Models
TATA TELESERV(MAHARASTRA)TTMLTelecom - Services
₹-57per 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₹(57)implied FY26 P/E (300.9)× · EV/EBITDA 7.4×
Against CMP ₹35.70−260.1%close of 2026-09-10
Growth the CMP implies20.7%revenue, a year for 5 years, on your other inputs
Value after FY3170%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
₹(67)₹(37)
52-week rangetraded range, a fact not a value
₹31₹61
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 2,854 |
| PV of terminal value | 6,617 |
| Enterprise value | 9,471 |
| less net debt | (20,648) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (11,177) |
| ÷ 195.49 crore shares | ₹(57) |
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% | (56) | (52) | (48) | (43) | (37) |
| 10.50% | (59) | (56) | (53) | (49) | (44) |
| 11.00% | (62) | (60) | (57) | (54) | (50) |
| 11.50% | (65) | (63) | (61) | (58) | (55) |
| 12.00% | (67) | (66) | (64) | (61) | (59) |
The outlined cell is your model. Green figures sit above the CMP of ₹35.70; 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 | (64) · (57) · (48) |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.70 |
| Rank correlation with ebitda margin | +0.69 |
| Rank correlation with revenue growth | −0.03 |
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 | 1,106 | 1,192 | 1,308 | 1,160 | 1,102 | 1,047 | 995 | 945 | 898 |
| growth % | 1.1 | 7.7 | 9.8 | (11.3) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 497 | 535 | 579 | 1,280 | 1,216 | 1,155 | 1,097 | 1,042 | 990 |
| margin % | 44.9 | 44.9 | 44.2 | 110.3 | 110.3 | 110.3 | 110.3 | 110.3 | 110.3 |
| less depreciation | (147) | (150) | (168) | (142) | (134) | (128) | (121) | (115) | (110) |
| EBIT | 350 | 385 | 411 | 1,138 | 1,081 | 1,027 | 976 | 927 | 881 |
| less tax on EBIT | (286) | (272) | (259) | (246) | (233) | (222) | |||
| NOPAT | 852 | 809 | 769 | 730 | 694 | 659 | |||
| add depreciation | 147 | 150 | 168 | 142 | 134 | 128 | 121 | 115 | 110 |
| less capex | (111) | (109) | (99) | (135) | (128) | (129) | (131) | (131) | (131) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | 447 | 477 | 406 | — | 816 | 767 | 721 | 678 | 637 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 774 | 656 | 555 | 470 | 398 |
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 20,663, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 1,138 | 1,081 | 1,027 | 976 | 927 | 881 |
| Interest at 6.6% on debt | (1,364) | (1,364) | (1,364) | (1,364) | (1,364) | |
| Profit before tax | (282) | (337) | (388) | (437) | (483) | |
| Profit after tax | (215) | (211) | (252) | (290) | (327) | (361) |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 15 | (189) | (443) | (742) | (1,085) | (1,468) |
| Working capital | (144) | (144) | (144) | (144) | (144) | (144) |
| Net block and other assets | 1,469 | 1,463 | 1,464 | 1,474 | 1,489 | 1,511 |
| Debt | 20,663 | 20,663 | 20,663 | 20,663 | 20,663 | 20,663 |
| Equity | (19,983) | (20,195) | (20,447) | (20,737) | (21,064) | (21,425) |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | (77) | (124) | (169) | (211) | (252) | |
| Investing (capex) | (128) | (129) | (131) | (131) | (131) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (205) | (254) | (299) | (343) | (383) | |
| Free cash flow to equity | (205) | (254) | (299) | (343) | (383) | |
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 | -5% | 110.3% | 11.00% | 5% | ₹(57) | (260.1)% |
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.