Models
TATA ELXSI LIMITEDTATAELXSIIT - Software
₹1,199per 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₹1,199implied FY26 P/E 11.4× · EV/EBITDA 9.7×
Against CMP ₹3,383.00−64.6%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3171%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
₹953₹1,690
52-week rangetraded range, a fact not a value
₹3,354₹5,950
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 2,115 |
| PV of terminal value | 5,160 |
| Enterprise value | 7,276 |
| less net debt | 195 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 7,471 |
| ÷ 6.23 crore shares | ₹1,199 |
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% | 1,236 | 1,319 | 1,418 | 1,539 | 1,690 |
| 10.50% | 1,149 | 1,217 | 1,299 | 1,396 | 1,515 |
| 11.00% | 1,074 | 1,132 | 1,199 | 1,279 | 1,374 |
| 11.50% | 1,009 | 1,058 | 1,115 | 1,181 | 1,259 |
| 12.00% | 953 | 995 | 1,043 | 1,099 | 1,164 |
The outlined cell is your model. Green figures sit above the CMP of ₹3,383.00; 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 | 1,020 · 1,192 · 1,400 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.70 |
| Rank correlation with discount rate | −0.68 |
| Rank correlation with revenue growth | +0.02 |
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 | 3,145 | 3,552 | 3,729 | 3,757 | 3,795 | 3,833 | 3,871 | 3,910 | 3,949 |
| growth % | 27.3 | 13.0 | 5.0 | 0.8 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 |
| EBITDA | 961 | 1,046 | 973 | 751 | 759 | 767 | 774 | 782 | 790 |
| margin % | 30.6 | 29.5 | 26.1 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 | 20.0 |
| less depreciation | (81) | (99) | (105) | (94) | (95) | (96) | (97) | (98) | (99) |
| EBIT | 880 | 947 | 868 | 657 | 664 | 671 | 677 | 684 | 691 |
| less tax on EBIT | (156) | (158) | (160) | (161) | (163) | (164) | |||
| NOPAT | 501 | 506 | 511 | 516 | 521 | 527 | |||
| add depreciation | 81 | 99 | 105 | 94 | 95 | 96 | 97 | 98 | 99 |
| less capex | (64) | (83) | (16) | (11) | (11) | (37) | (64) | (91) | (118) |
| less working-capital build | — | (10) | (10) | (10) | (10) | (10) | |||
| Free cash flow to firm | 423 | 618 | 796 | — | 580 | 560 | 539 | 518 | 497 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 550 | 479 | 416 | 360 | 311 |
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 0, dividends at 74.3% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 657 | 664 | 671 | 677 | 684 | 691 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 664 | 671 | 677 | 684 | 691 | |
| Profit after tax | 628 | 506 | 511 | 516 | 521 | 527 |
| Dividends | (467) | (376) | (380) | (384) | (387) | (391) |
| Balance sheet, year end | ||||||
| Cash | 195 | 398 | 579 | 734 | 865 | 971 |
| Working capital | 959 | 969 | 979 | 988 | 998 | 1,008 |
| Net block and other assets | 2,809 | 2,725 | 2,667 | 2,634 | 2,627 | 2,647 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 3,041 | 3,171 | 3,303 | 3,435 | 3,569 | 3,705 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 591 | 597 | 603 | 609 | 615 | |
| Investing (capex) | (11) | (37) | (64) | (91) | (118) | |
| Financing (dividends) | (376) | (380) | (384) | (387) | (391) | |
| Net change in cash | 204 | 180 | 156 | 131 | 106 | |
| Free cash flow to equity | 580 | 560 | 539 | 518 | 497 | |
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 | 1% | 20% | 11.00% | 5% | ₹1,199 | (64.6)% |
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.