Models
V2 RETAIL LIMITEDV2RETAILRetailing
₹38per 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₹38implied FY26 P/E 0.9× · EV/EBITDA 3.4×
Against CMP ₹217.95−82.4%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3184%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
₹27₹61
52-week rangetraded range, a fact not a value
₹159₹259
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 265 |
| PV of terminal value | 1,385 |
| Enterprise value | 1,650 |
| less net debt | (248) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,402 |
| ÷ 36.46 crore shares | ₹38 |
84% 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% | 40 | 44 | 48 | 54 | 61 |
| 10.50% | 36 | 39 | 43 | 47 | 53 |
| 11.00% | 33 | 35 | 38 | 42 | 46 |
| 11.50% | 30 | 32 | 35 | 38 | 41 |
| 12.00% | 27 | 29 | 31 | 34 | 37 |
The outlined cell is your model. Green figures sit above the CMP of ₹217.95; 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 | (27) · 38 · 86 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.86 |
| Rank correlation with revenue growth | −0.47 |
| Rank correlation with discount rate | −0.09 |
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 | 839 | 1,165 | 1,884 | 3,067 | 3,987 | 5,183 | 6,738 | 8,760 | 11,388 |
| growth % | 33.3 | 38.8 | 61.8 | 62.8 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 84 | 148 | 258 | 483 | 630 | 819 | 1,065 | 1,384 | 1,799 |
| margin % | 10.0 | 12.7 | 13.7 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 | 15.8 |
| less depreciation | (67) | (77) | (99) | (182) | (235) | (306) | (398) | (517) | (672) |
| EBIT | 17 | 71 | 159 | 301 | 395 | 513 | 667 | 867 | 1,127 |
| less tax on EBIT | (74) | (97) | (126) | (163) | (212) | (276) | |||
| NOPAT | 227 | 298 | 387 | 504 | 655 | 851 | |||
| add depreciation | 67 | 77 | 99 | 182 | 235 | 306 | 398 | 517 | 672 |
| less capex | (12) | (39) | (134) | (231) | (299) | (383) | (491) | (629) | (806) |
| less working-capital build | — | (204) | (266) | (345) | (449) | (583) | |||
| Free cash flow to firm | 74 | 54 | 89 | — | 30 | 44 | 65 | 93 | 133 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 28 | 38 | 50 | 65 | 83 |
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 254, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 301 | 395 | 513 | 667 | 867 | 1,127 |
| Interest at 8% on debt | (20) | (20) | (20) | (20) | (20) | |
| Profit before tax | 374 | 493 | 647 | 847 | 1,107 | |
| Profit after tax | 162 | 283 | 372 | 488 | 639 | 836 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 6 | 21 | 50 | 99 | 177 | 295 |
| Working capital | 680 | 884 | 1,150 | 1,495 | 1,944 | 2,527 |
| Net block and other assets | 1,736 | 1,800 | 1,878 | 1,971 | 2,084 | 2,218 |
| Debt | 254 | 254 | 254 | 254 | 254 | 254 |
| Equity | 902 | 1,185 | 1,557 | 2,045 | 2,685 | 3,521 |
| Balance check | 0 | 0 | 0 | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | 314 | 412 | 541 | 707 | 924 | |
| Investing (capex) | (299) | (383) | (491) | (629) | (806) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 15 | 29 | 49 | 78 | 118 | |
| Free cash flow to equity | 15 | 29 | 49 | 78 | 118 | |
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% | 15.8% | 11.00% | 5% | ₹38 | (82.4)% |
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.