Models
VERITAS (INDIA) LTD.BSE 512229Commercial Services & Supplies
₹255per 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₹255implied FY26 P/E 22.0× · EV/EBITDA 12.8×
Against CMP ₹149.90+70.0%close of 28 Oct 2026
Growth the CMP implies—%no growth rate between −20% and 45% a year brings the value to the CMP on your other inputs
Value after FY3164%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
₹176₹411
52-week rangetraded range, a fact not a value
₹132₹312
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 392 |
| PV of terminal value | 705 |
| Enterprise value | 1,096 |
| less net debt | (413) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 683 |
| ÷ 2.68 crore shares | ₹255 |
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% | 267 | 293 | 325 | 363 | 411 |
| 10.50% | 239 | 261 | 287 | 318 | 355 |
| 11.00% | 215 | 234 | 255 | 280 | 310 |
| 11.50% | 194 | 210 | 228 | 249 | 274 |
| 12.00% | 176 | 190 | 205 | 223 | 243 |
The outlined cell is your model. Green figures sit above the CMP of ₹149.90; 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 | 204 · 255 · 317 |
| Draws below the CMP | 0% |
| Rank correlation with discount rate | −0.77 |
| Rank correlation with ebitda margin | +0.61 |
| 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 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,163 | 3,855 | 4,099 | 3,113 | 2,957 | 2,809 | 2,669 | 2,535 | 2,408 |
| growth % | 1.5 | 78.2 | 6.3 | (24.1) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 142 | 205 | 189 | 85 | 80 | 76 | 72 | 68 | 65 |
| margin % | 6.6 | 5.3 | 4.6 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 | 2.7 |
| less depreciation | (34) | (43) | (39) | (41) | (38) | (37) | (35) | (33) | (31) |
| EBIT | 108 | 162 | 150 | 44 | 41 | 39 | 37 | 35 | 34 |
| less tax on EBIT | 0 | 0 | 0 | 0 | 0 | 0 | |||
| NOPAT | 44 | 42 | 39 | 37 | 36 | 34 | |||
| add depreciation | 34 | 43 | 39 | 41 | 38 | 37 | 35 | 33 | 31 |
| less capex | (3) | (26) | (4) | (0) | 0 | (11) | (21) | (30) | (38) |
| less working-capital build | — | 49 | 47 | 45 | 42 | 40 | |||
| Free cash flow to firm | 77 | 30 | 25 | — | 129 | 112 | 96 | 81 | 68 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 123 | 96 | 74 | 56 | 42 |
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 430, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 44 | 41 | 39 | 37 | 35 | 34 |
| Interest at 11.3% on debt | (49) | (49) | (49) | (49) | (49) | |
| Profit before tax | (7) | (9) | (11) | (13) | (15) | |
| Profit after tax | 0 | (7) | (9) | (11) | (13) | (15) |
| Dividends | (0) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 17 | 98 | 161 | 208 | 241 | 260 |
| Working capital | 989 | 940 | 893 | 848 | 806 | 765 |
| Net block and other assets | 3,710 | 3,671 | 3,646 | 3,632 | 3,629 | 3,635 |
| Debt | 430 | 430 | 430 | 430 | 430 | 430 |
| Equity | 2,864 | 2,857 | 2,848 | 2,836 | 2,823 | 2,808 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 81 | 74 | 68 | 62 | 57 | |
| Investing (capex) | 0 | (11) | (21) | (30) | (38) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 81 | 63 | 47 | 33 | 19 | |
| Free cash flow to equity | 81 | 63 | 47 | 33 | 19 | |
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 | -5% | 2.7% | 11.00% | 5% | ₹255 | 70.0% |
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.