Models
VARVEE GLOBAL LIMITEDVGLTextiles & Apparels
₹-52per 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₹(52)implied FY20 P/E —× · EV/EBITDA 4.2×
Against CMP ₹65.21−179.5%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY2526%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
₹(54)₹(47)
52-week rangetraded range, a fact not a value
₹44₹93
From enterprise to equity · ₹ crore
| PV of FY21–FY25 free cash flow | 106 |
| PV of terminal value | 37 |
| Enterprise value | 143 |
| less net debt | (410) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (267) |
| ÷ 5.15 crore shares | ₹(52) |
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% | (51) | (51) | (50) | (49) | (47) |
| 10.50% | (52) | (52) | (51) | (50) | (49) |
| 11.00% | (53) | (52) | (52) | (51) | (50) |
| 11.50% | (54) | (53) | (53) | (52) | (51) |
| 12.00% | (54) | (54) | (53) | (53) | (52) |
The outlined cell is your model. Green figures sit above the CMP of ₹65.21; 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 | (58) · (52) · (46) |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.97 |
| Rank correlation with discount rate | −0.22 |
| 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 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Revenue | 748 | 565 | 536 | 510 | 484 | 460 | 437 |
| growth % | — | (24.5) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 79 | 34 | 32 | 31 | 29 | 28 | 26 |
| margin % | 10.5 | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 | 6.0 |
| less depreciation | (34) | (38) | (36) | (35) | (33) | (31) | (30) |
| EBIT | 45 | (4) | (4) | (4) | (4) | (4) | (3) |
| less tax on EBIT | 1 | 1 | 1 | 1 | 1 | 1 | |
| NOPAT | (3) | (3) | (3) | (3) | (3) | (3) | |
| add depreciation | 34 | 38 | 36 | 35 | 33 | 31 | 30 |
| less capex | — | 0 | 0 | (10) | (20) | (28) | (36) |
| less working-capital build | — | 15 | 14 | 13 | 13 | 12 | |
| Free cash flow to firm | — | — | 48 | 35 | 24 | 13 | 4 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | 46 | 30 | 18 | 9 | 2 |
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 411, dividends at 0% of profit
| ₹ crore | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | (4) | (4) | (4) | (4) | (4) | (3) |
| Interest at 12.6% on debt | (52) | (52) | (52) | (52) | (52) | |
| Profit before tax | (56) | (56) | (56) | (56) | (55) | |
| Profit after tax | (42) | (42) | (42) | (42) | (42) | (41) |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 1 | 10 | 7 | (8) | (34) | (69) |
| Working capital | 298 | 283 | 269 | 256 | 243 | 231 |
| Net block and other assets | 543 | 507 | 483 | 470 | 466 | 472 |
| Debt | 411 | 411 | 411 | 411 | 411 | 411 |
| Equity | 231 | 189 | 147 | 105 | 64 | 22 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 9 | 7 | 5 | 3 | 0 | |
| Investing (capex) | 0 | (10) | (20) | (28) | (36) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 9 | (3) | (15) | (26) | (35) | |
| Free cash flow to equity | 9 | (3) | (15) | (26) | (35) | |
Other liabilities are held at their FY20 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 | -5% | 6% | 11.00% | 5% | ₹(52) | (179.5)% |
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.