Models
VARDHMAN HOLDINGS LIMITEDVHLFinance
₹674per 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₹674implied P/B 0.06× on FY26 book
Against CMP ₹3,446.60−80.5%close of 2026-09-10
Cost of equity12.46%risk-free + beta × equity risk premium
Book equity, FY26₹11,806per share · excess returns add ₹(11,132)
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 | 3,766 | 3,981 | 4,208 | 4,447 | 4,701 |
| Net income at 5.7% ROE | 215 | 227 | 240 | 254 | 268 |
| Cost of equity charge at 12.46% | (469) | (496) | (524) | (554) | (586) |
| Excess return | (255) | (269) | (285) | (301) | (318) |
| Present value | (240) | (226) | (212) | (199) | (187) |
| Closing book equity | 3,981 | 4,208 | 4,447 | 4,701 | 4,969 |
| Book equity today | 3,766 |
| PV of 5 years of excess return | (1,065) |
| PV of the terminal excess return, 5% flat | (2,486) |
| add non-operating investments | 0 |
| Equity value | 215 |
| ÷ 0.32 crore shares | ₹674 |
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
₹2,870₹4,275
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | Excess return | ROE 5.7% | — | 12.46% | 5% | ₹674 | (80.5)% |
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.