Models
SHIV AUM STEELS LIMITEDSHIVAUMCommercial Services & Supplies
₹4per 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₹4implied FY26 P/E 0.5× · EV/EBITDA 6.6×
Against CMP ₹541.30−99.2%close of 28 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 FY3173%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
₹(12)₹37
52-week rangetraded range, a fact not a value
₹275₹584
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 28 |
| PV of terminal value | 75 |
| Enterprise value | 103 |
| less net debt | (97) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 6 |
| ÷ 1.36 crore shares | ₹4 |
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% | 7 | 12 | 19 | 27 | 37 |
| 10.50% | 1 | 6 | 11 | 18 | 25 |
| 11.00% | (4) | (0) | 4 | 10 | 16 |
| 11.50% | (8) | (5) | (1) | 3 | 8 |
| 12.00% | (12) | (9) | (6) | (2) | 2 |
The outlined cell is your model. Green figures sit above the CMP of ₹541.30; 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 | (18) · 4 · 27 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.67 |
| Rank correlation with revenue growth | −0.61 |
| Rank correlation with discount rate | −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 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 555 | 575 | 596 | 616 | 638 | 660 | 683 |
| growth % | — | 3.7 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 |
| EBITDA | — | 16 | 16 | 17 | 17 | 18 | 18 |
| margin % | — | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 |
| less depreciation | — | (1) | (1) | (1) | (1) | (1) | (1) |
| EBIT | — | 15 | 15 | 16 | 17 | 17 | 18 |
| less tax on EBIT | (3) | (3) | (3) | (4) | (4) | (4) | |
| NOPAT | 12 | 12 | 13 | 13 | 13 | 14 | |
| add depreciation | — | 1 | 1 | 1 | 1 | 1 | 1 |
| less capex | (0) | (0) | 0 | (0) | (0) | (1) | (1) |
| less working-capital build | — | (6) | (6) | (6) | (6) | (7) | |
| Free cash flow to firm | 7 | — | 7 | 7 | 7 | 7 | 7 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | 7 | 6 | 6 | 5 | 5 |
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 97, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 15 | 15 | 16 | 17 | 17 | 18 |
| Interest at 8.3% on debt | (8) | (8) | (8) | (8) | (8) | |
| Profit before tax | 7 | 8 | 9 | 9 | 10 | |
| Profit after tax | 7 | 6 | 6 | 7 | 7 | 8 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 0 | 1 | 2 | 2 | 3 | 4 |
| Working capital | 164 | 170 | 176 | 182 | 188 | 195 |
| Net block and other assets | 60 | 59 | 59 | 59 | 59 | 59 |
| Debt | 97 | 97 | 97 | 97 | 97 | 97 |
| Equity | 121 | 127 | 133 | 140 | 147 | 154 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 1 | 1 | 1 | 1 | 2 | |
| Investing (capex) | 0 | (0) | (0) | (1) | (1) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 1 | 1 | 1 | 1 | 1 | |
| Free cash flow to equity | 1 | 1 | 1 | 1 | 1 | |
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 | 3.5% | 2.7% | 11.00% | 5% | ₹4 | (99.2)% |
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.