Models
TATA TECHNOLOGIES LIMITEDTATATECHIT - Services
₹175per 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₹175implied FY26 P/E 12.8× · EV/EBITDA 9.5×
Against CMP ₹765.60−77.1%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3172%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
₹138₹250
52-week rangetraded range, a fact not a value
₹507₹891
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 2,006 |
| PV of terminal value | 5,095 |
| Enterprise value | 7,101 |
| less net debt | 17 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 7,118 |
| ÷ 40.61 crore shares | ₹175 |
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% | 181 | 193 | 208 | 227 | 250 |
| 10.50% | 168 | 178 | 190 | 205 | 223 |
| 11.00% | 156 | 165 | 175 | 187 | 202 |
| 11.50% | 147 | 154 | 163 | 173 | 184 |
| 12.00% | 138 | 144 | 152 | 160 | 170 |
The outlined cell is your model. Green figures sit above the CMP of ₹765.60; 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 | 144 · 174 · 210 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.73 |
| Rank correlation with discount rate | −0.60 |
| Rank correlation with revenue growth | +0.21 |
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 | 5,117 | 5,168 | 5,506 | 5,863 | 6,245 | 6,650 | 7,083 | 7,543 |
| growth % | — | 1.0 | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 |
| EBITDA | 941 | 934 | 745 | 792 | 843 | 898 | 956 | 1,018 |
| margin % | 18.4 | 18.1 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 | 13.5 |
| less depreciation | (106) | (121) | (145) | (152) | (162) | (173) | (184) | (196) |
| EBIT | 835 | 813 | 600 | 639 | 681 | 725 | 772 | 822 |
| less tax on EBIT | (176) | (188) | (200) | (213) | (227) | (242) | ||
| NOPAT | 424 | 451 | 481 | 512 | 545 | 580 | ||
| add depreciation | 106 | 121 | 145 | 152 | 162 | 173 | 184 | 196 |
| less capex | (92) | (31) | (34) | (35) | (77) | (124) | (176) | (235) |
| less working-capital build | — | (39) | (42) | (45) | (48) | (51) | ||
| Free cash flow to firm | 203 | 668 | — | 529 | 524 | 516 | 505 | 491 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 502 | 448 | 398 | 351 | 307 |
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 666, dividends at 87.2% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 600 | 639 | 681 | 725 | 772 | 822 |
| Interest at 5.1% on debt | (34) | (34) | (34) | (34) | (34) | |
| Profit before tax | 605 | 647 | 691 | 738 | 788 | |
| Profit after tax | 547 | 427 | 457 | 488 | 521 | 557 |
| Dividends | (477) | (373) | (398) | (425) | (454) | (485) |
| Balance sheet, year end | ||||||
| Cash | 682 | 815 | 917 | 984 | 1,011 | 992 |
| Working capital | 605 | 644 | 686 | 731 | 778 | 829 |
| Net block and other assets | 7,666 | 7,549 | 7,463 | 7,414 | 7,406 | 7,446 |
| Debt | 666 | 666 | 666 | 666 | 666 | 666 |
| Equity | 3,923 | 3,978 | 4,037 | 4,099 | 4,166 | 4,237 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 540 | 577 | 616 | 658 | 702 | |
| Investing (capex) | (35) | (77) | (124) | (176) | (235) | |
| Financing (dividends) | (373) | (398) | (425) | (454) | (485) | |
| Net change in cash | 133 | 102 | 67 | 27 | (19) | |
| Free cash flow to equity | 505 | 500 | 492 | 481 | 467 | |
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 | 6.5% | 13.5% | 11.00% | 5% | ₹175 | (77.1)% |
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.