Models
SEJAL GLASS LIMITEDSEJALLTD
₹321per 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₹321implied FY26 P/E 11.1× · EV/EBITDA 8.2×
Against CMP ₹675.00−52.4%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 FY31111%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
₹179₹608
52-week rangetraded range, a fact not a value
₹381₹1,037
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (55) |
| PV of terminal value | 558 |
| Enterprise value | 503 |
| less net debt | (137) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 366 |
| ÷ 1.14 crore shares | ₹321 |
111% 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% | 339 | 388 | 447 | 518 | 608 |
| 10.50% | 290 | 330 | 378 | 436 | 506 |
| 11.00% | 247 | 281 | 321 | 368 | 425 |
| 11.50% | 211 | 240 | 273 | 312 | 359 |
| 12.00% | 179 | 204 | 233 | 265 | 304 |
The outlined cell is your model. Green figures sit above the CMP of ₹675.00; 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 | 47 · 310 · 559 |
| Draws below the CMP | 97% |
| Rank correlation with ebitda margin | +0.92 |
| Rank correlation with discount rate | −0.27 |
| Rank correlation with revenue growth | −0.22 |
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 | 46 | 164 | 244 | 397 | 515 | 670 | 871 | 1,132 | 1,472 |
| growth % | 363.4 | 252.8 | 48.7 | 62.8 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 3 | 20 | 34 | 61 | 80 | 104 | 135 | 176 | 228 |
| margin % | 5.9 | 12.4 | 13.9 | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 |
| less depreciation | (1) | (6) | (7) | (15) | (20) | (26) | (34) | (44) | (57) |
| EBIT | 2 | 15 | 27 | 46 | 60 | 78 | 101 | 131 | 171 |
| less tax on EBIT | (4) | (5) | (7) | (9) | (11) | (15) | |||
| NOPAT | 42 | 55 | 71 | 92 | 120 | 156 | |||
| add depreciation | 1 | 6 | 7 | 15 | 20 | 26 | 34 | 44 | 57 |
| less capex | 0 | 0 | (8) | (68) | (88) | (94) | (95) | (88) | (69) |
| less working-capital build | — | (32) | (41) | (54) | (70) | (91) | |||
| Free cash flow to firm | (2) | (9) | (14) | — | (45) | (38) | (22) | 6 | 54 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (43) | (32) | (17) | 4 | 34 |
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 149, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 46 | 60 | 78 | 101 | 131 | 171 |
| Interest at 13.8% on debt | (21) | (21) | (21) | (21) | (21) | |
| Profit before tax | 39 | 57 | 80 | 111 | 150 | |
| Profit after tax | 29 | 36 | 52 | 73 | 101 | 137 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 12 | (52) | (109) | (150) | (163) | (128) |
| Working capital | 106 | 138 | 179 | 233 | 302 | 393 |
| Net block and other assets | 353 | 421 | 489 | 550 | 594 | 605 |
| Debt | 149 | 149 | 149 | 149 | 149 | 149 |
| Equity | 152 | 188 | 240 | 314 | 415 | 552 |
| Balance check | 0 | 0 | 0 | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | 24 | 37 | 54 | 76 | 104 | |
| Investing (capex) | (88) | (94) | (95) | (88) | (69) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (64) | (57) | (41) | (13) | 35 | |
| Free cash flow to equity | (64) | (57) | (41) | (13) | 35 | |
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% | 15.5% | 11.00% | 5% | ₹321 | (52.4)% |
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.