Models
SHIVA MILLS LIMITEDSHIVAMILLS
₹11per 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₹11implied FY26 P/E 2.9× · EV/EBITDA 1.0×
Against CMP ₹60.11−81.2%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 FY31-59%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
₹9₹12
52-week rangetraded range, a fact not a value
₹43₹74
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 9 |
| PV of terminal value | (3) |
| Enterprise value | 6 |
| less net debt | 4 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 10 |
| ÷ 0.86 crore shares | ₹11 |
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% | 11 | 11 | 10 | 10 | 9 |
| 10.50% | 12 | 11 | 11 | 10 | 10 |
| 11.00% | 12 | 12 | 11 | 11 | 10 |
| 11.50% | 12 | 12 | 12 | 11 | 11 |
| 12.00% | 12 | 12 | 12 | 12 | 11 |
The outlined cell is your model. Green figures sit above the CMP of ₹60.11; 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 | 5 · 11 · 17 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.99 |
| Rank correlation with discount rate | +0.08 |
| Rank correlation with revenue growth | −0.01 |
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 | 159 | 158 | 169 | 139 | 132 | 126 | 119 | 113 | 108 |
| growth % | (25.3) | (0.7) | 7.2 | (17.8) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | (2) | 3 | 2 | 6 | 5 | 5 | 5 | 5 | 4 |
| margin % | (1.1) | 1.7 | 1.3 | 4.1 | 4.1 | 4.1 | 4.1 | 4.1 | 4.1 |
| less depreciation | (6) | (7) | (7) | (7) | (7) | (6) | (6) | (6) | (5) |
| EBIT | (8) | (4) | (5) | (1) | (1) | (1) | (1) | (1) | (1) |
| less tax on EBIT | 0 | 0 | 0 | 0 | 0 | 0 | |||
| NOPAT | (1) | (1) | (1) | (1) | (1) | (1) | |||
| add depreciation | 6 | 7 | 7 | 7 | 7 | 6 | 6 | 6 | 5 |
| less capex | (9) | (3) | (3) | (3) | (3) | (4) | (5) | (6) | (6) |
| less working-capital build | — | 2 | 2 | 2 | 2 | 1 | |||
| Free cash flow to firm | 19 | (20) | 1 | — | 5 | 3 | 2 | 1 | (0) |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 5 | 3 | 2 | 1 | (0) |
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 | (1) | (1) | (1) | (1) | (1) | (1) |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | (1) | (1) | (1) | (1) | (1) | |
| Profit after tax | (0) | (1) | (1) | (1) | (1) | (1) |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 4 | 9 | 12 | 14 | 15 | 14 |
| Working capital | 36 | 34 | 33 | 31 | 30 | 28 |
| Net block and other assets | 67 | 63 | 61 | 60 | 60 | 61 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 92 | 92 | 91 | 90 | 89 | 88 |
| Balance check | 0 | 0 | 0 | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 8 | 7 | 7 | 6 | 6 | |
| Investing (capex) | (3) | (4) | (5) | (6) | (6) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 5 | 3 | 2 | 1 | (0) | |
| Free cash flow to equity | 5 | 3 | 2 | 1 | (0) | |
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% | 4.1% | 11.00% | 5% | ₹11 | (81.2)% |
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.