Models
SKIPPER LIMITEDSKIPPERElectrical Equipment
₹407per 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₹407implied FY26 P/E 18.9× · EV/EBITDA 10.6×
Against CMP ₹518.45−21.5%close of 8 Nov 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 FY3191%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
₹279₹664
52-week rangetraded range, a fact not a value
₹327₹617
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 555 |
| PV of terminal value | 5,399 |
| Enterprise value | 5,954 |
| less net debt | (919) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 5,035 |
| ÷ 12.37 crore shares | ₹407 |
91% 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% | 425 | 468 | 520 | 584 | 664 |
| 10.50% | 380 | 416 | 458 | 510 | 572 |
| 11.00% | 341 | 371 | 407 | 449 | 499 |
| 11.50% | 308 | 334 | 364 | 398 | 440 |
| 12.00% | 279 | 301 | 327 | 356 | 390 |
The outlined cell is your model. Green figures sit above the CMP of ₹518.45; 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 | 278 · 398 · 544 |
| Draws below the CMP | 85% |
| Rank correlation with ebitda margin | +0.83 |
| Rank correlation with discount rate | −0.49 |
| Rank correlation with revenue growth | +0.14 |
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 | 1,980 | 3,282 | 4,624 | 5,553 | 6,663 | 7,996 | 9,595 | 11,514 | 13,817 |
| growth % | 16.0 | 65.7 | 40.9 | 20.1 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 |
| EBITDA | 193 | 319 | 452 | 562 | 673 | 808 | 969 | 1,163 | 1,396 |
| margin % | 9.7 | 9.7 | 9.8 | 10.1 | 10.1 | 10.1 | 10.1 | 10.1 | 10.1 |
| less depreciation | (47) | (53) | (63) | (80) | (93) | (112) | (134) | (161) | (193) |
| EBIT | 146 | 267 | 388 | 482 | 580 | 696 | 835 | 1,002 | 1,202 |
| less tax on EBIT | (120) | (144) | (173) | (207) | (248) | (298) | |||
| NOPAT | 363 | 436 | 523 | 628 | 753 | 904 | |||
| add depreciation | 47 | 53 | 63 | 80 | 93 | 112 | 134 | 161 | 193 |
| less capex | (85) | (102) | (238) | (366) | (440) | (429) | (397) | (335) | (232) |
| less working-capital build | — | (167) | (200) | (240) | (288) | (345) | |||
| Free cash flow to firm | 199 | 97 | (85) | — | (77) | 6 | 125 | 292 | 520 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (73) | 5 | 96 | 202 | 325 |
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 922, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 482 | 580 | 696 | 835 | 1,002 | 1,202 |
| Interest at 8% on debt | (74) | (74) | (74) | (74) | (74) | |
| Profit before tax | 506 | 622 | 761 | 928 | 1,128 | |
| Profit after tax | 0 | 380 | 468 | 572 | 698 | 849 |
| Dividends | (1) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 3 | (130) | (179) | (110) | 126 | 591 |
| Working capital | 831 | 997 | 1,197 | 1,437 | 1,725 | 2,070 |
| Net block and other assets | 3,700 | 4,046 | 4,364 | 4,627 | 4,800 | 4,839 |
| Debt | 922 | 922 | 922 | 922 | 922 | 922 |
| Equity | 1,491 | 1,872 | 2,339 | 2,912 | 3,610 | 4,458 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 307 | 380 | 467 | 571 | 697 | |
| Investing (capex) | (440) | (429) | (397) | (335) | (232) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (133) | (50) | 70 | 236 | 464 | |
| Free cash flow to equity | (133) | (50) | 70 | 236 | 464 | |
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 | 20% | 10.1% | 11.00% | 5% | ₹407 | (21.5)% |
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.