Models
SOLARWORLD ENERGY SOL LTDSOLARWORLDConstruction
₹203per 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₹203implied FY26 P/E 14.8× · EV/EBITDA 13.5×
Against CMP ₹141.92+43.1%close of 2026-09-10
Growth the CMP implies0.9%revenue, a year for 5 years, on your other inputs
Value after FY3181%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
₹148₹313
52-week rangetraded range, a fact not a value
₹139₹389
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 382 |
| PV of terminal value | 1,612 |
| Enterprise value | 1,994 |
| less net debt | (233) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,761 |
| ÷ 8.67 crore shares | ₹203 |
81% 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% | 211 | 230 | 252 | 279 | 313 |
| 10.50% | 192 | 207 | 225 | 247 | 274 |
| 11.00% | 175 | 188 | 203 | 221 | 242 |
| 11.50% | 161 | 172 | 184 | 199 | 217 |
| 12.00% | 148 | 158 | 168 | 181 | 196 |
The outlined cell is your model. Green figures sit above the CMP of ₹141.92; 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 | 163 · 202 · 250 |
| Draws below the CMP | 2% |
| Rank correlation with discount rate | −0.67 |
| Rank correlation with ebitda margin | +0.56 |
| Rank correlation with revenue growth | +0.42 |
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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | 1,376 | 1,486 | 1,605 | 1,734 | 1,872 | 2,022 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 148 | 161 | 173 | 187 | 202 | 218 |
| margin % | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 |
| less depreciation | (5) | (6) | (6) | (7) | (7) | (8) |
| EBIT | 143 | 155 | 167 | 180 | 195 | 210 |
| less tax on EBIT | (36) | (39) | (42) | (45) | (49) | (53) |
| NOPAT | 107 | 116 | 125 | 135 | 146 | 158 |
| add depreciation | 5 | 6 | 6 | 7 | 7 | 8 |
| less capex | (60) | (64) | (54) | (41) | (27) | (10) |
| less working-capital build | — | (1) | (1) | (1) | (1) | (1) |
| Free cash flow to firm | — | 57 | 77 | 100 | 126 | 155 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 54 | 66 | 77 | 87 | 97 |
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 255, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 143 | 155 | 167 | 180 | 195 | 210 |
| Interest at 8.1% on debt | (21) | (21) | (21) | (21) | (21) | |
| Profit before tax | 134 | 146 | 160 | 174 | 190 | |
| Profit after tax | 120 | 100 | 110 | 120 | 131 | 142 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 23 | 65 | 126 | 211 | 321 | 461 |
| Working capital | 9 | 9 | 10 | 11 | 12 | 13 |
| Net block and other assets | 1,656 | 1,714 | 1,762 | 1,796 | 1,816 | 1,817 |
| Debt | 255 | 255 | 255 | 255 | 255 | 255 |
| Equity | 848 | 948 | 1,058 | 1,178 | 1,308 | 1,450 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 106 | 115 | 126 | 137 | 149 | |
| Investing (capex) | (64) | (54) | (41) | (27) | (10) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 42 | 62 | 84 | 110 | 140 | |
| Free cash flow to equity | 42 | 62 | 84 | 110 | 140 | |
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 | 8% | 10.8% | 11.00% | 5% | ₹203 | 43.1% |
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.