Models
TRAVEL FOOD SERVICES LTDTRAVELFOODLeisure Services
₹541per 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₹541implied FY26 P/E 15.0× · EV/EBITDA 10.9×
Against CMP ₹1,252.00−56.8%close of 2026-09-10
Growth the CMP implies30.2%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
₹426₹770
52-week rangetraded range, a fact not a value
₹1,035₹1,471
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,976 |
| PV of terminal value | 5,096 |
| Enterprise value | 7,073 |
| less net debt | 48 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 7,121 |
| ÷ 13.17 crore shares | ₹541 |
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% | 558 | 597 | 643 | 699 | 770 |
| 10.50% | 517 | 549 | 587 | 633 | 688 |
| 11.00% | 482 | 509 | 541 | 578 | 623 |
| 11.50% | 452 | 475 | 502 | 532 | 569 |
| 12.00% | 426 | 445 | 468 | 494 | 524 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,252.00; 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 | 444 · 538 · 651 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.67 |
| Rank correlation with discount rate | −0.58 |
| Rank correlation with revenue growth | +0.39 |
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 | 1,648 | 1,780 | 1,922 | 2,076 | 2,242 | 2,421 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 649 | 701 | 757 | 818 | 883 | 954 |
| margin % | 39.4 | 39.4 | 39.4 | 39.4 | 39.4 | 39.4 |
| less depreciation | (150) | (162) | (175) | (189) | (204) | (220) |
| EBIT | 498 | 539 | 582 | 629 | 679 | 734 |
| less tax on EBIT | (135) | (146) | (158) | (170) | (184) | (199) |
| NOPAT | 363 | 393 | 425 | 459 | 495 | 535 |
| add depreciation | 150 | 162 | 175 | 189 | 204 | 220 |
| less capex | (39) | (41) | (86) | (137) | (196) | (264) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 |
| Free cash flow to firm | — | 514 | 514 | 510 | 503 | 491 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 488 | 439 | 393 | 349 | 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 0, dividends at 13.6% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 498 | 539 | 582 | 629 | 679 | 734 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 539 | 582 | 629 | 679 | 734 | |
| Profit after tax | 441 | 393 | 425 | 459 | 495 | 535 |
| Dividends | (60) | (53) | (58) | (62) | (67) | (73) |
| Balance sheet, year end | ||||||
| Cash | 48 | 508 | 964 | 1,412 | 1,848 | 2,266 |
| Working capital | (78) | (78) | (78) | (78) | (78) | (78) |
| Net block and other assets | 2,310 | 2,189 | 2,100 | 2,048 | 2,041 | 2,085 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 1,464 | 1,803 | 2,170 | 2,566 | 2,994 | 3,456 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 555 | 599 | 647 | 699 | 755 | |
| Investing (capex) | (41) | (86) | (137) | (196) | (264) | |
| Financing (dividends) | (53) | (58) | (62) | (67) | (73) | |
| Net change in cash | 461 | 456 | 448 | 435 | 418 | |
| Free cash flow to equity | 514 | 514 | 510 | 503 | 491 | |
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% | 39.4% | 11.00% | 5% | ₹541 | (56.8)% |
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.