Models
SBEC SYSTEMS (INDIA) LTD.BSE 517360Commercial Services & Supplies
₹373per 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₹373implied FY26 P/E 252.3× · EV/EBITDA 217.8×
Against CMP ₹18.50+1918.3%close of 8 Oct 2026
Growth the CMP implies—%no growth rate between −20% and 45% a year brings the value to the CMP on your other inputs
Value after FY3177%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
₹283₹553
52-week rangetraded range, a fact not a value
₹15₹26
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 93 |
| PV of terminal value | 305 |
| Enterprise value | 397 |
| less net debt | (24) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 373 |
| ÷ 1.00 crore shares | ₹373 |
77% 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% | 387 | 417 | 453 | 498 | 553 |
| 10.50% | 355 | 380 | 410 | 445 | 489 |
| 11.00% | 327 | 349 | 373 | 403 | 438 |
| 11.50% | 304 | 322 | 343 | 367 | 396 |
| 12.00% | 283 | 299 | 316 | 337 | 361 |
The outlined cell is your model. Green figures sit above the CMP of ₹18.50; 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 | 310 · 372 · 448 |
| Draws below the CMP | 0% |
| Rank correlation with discount rate | −0.70 |
| Rank correlation with ebitda margin | +0.56 |
| Rank correlation with revenue growth | +0.37 |
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 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 5 |
| growth % | 6.2 | 1.0 | 2.1 | 6.4 | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 |
| EBITDA | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| margin % | 67.7 | 75.3 | 73.4 | 52.7 | 52.7 | 52.7 | 52.7 | 52.7 | 52.7 |
| less depreciation | 0 | 0 | (0) | (0) | (0) | (0) | (0) | (0) | (0) |
| EBIT | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| less tax on EBIT | 20 | 21 | 22 | 24 | 25 | 27 | |||
| NOPAT | 21 | 23 | 24 | 26 | 28 | 29 | |||
| add depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| less capex | 0 | (0) | (6) | (3) | (3) | (2) | (2) | (1) | (0) |
| less working-capital build | — | (0) | (0) | (0) | (0) | (0) | |||
| Free cash flow to firm | 2 | 2 | (4) | — | 20 | 22 | 24 | 27 | 29 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 19 | 19 | 19 | 18 | 18 |
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 24, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 2 | 2 | 2 | 2 | 2 | 2 |
| Interest at 9.5% on debt | (2) | (2) | (2) | (2) | (2) | |
| Profit before tax | (0) | (0) | (0) | 0 | 0 | |
| Profit after tax | 2 | (5) | (3) | (1) | 0 | 2 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 0 | (8) | (13) | (16) | (17) | (15) |
| Working capital | 0 | 0 | 0 | 0 | 0 | 0 |
| Net block and other assets | 15 | 18 | 21 | 23 | 24 | 24 |
| Debt | 24 | 24 | 24 | 24 | 24 | 24 |
| Equity | (11) | (15) | (18) | (20) | (20) | (18) |
| Balance check | 0 | 0 | 0 | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | (5) | (3) | (1) | 0 | 2 | |
| Investing (capex) | (3) | (2) | (2) | (1) | (0) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (8) | (6) | (3) | (1) | 2 | |
| Free cash flow to equity | (8) | (6) | (3) | (1) | 2 | |
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 | 6.5% | 52.7% | 11.00% | 5% | ₹373 | 1918.3% |
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.