Models
TORRENT POWER LTDTORNTPOWERPower
₹218per 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₹218implied FY26 P/E 4.7× · EV/EBITDA 4.3×
Against CMP ₹1,298.00−83.2%close of 2026-09-10
Growth the CMP implies26.2%revenue, a year for 5 years, on your other inputs
Value after FY31110%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
₹66₹524
52-week rangetraded range, a fact not a value
₹1,188₹1,824
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (2,300) |
| PV of terminal value | 26,270 |
| Enterprise value | 23,970 |
| less net debt | (12,966) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 11,004 |
| ÷ 50.39 crore shares | ₹218 |
110% 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% | 238 | 290 | 353 | 429 | 524 |
| 10.50% | 185 | 228 | 279 | 340 | 415 |
| 11.00% | 140 | 176 | 218 | 268 | 329 |
| 11.50% | 100 | 131 | 167 | 209 | 258 |
| 12.00% | 66 | 93 | 123 | 158 | 199 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,298.00; 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 | 88 · 220 · 369 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.80 |
| Rank correlation with discount rate | −0.58 |
| 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 | 25,694 | 27,183 | 29,165 | 28,966 | 28,821 | 28,677 | 28,534 | 28,391 | 28,249 |
| growth % | 80.2 | 5.8 | 7.3 | (0.7) | (0.5) | (0.5) | (0.5) | (0.5) | (0.5) |
| EBITDA | 4,759 | 4,559 | 5,307 | 5,541 | 5,505 | 5,477 | 5,450 | 5,423 | 5,396 |
| margin % | 18.5 | 16.8 | 18.2 | 19.1 | 19.1 | 19.1 | 19.1 | 19.1 | 19.1 |
| less depreciation | (1,281) | (1,378) | (1,497) | (1,613) | (1,614) | (1,606) | (1,598) | (1,590) | (1,582) |
| EBIT | 3,478 | 3,182 | 3,810 | 3,929 | 3,891 | 3,871 | 3,852 | 3,833 | 3,814 |
| less tax on EBIT | (1,002) | (992) | (987) | (982) | (977) | (972) | |||
| NOPAT | 2,927 | 2,899 | 2,884 | 2,870 | 2,855 | 2,841 | |||
| add depreciation | 1,281 | 1,378 | 1,497 | 1,613 | 1,614 | 1,606 | 1,598 | 1,590 | 1,582 |
| less capex | (2,816) | (3,656) | (4,330) | (7,705) | (7,667) | (6,203) | (4,754) | (3,319) | (1,898) |
| less working-capital build | — | 5 | 5 | 5 | 5 | 5 | |||
| Free cash flow to firm | 640 | 602 | 475 | — | (3,149) | (1,708) | (281) | 1,131 | 2,529 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (2,989) | (1,461) | (217) | 785 | 1,582 |
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 13,733, dividends at 42.3% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 3,929 | 3,891 | 3,871 | 3,852 | 3,833 | 3,814 |
| Interest at 8.3% on debt | (1,140) | (1,140) | (1,140) | (1,140) | (1,140) | |
| Profit before tax | 2,751 | 2,732 | 2,712 | 2,693 | 2,674 | |
| Profit after tax | 2,416 | 2,050 | 2,035 | 2,021 | 2,006 | 1,992 |
| Dividends | (1,021) | (867) | (861) | (855) | (849) | (843) |
| Balance sheet, year end | ||||||
| Cash | 767 | (4,099) | (7,517) | (9,502) | (10,068) | (9,231) |
| Working capital | 960 | 955 | 951 | 946 | 941 | 937 |
| Net block and other assets | 43,466 | 49,519 | 54,116 | 57,272 | 59,001 | 59,317 |
| Debt | 13,733 | 13,733 | 13,733 | 13,733 | 13,733 | 13,733 |
| Equity | 19,709 | 20,891 | 22,066 | 23,231 | 24,389 | 25,538 |
| Balance check | 0 | (0) | (0) | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 3,668 | 3,646 | 3,623 | 3,601 | 3,579 | |
| Investing (capex) | (7,667) | (6,203) | (4,754) | (3,319) | (1,898) | |
| Financing (dividends) | (867) | (861) | (855) | (849) | (843) | |
| Net change in cash | (4,865) | (3,418) | (1,985) | (567) | 838 | |
| Free cash flow to equity | (3,998) | (2,557) | (1,130) | 282 | 1,680 | |
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 | -0.5% | 19.1% | 11.00% | 5% | ₹218 | (83.2)% |
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.