Models
SHANKARA BLDG PRODUCT LTDSHANKARA
₹-35per 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₹(35)implied FY26 P/E (17.1)× · EV/EBITDA 4.6×
Against CMP ₹147.73−123.7%close of 2026-09-20
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY31142%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
₹(53)₹1
52-week rangetraded range, a fact not a value
₹98₹1,021
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (45) |
| PV of terminal value | 151 |
| Enterprise value | 106 |
| less net debt | (191) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (85) |
| ÷ 2.43 crore shares | ₹(35) |
142% 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% | (33) | (27) | (19) | (10) | 1 |
| 10.50% | (39) | (34) | (28) | (21) | (12) |
| 11.00% | (44) | (40) | (35) | (29) | (22) |
| 11.50% | (49) | (45) | (41) | (36) | (30) |
| 12.00% | (53) | (50) | (46) | (42) | (37) |
The outlined cell is your model. Green figures sit above the CMP of ₹147.73; 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 | (45) · (35) · (22) |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.88 |
| Rank correlation with ebitda margin | +0.45 |
| Rank correlation with revenue growth | −0.03 |
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 | 4,030 | 4,828 | 5,697 | 1,364 | 1,296 | 1,231 | 1,169 | 1,111 | 1,055 |
| growth % | 66.6 | 19.8 | 18.0 | (76.1) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 117 | 151 | 169 | 23 | 22 | 21 | 20 | 19 | 18 |
| margin % | 2.9 | 3.1 | 3.0 | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 |
| less depreciation | (16) | (16) | (17) | (8) | (8) | (7) | (7) | (7) | (6) |
| EBIT | 101 | 135 | 152 | 15 | 14 | 14 | 13 | 12 | 12 |
| less tax on EBIT | (8) | (7) | (7) | (7) | (6) | (6) | |||
| NOPAT | 7 | 7 | 7 | 6 | 6 | 6 | |||
| add depreciation | 16 | 16 | 17 | 8 | 8 | 7 | 7 | 7 | 6 |
| less capex | (43) | (30) | (26) | (65) | (62) | (47) | (32) | (19) | (8) |
| less working-capital build | — | 12 | 12 | 11 | 11 | 10 | |||
| Free cash flow to firm | 48 | (20) | 38 | — | (35) | (21) | (8) | 4 | 15 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (33) | (18) | (6) | 3 | 9 |
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 192, dividends at 100% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 15 | 14 | 14 | 13 | 12 | 12 |
| Interest at 9.4% on debt | (18) | (18) | (18) | (18) | (18) | |
| Profit before tax | (4) | (5) | (5) | (6) | (6) | |
| Profit after tax | 4 | (2) | (2) | (3) | (3) | (3) |
| Dividends | (7) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 1 | (43) | (72) | (89) | (94) | (88) |
| Working capital | 249 | 236 | 224 | 213 | 202 | 192 |
| Net block and other assets | 507 | 562 | 601 | 626 | 639 | 640 |
| Debt | 192 | 192 | 192 | 192 | 192 | 192 |
| Equity | 447 | 445 | 443 | 441 | 438 | 435 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 18 | 17 | 16 | 14 | 13 | |
| Investing (capex) | (62) | (47) | (32) | (19) | (8) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (44) | (30) | (17) | (5) | 6 | |
| Free cash flow to equity | (44) | (30) | (17) | (5) | 6 | |
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 | -5% | 1.7% | 11.00% | 5% | ₹(35) | (123.7)% |
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.