Models
SIGMA SOLVE LIMITEDSIGMAIT - Services
₹66per 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₹66implied FY26 P/E 21.7× · EV/EBITDA 23.7×
Against CMP ₹44.01+49.8%close of 2026-09-10
Growth the CMP implies12.3%revenue, a year for 5 years, on your other inputs
Value after FY3180%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
₹50₹97
52-week rangetraded range, a fact not a value
₹35₹66
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 132 |
| PV of terminal value | 539 |
| Enterprise value | 670 |
| less net debt | 7 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 677 |
| ÷ 10.28 crore shares | ₹66 |
80% 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% | 68 | 73 | 80 | 87 | 97 |
| 10.50% | 63 | 67 | 72 | 78 | 86 |
| 11.00% | 58 | 62 | 66 | 71 | 77 |
| 11.50% | 54 | 57 | 61 | 65 | 70 |
| 12.00% | 50 | 53 | 56 | 60 | 64 |
The outlined cell is your model. Green figures sit above the CMP of ₹44.01; 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 | 51 · 65 · 84 |
| Draws below the CMP | 2% |
| Rank correlation with revenue growth | +0.71 |
| Rank correlation with discount rate | −0.48 |
| Rank correlation with ebitda margin | +0.46 |
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 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 65 | 76 | 96 | 120 | 151 | 189 | 237 | 298 |
| growth % | — | 17.1 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 |
| EBITDA | 23 | 26 | 28 | 35 | 44 | 56 | 70 | 88 |
| margin % | 35.5 | 33.8 | 29.5 | 29.5 | 29.5 | 29.5 | 29.5 | 29.5 |
| less depreciation | (1) | (1) | (1) | (1) | (1) | (2) | (2) | (3) |
| EBIT | 22 | 25 | 27 | 34 | 43 | 54 | 68 | 85 |
| less tax on EBIT | (7) | (8) | (10) | (13) | (16) | (21) | ||
| NOPAT | 21 | 26 | 33 | 41 | 51 | 64 | ||
| add depreciation | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 |
| less capex | (1) | (0) | (0) | (0) | (1) | (1) | (2) | (3) |
| less working-capital build | — | (5) | (6) | (8) | (10) | (12) | ||
| Free cash flow to firm | 6 | 18 | — | 22 | 27 | 34 | 42 | 52 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 21 | 23 | 26 | 29 | 32 |
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 2, dividends at 2.2% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 27 | 34 | 43 | 54 | 68 | 85 |
| Interest at 12.7% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 34 | 43 | 54 | 68 | 85 | |
| Profit after tax | 24 | 26 | 32 | 41 | 51 | 64 |
| Dividends | (1) | (1) | (1) | (1) | (1) | (1) |
| Balance sheet, year end | ||||||
| Cash | 9 | 30 | 56 | 89 | 129 | 180 |
| Working capital | 19 | 24 | 30 | 38 | 47 | 59 |
| Net block and other assets | 62 | 61 | 60 | 59 | 59 | 60 |
| Debt | 2 | 2 | 2 | 2 | 2 | 2 |
| Equity | 77 | 102 | 134 | 174 | 224 | 287 |
| Balance check | 0 | 0 | (0) | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 22 | 28 | 35 | 44 | 55 | |
| Investing (capex) | (0) | (1) | (1) | (2) | (3) | |
| Financing (dividends) | (1) | (1) | (1) | (1) | (1) | |
| Net change in cash | 21 | 26 | 33 | 41 | 50 | |
| Free cash flow to equity | 22 | 27 | 34 | 42 | 52 | |
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 | 25.5% | 29.5% | 11.00% | 5% | ₹66 | 49.8% |
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.