Models
TENNECO CLEAN AIR INDIA LTENNINDAuto Components
₹296per 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₹296implied FY26 P/E 19.9× · EV/EBITDA 12.7×
Against CMP ₹505.95−41.5%close of 2026-09-10
Growth the CMP implies22.0%revenue, a year for 5 years, on your other inputs
Value after FY3176%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
₹233₹422
52-week rangetraded range, a fact not a value
₹438₹657
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 2,774 |
| PV of terminal value | 8,591 |
| Enterprise value | 11,366 |
| less net debt | 571 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 11,937 |
| ÷ 40.36 crore shares | ₹296 |
76% 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% | 305 | 326 | 352 | 383 | 422 |
| 10.50% | 283 | 300 | 321 | 346 | 377 |
| 11.00% | 264 | 278 | 296 | 316 | 341 |
| 11.50% | 247 | 260 | 274 | 291 | 311 |
| 12.00% | 233 | 243 | 256 | 270 | 287 |
The outlined cell is your model. Green figures sit above the CMP of ₹505.95; 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 | 247 · 295 · 352 |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.64 |
| Rank correlation with ebitda margin | +0.60 |
| Rank correlation with revenue growth | +0.42 |
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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | 5,404 | 5,836 | 6,303 | 6,807 | 7,352 | 7,940 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 898 | 969 | 1,046 | 1,130 | 1,220 | 1,318 |
| margin % | 16.6 | 16.6 | 16.6 | 16.6 | 16.6 | 16.6 |
| less depreciation | (108) | (117) | (126) | (136) | (147) | (159) |
| EBIT | 790 | 852 | 920 | 994 | 1,073 | 1,159 |
| less tax on EBIT | (205) | (221) | (238) | (257) | (278) | (300) |
| NOPAT | 585 | 631 | 682 | 736 | 795 | 859 |
| add depreciation | 108 | 117 | 126 | 136 | 147 | 159 |
| less capex | (115) | (123) | (137) | (153) | (171) | (191) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 |
| Free cash flow to firm | — | 626 | 671 | 719 | 771 | 827 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 594 | 574 | 554 | 535 | 517 |
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 100% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 790 | 852 | 920 | 994 | 1,073 | 1,159 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 852 | 920 | 994 | 1,073 | 1,159 | |
| Profit after tax | 604 | 631 | 682 | 736 | 795 | 859 |
| Dividends | (1,037) | (631) | (682) | (736) | (795) | (859) |
| Balance sheet, year end | ||||||
| Cash | 571 | 565 | 554 | 537 | 513 | 482 |
| Working capital | (65) | (65) | (65) | (65) | (65) | (65) |
| Net block and other assets | 2,031 | 2,037 | 2,048 | 2,065 | 2,089 | 2,121 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 1,201 | 1,201 | 1,201 | 1,201 | 1,201 | 1,201 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 748 | 808 | 873 | 942 | 1,018 | |
| Investing (capex) | (123) | (137) | (153) | (171) | (191) | |
| Financing (dividends) | (631) | (682) | (736) | (795) | (859) | |
| Net change in cash | (6) | (11) | (17) | (24) | (32) | |
| Free cash flow to equity | 626 | 671 | 719 | 771 | 827 | |
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 | 8% | 16.6% | 11.00% | 5% | ₹296 | (41.5)% |
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.