Models
Sayaji Hotels (Pune) LimitedBSE 544090Leisure Services
₹1,146per 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₹1,146implied FY26 P/E 18.0× · EV/EBITDA 12.2×
Against CMP ₹870.00+31.7%close of 8 Oct 2026
Growth the CMP implies(0.9)%revenue, a year for 5 years, on your other inputs
Value after FY3175%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
₹897₹1,643
52-week rangetraded range, a fact not a value
₹631₹1,100
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 86 |
| PV of terminal value | 256 |
| Enterprise value | 342 |
| less net debt | 7 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 349 |
| ÷ 0.30 crore shares | ₹1,146 |
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% | 1,183 | 1,266 | 1,367 | 1,489 | 1,643 |
| 10.50% | 1,094 | 1,164 | 1,246 | 1,345 | 1,465 |
| 11.00% | 1,019 | 1,078 | 1,146 | 1,227 | 1,323 |
| 11.50% | 954 | 1,003 | 1,061 | 1,128 | 1,207 |
| 12.00% | 897 | 939 | 988 | 1,045 | 1,111 |
The outlined cell is your model. Green figures sit above the CMP of ₹870.00; 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 | 964 · 1,140 · 1,355 |
| Draws below the CMP | 1% |
| Rank correlation with discount rate | −0.67 |
| Rank correlation with ebitda margin | +0.62 |
| Rank correlation with revenue growth | +0.32 |
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 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 70 | 77 | 81 | 86 | 91 | 97 | 103 | 109 |
| growth % | — | 8.9 | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 |
| EBITDA | 24 | 25 | 28 | 30 | 32 | 33 | 35 | 38 |
| margin % | 34.0 | 32.6 | 34.5 | 34.5 | 34.5 | 34.5 | 34.5 | 34.5 |
| less depreciation | (3) | (2) | (2) | (3) | (3) | (3) | (3) | (3) |
| EBIT | 21 | 23 | 26 | 27 | 29 | 31 | 32 | 34 |
| less tax on EBIT | (6) | (7) | (7) | (8) | (8) | (9) | ||
| NOPAT | 19 | 20 | 22 | 23 | 24 | 26 | ||
| add depreciation | 3 | 2 | 2 | 3 | 3 | 3 | 3 | 3 |
| less capex | (1) | (3) | (2) | (2) | (3) | (3) | (3) | (4) |
| less working-capital build | — | (0) | (0) | (0) | (0) | (0) | ||
| Free cash flow to firm | 7 | 2 | — | 20 | 21 | 22 | 23 | 25 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 19 | 18 | 17 | 16 | 15 |
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 0, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 26 | 27 | 29 | 31 | 32 | 34 |
| Interest at 8% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 27 | 29 | 30 | 32 | 34 | |
| Profit after tax | 19 | 20 | 21 | 23 | 24 | 26 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 7 | 27 | 48 | 71 | 94 | 119 |
| Working capital | 4 | 5 | 5 | 5 | 5 | 6 |
| Net block and other assets | 101 | 101 | 101 | 101 | 102 | 102 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 101 | 121 | 143 | 166 | 190 | 216 |
| Balance check | 0 | (0) | 0 | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 23 | 24 | 25 | 27 | 29 | |
| Investing (capex) | (2) | (3) | (3) | (3) | (4) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 20 | 21 | 22 | 23 | 25 | |
| Free cash flow to equity | 20 | 21 | 22 | 23 | 25 | |
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 | 6% | 34.5% | 11.00% | 5% | ₹1,146 | 31.7% |
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.