Models
VEDANT FASHIONS LIMITEDMANYAVARRetailing
₹237per 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₹237implied FY24 P/E 14.3× · EV/EBITDA 8.7×
Against CMP ₹584.00−59.4%close of 2026-09-10
Growth the CMP implies42.6%revenue, a year for 5 years, on your other inputs
Value after FY2969%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
₹189₹333
52-week rangetraded range, a fact not a value
₹329₹779
From enterprise to equity · ₹ crore
| PV of FY25–FY29 free cash flow | 1,793 |
| PV of terminal value | 3,943 |
| Enterprise value | 5,736 |
| less net debt | 22 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 5,758 |
| ÷ 24.30 crore shares | ₹237 |
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% | 244 | 261 | 280 | 304 | 333 |
| 10.50% | 227 | 241 | 257 | 276 | 299 |
| 11.00% | 212 | 224 | 237 | 253 | 271 |
| 11.50% | 200 | 209 | 220 | 233 | 249 |
| 12.00% | 189 | 197 | 206 | 217 | 230 |
The outlined cell is your model. Green figures sit above the CMP of ₹584.00; 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 | 199 · 236 · 279 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.74 |
| Rank correlation with discount rate | −0.63 |
| Rank correlation with revenue growth | +0.03 |
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 | FY22 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,041 | 1,355 | 1,368 | 1,381 | 1,395 | 1,409 | 1,423 | 1,437 |
| growth % | — | 30.2 | 0.9 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 |
| EBITDA | 496 | 671 | 658 | 664 | 671 | 678 | 684 | 691 |
| margin % | 47.6 | 49.5 | 48.1 | 48.1 | 48.1 | 48.1 | 48.1 | 48.1 |
| less depreciation | (94) | (104) | (135) | (137) | (138) | (139) | (141) | (142) |
| EBIT | 402 | 567 | 523 | 528 | 533 | 538 | 544 | 549 |
| less tax on EBIT | (128) | (129) | (131) | (132) | (133) | (135) | ||
| NOPAT | 395 | 398 | 402 | 406 | 410 | 415 | ||
| add depreciation | 94 | 104 | 135 | 137 | 138 | 139 | 141 | 142 |
| less capex | (2) | (4) | (4) | (4) | (45) | (86) | (128) | (171) |
| less working-capital build | — | (6) | (6) | (6) | (6) | (6) | ||
| Free cash flow to firm | 349 | 465 | — | 525 | 490 | 454 | 417 | 380 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 498 | 419 | 350 | 289 | 237 |
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 0, dividends at 0% of profit
| ₹ crore | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 523 | 528 | 533 | 538 | 544 | 549 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 528 | 533 | 538 | 544 | 549 | |
| Profit after tax | 0 | 398 | 402 | 406 | 410 | 415 |
| Dividends | (218) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 22 | 547 | 1,036 | 1,490 | 1,907 | 2,287 |
| Working capital | 614 | 620 | 626 | 633 | 639 | 645 |
| Net block and other assets | 1,873 | 1,740 | 1,647 | 1,593 | 1,580 | 1,609 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 1,602 | 2,000 | 2,403 | 2,809 | 3,219 | 3,634 |
| Balance check | 0 | (0) | (0) | (0) | (0) | 0 |
| Cash flow | ||||||
| From operations | 529 | 534 | 540 | 545 | 550 | |
| Investing (capex) | (4) | (45) | (86) | (128) | (171) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 525 | 490 | 454 | 417 | 380 | |
| Free cash flow to equity | 525 | 490 | 454 | 417 | 380 | |
Other liabilities are held at their FY24 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 | 1% | 48.1% | 11.00% | 5% | ₹237 | (59.4)% |
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.