Models
STEL HOLDINGS LIMITEDSTELFinance
₹-282per 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₹(282)implied P/B (0.32)× on FY26 book
Against CMP ₹609.00−146.3%close of 2026-09-10
Cost of equity13.19%risk-free + beta × equity risk premium
Book equity, FY26₹872per share · excess returns add ₹(1,154)
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Excess-return schedule · ₹ crore · book equity earns your ROE; value is book plus the returns above the cost of equity
| ₹ crore | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|
| Opening book equity | 1,609 | 1,628 | 1,648 | 1,668 | 1,688 |
| Net income at 1.2% ROE | 19 | 20 | 20 | 20 | 20 |
| Cost of equity charge at 13.19% | (212) | (215) | (217) | (220) | (223) |
| Excess return | (193) | (195) | (198) | (200) | (202) |
| Present value | (181) | (162) | (145) | (130) | (116) |
| Closing book equity | 1,628 | 1,648 | 1,668 | 1,688 | 1,708 |
| Book equity today | 1,609 |
| PV of 5 years of excess return | (734) |
| PV of the terminal excess return, 5% flat | (1,396) |
| add non-operating investments | 0 |
| Equity value | (521) |
| ÷ 1.85 crore shares | ₹(282) |
ROE is at or below the cost of equity, so every year destroys value against book and the model lands below book value. That is the arithmetic, not a view.
Where the methods land · ₹ per share · the dashed line is the CMP
52-week rangetraded range, a fact not a value
₹380₹690
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | Excess return | ROE 1.2% | — | 13.19% | 5% | ₹(282) | (146.3)% |
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.