Models
SRM CONTRACTORS LIMITEDSRMConstruction
₹1,979per 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₹1,979implied FY26 P/E 38.5× · EV/EBITDA 27.4×
Against CMP ₹404.85+388.8%close of 8 Oct 2026
Growth the CMP implies(4.4)%revenue, a year for 5 years, 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
₹1,445₹3,049
52-week rangetraded range, a fact not a value
₹361₹650
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 430 |
| PV of terminal value | 4,175 |
| Enterprise value | 4,605 |
| less net debt | (65) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 4,540 |
| ÷ 2.29 crore shares | ₹1,979 |
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% | 2,052 | 2,233 | 2,451 | 2,717 | 3,049 |
| 10.50% | 1,864 | 2,015 | 2,193 | 2,407 | 2,668 |
| 11.00% | 1,704 | 1,831 | 1,979 | 2,154 | 2,363 |
| 11.50% | 1,565 | 1,673 | 1,798 | 1,943 | 2,115 |
| 12.00% | 1,445 | 1,537 | 1,643 | 1,766 | 1,909 |
The outlined cell is your model. Green figures sit above the CMP of ₹404.85; 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 | 1,378 · 1,964 · 2,745 |
| Draws below the CMP | 0% |
| Rank correlation with revenue growth | +0.82 |
| Rank correlation with discount rate | −0.41 |
| Rank correlation with ebitda margin | +0.34 |
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 | 342 | 528 | 1,026 | 1,333 | 1,733 | 2,253 | 2,929 | 3,808 |
| growth % | — | 54.2 | 94.2 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 42 | 81 | 168 | 219 | 284 | 370 | 480 | 624 |
| margin % | 12.2 | 15.4 | 16.4 | 16.4 | 16.4 | 16.4 | 16.4 | 16.4 |
| less depreciation | (9) | (14) | (17) | (21) | (28) | (36) | (47) | (61) |
| EBIT | 33 | 68 | 152 | 197 | 257 | 333 | 434 | 564 |
| less tax on EBIT | (40) | (52) | (68) | (88) | (115) | (149) | ||
| NOPAT | 112 | 145 | 189 | 245 | 319 | 414 | ||
| add depreciation | 9 | 14 | 17 | 21 | 28 | 36 | 47 | 61 |
| less capex | (9) | (46) | (159) | (207) | (210) | (196) | (156) | (73) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow to firm | 5 | (45) | — | (40) | 6 | 85 | 210 | 402 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | (38) | 6 | 65 | 146 | 251 |
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 133, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 152 | 197 | 257 | 333 | 434 | 564 |
| Interest at 10.9% on debt | (15) | (15) | (15) | (15) | (15) | |
| Profit before tax | 183 | 242 | 319 | 419 | 549 | |
| Profit after tax | 0 | 134 | 178 | 234 | 308 | 404 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 69 | 18 | 13 | 88 | 287 | 678 |
| Working capital | (199) | (199) | (199) | (199) | (199) | (199) |
| Net block and other assets | 1,125 | 1,310 | 1,492 | 1,652 | 1,761 | 1,773 |
| Debt | 133 | 133 | 133 | 133 | 133 | 133 |
| Equity | 413 | 547 | 725 | 959 | 1,267 | 1,671 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 156 | 206 | 270 | 355 | 464 | |
| Investing (capex) | (207) | (210) | (196) | (156) | (73) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (51) | (4) | 74 | 199 | 391 | |
| Free cash flow to equity | (51) | (4) | 74 | 199 | 391 | |
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 | 30% | 16.4% | 11.00% | 5% | ₹1,979 | 388.8% |
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.