Models
TSF INVESTMENTS LIMITEDTSFINVFinance
₹85per 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₹85implied P/B 0.31× on FY26 book
Against CMP ₹436.60−80.6%close of 2026-09-10
Cost of equity15.97%risk-free + beta × equity risk premium
Book equity, FY26₹274per share · excess returns add ₹(190)
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Excess-return schedule · ₹ crore · book equity earns your ROE; value is book plus the returns above the cost of equity
| ₹ crore | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|
| Opening book equity | 6,094 | 6,423 | 6,770 | 7,136 | 7,522 |
| Net income at 8.7% ROE | 530 | 559 | 589 | 621 | 654 |
| Cost of equity charge at 15.97% | (973) | (1,026) | (1,081) | (1,140) | (1,201) |
| Excess return | (443) | (467) | (492) | (519) | (547) |
| Present value | (412) | (374) | (340) | (309) | (281) |
| Closing book equity | 6,423 | 6,770 | 7,136 | 7,522 | 7,928 |
| Book equity today | 6,094 |
| PV of 5 years of excess return | (1,715) |
| PV of the terminal excess return, 5% flat | (2,495) |
| add non-operating investments | 0 |
| Equity value | 1,884 |
| ÷ 22.21 crore shares | ₹85 |
ROE is at or below the cost of equity, so every year destroys value against book and the model lands below book value. That is the arithmetic, not a view.
Where the methods land · ₹ per share · the dashed line is the CMP
52-week rangetraded range, a fact not a value
₹332₹702
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | Excess return | ROE 8.7% | — | 15.97% | 5% | ₹85 | (80.6)% |
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.