Models
SUZLON ENERGY LIMITEDSUZLONElectrical Equipment
₹77per 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₹77implied FY26 P/E 33.7× · EV/EBITDA 34.1×
Against CMP ₹44.12+74.4%close of 2026-09-10
Growth the CMP implies6.5%revenue, a year for 5 years, on your other inputs
Value after FY3182%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
₹58₹114
52-week rangetraded range, a fact not a value
₹38₹62
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 18,809 |
| PV of terminal value | 86,651 |
| Enterprise value | 1,05,459 |
| less net debt | 367 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,05,826 |
| ÷ 1,375.31 crore shares | ₹77 |
82% 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% | 80 | 86 | 93 | 103 | 114 |
| 10.50% | 73 | 78 | 84 | 92 | 101 |
| 11.00% | 67 | 72 | 77 | 83 | 90 |
| 11.50% | 63 | 66 | 71 | 76 | 82 |
| 12.00% | 58 | 62 | 65 | 69 | 74 |
The outlined cell is your model. Green figures sit above the CMP of ₹44.12; 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 | 58 · 76 · 99 |
| Draws below the CMP | 0% |
| Rank correlation with ebitda margin | +0.65 |
| Rank correlation with revenue growth | +0.54 |
| Rank correlation with discount rate | −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 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,971 | 6,529 | 10,890 | 16,732 | 21,751 | 28,277 | 36,760 | 47,788 | 62,124 |
| growth % | (9.3) | 9.4 | 66.8 | 53.6 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 3,553 | 975 | 1,857 | 3,092 | 4,024 | 5,231 | 6,801 | 8,841 | 11,493 |
| margin % | 59.5 | 14.9 | 17.1 | 18.5 | 18.5 | 18.5 | 18.5 | 18.5 | 18.5 |
| less depreciation | (260) | (190) | (259) | (318) | (413) | (537) | (698) | (908) | (1,180) |
| EBIT | 3,293 | 785 | 1,598 | 2,774 | 3,611 | 4,694 | 6,102 | 7,933 | 10,313 |
| less tax on EBIT | 849 | 1,105 | 1,436 | 1,867 | 2,427 | 3,156 | |||
| NOPAT | 3,623 | 4,716 | 6,130 | 7,969 | 10,360 | 13,468 | |||
| add depreciation | 260 | 190 | 259 | 318 | 413 | 537 | 698 | 908 | 1,180 |
| less capex | (101) | (227) | (371) | (577) | (740) | (882) | (1,044) | (1,223) | (1,416) |
| less working-capital build | — | (1,712) | (2,225) | (2,893) | (3,761) | (4,889) | |||
| Free cash flow to firm | 366 | (194) | 721 | — | 2,678 | 3,560 | 4,731 | 6,284 | 8,344 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 2,542 | 3,044 | 3,645 | 4,361 | 5,217 |
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 264, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 2,774 | 3,611 | 4,694 | 6,102 | 7,933 | 10,313 |
| Interest at 8% on debt | (21) | (21) | (21) | (21) | (21) | |
| Profit before tax | 3,590 | 4,673 | 6,081 | 7,912 | 10,291 | |
| Profit after tax | 3,163 | 4,688 | 6,103 | 7,942 | 10,333 | 13,441 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 631 | 3,281 | 6,814 | 11,517 | 17,774 | 26,090 |
| Working capital | 5,698 | 7,410 | 9,635 | 12,528 | 16,288 | 21,177 |
| Net block and other assets | 12,540 | 12,866 | 13,211 | 13,557 | 13,872 | 14,108 |
| Debt | 264 | 264 | 264 | 264 | 264 | 264 |
| Equity | 9,464 | 14,152 | 20,254 | 28,196 | 38,529 | 51,969 |
| Balance check | 0 | (0) | (0) | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 3,390 | 4,415 | 5,748 | 7,480 | 9,732 | |
| Investing (capex) | (740) | (882) | (1,044) | (1,223) | (1,416) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 2,650 | 3,533 | 4,704 | 6,257 | 8,316 | |
| Free cash flow to equity | 2,650 | 3,533 | 4,704 | 6,257 | 8,316 | |
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% | 18.5% | 11.00% | 5% | ₹77 | 74.4% |
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.