Models
TRIDENT LIMITEDTRIDENTTextiles & Apparels
₹6per 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₹6implied FY26 P/E 7.5× · EV/EBITDA 5.4×
Against CMP ₹23.48−75.2%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3169%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
₹4₹10
52-week rangetraded range, a fact not a value
₹22₹31
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,459 |
| PV of terminal value | 3,245 |
| Enterprise value | 4,705 |
| less net debt | (1,737) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,968 |
| ÷ 509.60 crore shares | ₹6 |
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% | 6 | 7 | 8 | 8 | 10 |
| 10.50% | 5 | 6 | 7 | 7 | 8 |
| 11.00% | 5 | 5 | 6 | 6 | 7 |
| 11.50% | 4 | 5 | 5 | 6 | 6 |
| 12.00% | 4 | 4 | 5 | 5 | 6 |
The outlined cell is your model. Green figures sit above the CMP of ₹23.48; 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 | 4 · 6 · 8 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.81 |
| Rank correlation with discount rate | −0.57 |
| 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 | 6,332 | 6,809 | 6,987 | 6,701 | 6,433 | 6,176 | 5,929 | 5,692 | 5,464 |
| growth % | (9.5) | 7.5 | 2.6 | (4.1) | (4.0) | (4.0) | (4.0) | (4.0) | (4.0) |
| EBITDA | 947 | 940 | 911 | 869 | 836 | 803 | 771 | 740 | 710 |
| margin % | 15.0 | 13.8 | 13.0 | 13.0 | 13.0 | 13.0 | 13.0 | 13.0 | 13.0 |
| less depreciation | (313) | (365) | (366) | (317) | (302) | (290) | (279) | (268) | (257) |
| EBIT | 634 | 575 | 545 | 552 | 534 | 513 | 492 | 472 | 453 |
| less tax on EBIT | (154) | (149) | (143) | (137) | (132) | (127) | |||
| NOPAT | 398 | 385 | 370 | 355 | 341 | 327 | |||
| add depreciation | 313 | 365 | 366 | 317 | 302 | 290 | 279 | 268 | 257 |
| less capex | (779) | (647) | (230) | (316) | (302) | (305) | (307) | (308) | (308) |
| less working-capital build | — | 43 | 42 | 40 | 38 | 37 | |||
| Free cash flow to firm | 647 | (360) | 715 | — | 428 | 397 | 367 | 339 | 312 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 407 | 339 | 283 | 235 | 195 |
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 1,768, dividends at 67.4% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 552 | 534 | 513 | 492 | 472 | 453 |
| Interest at 6.8% on debt | (120) | (120) | (120) | (120) | (120) | |
| Profit before tax | 414 | 392 | 372 | 352 | 333 | |
| Profit after tax | 377 | 298 | 283 | 268 | 254 | 240 |
| Dividends | (254) | (201) | (191) | (181) | (171) | (162) |
| Balance sheet, year end | ||||||
| Cash | 31 | 172 | 291 | 390 | 472 | 535 |
| Working capital | 1,087 | 1,043 | 1,002 | 962 | 923 | 886 |
| Net block and other assets | 6,419 | 6,419 | 6,434 | 6,461 | 6,502 | 6,553 |
| Debt | 1,768 | 1,768 | 1,768 | 1,768 | 1,768 | 1,768 |
| Equity | 4,771 | 4,869 | 4,961 | 5,048 | 5,131 | 5,209 |
| Balance check | 0 | (0) | (0) | (0) | 0 | (0) |
| Cash flow | ||||||
| From operations | 644 | 615 | 587 | 560 | 534 | |
| Investing (capex) | (302) | (305) | (307) | (308) | (308) | |
| Financing (dividends) | (201) | (191) | (181) | (171) | (162) | |
| Net change in cash | 141 | 119 | 100 | 81 | 64 | |
| Free cash flow to equity | 342 | 310 | 280 | 252 | 226 | |
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 | -4% | 13% | 11.00% | 5% | ₹6 | (75.2)% |
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.