Models
VALIANT COMMUNICATIONS LTD.BSE 526775Telecom - Equipment & Accessories
₹589per 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₹589implied FY26 P/E 23.1× · EV/EBITDA 21.8×
Against CMP ₹1,310.00−55.1%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3182%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
₹449₹867
52-week rangetraded range, a fact not a value
₹588₹1,360
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 117 |
| PV of terminal value | 540 |
| Enterprise value | 658 |
| less net debt | 16 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 674 |
| ÷ 1.14 crore shares | ₹589 |
82% 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% | 609 | 656 | 712 | 781 | 867 |
| 10.50% | 559 | 599 | 645 | 700 | 768 |
| 11.00% | 517 | 550 | 589 | 634 | 689 |
| 11.50% | 481 | 509 | 541 | 579 | 624 |
| 12.00% | 449 | 473 | 501 | 533 | 570 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,310.00; 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 | 447 · 582 · 763 |
| Draws below the CMP | 100% |
| Rank correlation with revenue growth | +0.64 |
| Rank correlation with ebitda margin | +0.56 |
| Rank correlation with discount rate | −0.45 |
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 | 32 | 46 | 51 | 85 | 110 | 143 | 186 | 242 | 315 |
| growth % | 138.7 | 47.1 | 9.8 | 66.9 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 4 | 10 | 14 | 30 | 39 | 51 | 66 | 86 | 112 |
| margin % | 13.6 | 22.2 | 27.1 | 35.6 | 35.6 | 35.6 | 35.6 | 35.6 | 35.6 |
| less depreciation | (2) | (2) | (3) | (3) | (4) | (5) | (6) | (8) | (11) |
| EBIT | 2 | 8 | 11 | 27 | 36 | 46 | 60 | 78 | 101 |
| less tax on EBIT | (7) | (9) | (11) | (15) | (19) | (25) | |||
| NOPAT | 21 | 27 | 35 | 45 | 59 | 76 | |||
| add depreciation | 2 | 2 | 3 | 3 | 4 | 5 | 6 | 8 | 11 |
| less capex | (3) | (1) | (1) | (5) | (6) | (7) | (9) | (11) | (13) |
| less working-capital build | — | (8) | (10) | (13) | (17) | (22) | |||
| Free cash flow to firm | 0 | 2 | (0) | — | 17 | 22 | 30 | 39 | 52 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 16 | 19 | 23 | 27 | 33 |
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 2, dividends at 4.8% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 27 | 36 | 46 | 60 | 78 | 101 |
| Interest at 10.1% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 35 | 46 | 60 | 78 | 101 | |
| Profit after tax | 24 | 27 | 35 | 45 | 59 | 76 |
| Dividends | (1) | (1) | (2) | (2) | (3) | (4) |
| Balance sheet, year end | ||||||
| Cash | 19 | 34 | 54 | 82 | 118 | 166 |
| Working capital | 26 | 34 | 44 | 57 | 74 | 96 |
| Net block and other assets | 67 | 69 | 72 | 74 | 77 | 79 |
| Debt | 2 | 2 | 2 | 2 | 2 | 2 |
| Equity | 97 | 122 | 155 | 198 | 253 | 326 |
| Balance check | 0 | 0 | 0 | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 23 | 29 | 38 | 50 | 65 | |
| Investing (capex) | (6) | (7) | (9) | (11) | (13) | |
| Financing (dividends) | (1) | (2) | (2) | (3) | (4) | |
| Net change in cash | 15 | 20 | 27 | 36 | 48 | |
| Free cash flow to equity | 17 | 22 | 29 | 39 | 52 | |
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% | 35.6% | 11.00% | 5% | ₹589 | (55.1)% |
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.