Models
TERA SOFTWARE LIMITEDTERASOFTIT - Services
₹553per 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₹553implied FY26 P/E 27.9× · EV/EBITDA 19.8×
Against CMP ₹247.20+123.8%close of 2026-09-20
Growth the CMP implies(4.6)%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
₹412₹835
52-week rangetraded range, a fact not a value
₹223₹598
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 128 |
| PV of terminal value | 598 |
| Enterprise value | 726 |
| less net debt | (34) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 692 |
| ÷ 1.25 crore shares | ₹553 |
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% | 573 | 621 | 678 | 748 | 835 |
| 10.50% | 523 | 563 | 610 | 666 | 735 |
| 11.00% | 481 | 514 | 553 | 599 | 654 |
| 11.50% | 444 | 473 | 505 | 543 | 589 |
| 12.00% | 412 | 436 | 464 | 496 | 534 |
The outlined cell is your model. Green figures sit above the CMP of ₹247.20; 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 | 416 · 542 · 708 |
| Draws below the CMP | 0% |
| Rank correlation with ebitda margin | +0.70 |
| Rank correlation with discount rate | −0.49 |
| Rank correlation with revenue growth | +0.44 |
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 | 84 | 108 | 238 | 309 | 402 | 523 | 680 | 884 |
| growth % | — | 27.4 | 121.1 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 5 | 12 | 37 | 48 | 62 | 81 | 105 | 136 |
| margin % | 6.2 | 11.4 | 15.4 | 15.4 | 15.4 | 15.4 | 15.4 | 15.4 |
| less depreciation | (0) | (0) | (1) | (1) | (1) | (2) | (2) | (3) |
| EBIT | 5 | 12 | 36 | 47 | 61 | 79 | 103 | 133 |
| less tax on EBIT | (8) | (11) | (14) | (19) | (24) | (31) | ||
| NOPAT | 27 | 36 | 46 | 60 | 78 | 102 | ||
| add depreciation | 0 | 0 | 1 | 1 | 1 | 2 | 2 | 3 |
| less capex | 0 | (0) | (3) | (3) | (4) | (4) | (4) | (3) |
| less working-capital build | — | (15) | (20) | (26) | (34) | (44) | ||
| Free cash flow to firm | (3) | 7 | — | 18 | 24 | 32 | 43 | 58 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 17 | 21 | 25 | 30 | 36 |
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 39, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 36 | 47 | 61 | 79 | 103 | 133 |
| Interest at 8% on debt | (3) | (3) | (3) | (3) | (3) | |
| Profit before tax | 44 | 58 | 76 | 100 | 130 | |
| Profit after tax | 0 | 33 | 44 | 58 | 76 | 100 |
| Dividends | (1) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 5 | 21 | 42 | 72 | 113 | 168 |
| Working capital | 51 | 67 | 87 | 113 | 146 | 190 |
| Net block and other assets | 269 | 271 | 273 | 276 | 277 | 278 |
| Debt | 39 | 39 | 39 | 39 | 39 | 39 |
| Equity | 146 | 179 | 223 | 281 | 357 | 457 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 19 | 25 | 34 | 44 | 58 | |
| Investing (capex) | (3) | (4) | (4) | (4) | (3) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 15 | 22 | 30 | 41 | 55 | |
| Free cash flow to equity | 15 | 22 | 30 | 41 | 55 | |
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% | 15.4% | 11.00% | 5% | ₹553 | 123.8% |
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.