | ₹97 |
92% 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% | 110 | 141 | 178 | 224 | 281 |
| 10.50% | 78 | 103 | 134 | 171 | 215 |
| 11.00% | 50 | 72 | 97 | 127 | 163 |
| 11.50% | 26 | 45 | 66 | 91 | 120 |
| 12.00% | 6 | 21 | 40 | 61 | 85 |
The outlined cell is your model. Green figures sit above the CMP of ₹571.25; 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 | (29) · 93 · 222 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.90 |
| Rank correlation with discount rate | −0.36 |
| Rank correlation with revenue growth | −0.14 |
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 | 2,712 | 2,628 | 2,857 | 3,235 | 3,655 | 4,130 | 4,667 | 5,274 | 5,959 |
| growth % | 11.3 | (3.1) | 8.7 | 13.2 | 13.0 | 13.0 | 13.0 | 13.0 | 13.0 |
| EBITDA | 276 | 209 | 238 | 314 | 355 | 401 | 453 | 512 | 578 |
| margin % | 10.2 | 7.9 | 8.3 | 9.7 | 9.7 | 9.7 | 9.7 | 9.7 | 9.7 |
| less depreciation | (79) | (97) | (114) | (95) | (106) | (120) | (135) | (153) | (173) |
| EBIT | 196 | 112 | 124 | 219 | 249 | 281 | 317 | 359 | 405 |
| less tax on EBIT | (59) | (67) | (75) | (85) | (96) | (109) | |||
| NOPAT | 160 | 182 | 206 | 232 | 263 | 297 | |||
| add depreciation | 79 | 97 | 114 | 95 | 106 | 120 | 135 | 153 | 173 |
| less capex | (389) | (408) | (315) | (226) | (256) | (253) | (245) | (230) | (207) |
| less working-capital build | — | (68) | (77) | (87) | (98) | (111) | |||
| Free cash flow to firm | (173) | (248) | 116 | — | (36) | (4) | 36 | 87 | 151 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (34) | (4) | 28 | 61 | 94 |
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 1,276, dividends at 12.2% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 219 | 249 | 281 | 317 | 359 | 405 |
| Interest at 9.5% on debt | (121) | (121) | (121) | (121) | (121) | |
| Profit before tax | 127 | 160 | 196 | 237 | 284 | |
| Profit after tax | 83 | 93 | 117 | 144 | 174 | 208 |
| Dividends | (10) | (11) | (14) | (18) | (21) | (25) |
| Balance sheet, year end | ||||||
| Cash | 51 | (85) | (193) | (263) | (285) | (249) |
| Working capital | 526 | 594 | 671 | 758 | 856 | 967 |
| Net block and other assets | 2,738 | 2,888 | 3,021 | 3,130 | 3,207 | 3,242 |
| Debt | 1,276 | 1,276 | 1,276 | 1,276 | 1,276 | 1,276 |
| Equity | 1,076 | 1,158 | 1,261 | 1,387 | 1,539 | 1,722 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 131 | 160 | 192 | 228 | 270 | |
| Investing (capex) | (256) | (253) | (245) | (230) | (207) | |
| Financing (dividends) | (11) | (14) | (18) | (21) | (25) | |
| Net change in cash | (136) | (107) | (70) | (23) | 37 | |
| Free cash flow to equity | (125) | (93) | (53) | (2) | 62 | |
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 | 13% | 9.7% | 11.00% | 5% | ₹97 | (83.0)% |
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.