Models
VERTOZ LIMITEDVERTOZIT - Services
₹44per 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₹44implied FY26 P/E 14.1× · EV/EBITDA 9.3×
Against CMP ₹38.52+15.5%close of 2026-09-10
Growth the CMP implies12.0%revenue, a year for 5 years, on your other inputs
Value after FY31105%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
₹28₹77
52-week rangetraded range, a fact not a value
₹27₹87
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (23) |
| PV of terminal value | 475 |
| Enterprise value | 452 |
| less net debt | (73) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 379 |
| ÷ 8.52 crore shares | ₹44 |
105% 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% | 47 | 52 | 59 | 67 | 77 |
| 10.50% | 41 | 46 | 51 | 58 | 66 |
| 11.00% | 36 | 40 | 44 | 50 | 56 |
| 11.50% | 32 | 35 | 39 | 43 | 49 |
| 12.00% | 28 | 31 | 34 | 38 | 42 |
The outlined cell is your model. Green figures sit above the CMP of ₹38.52; 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 | 29 · 44 · 63 |
| Draws below the CMP | 34% |
| Rank correlation with ebitda margin | +0.69 |
| Rank correlation with discount rate | −0.48 |
| Rank correlation with revenue growth | +0.48 |
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 | 83 | 155 | 255 | 292 | 334 | 383 | 438 | 502 | 574 |
| growth % | 99.0 | 87.6 | 64.3 | 14.4 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 |
| EBITDA | 17 | 21 | 36 | 49 | 56 | 64 | 73 | 84 | 96 |
| margin % | 20.7 | 13.8 | 14.3 | 16.7 | 16.7 | 16.7 | 16.7 | 16.7 | 16.7 |
| less depreciation | (3) | (6) | (13) | (16) | (18) | (21) | (24) | (28) | (32) |
| EBIT | 14 | 16 | 23 | 33 | 37 | 43 | 49 | 56 | 64 |
| less tax on EBIT | (6) | (7) | (8) | (9) | (10) | (12) | |||
| NOPAT | 27 | 31 | 35 | 40 | 46 | 53 | |||
| add depreciation | 3 | 6 | 13 | 16 | 18 | 21 | 24 | 28 | 32 |
| less capex | (0) | (41) | 0 | (75) | (86) | (80) | (71) | (57) | (38) |
| less working-capital build | — | (0) | (0) | (0) | (1) | (1) | |||
| Free cash flow to firm | (16) | (39) | 8 | — | (38) | (25) | (7) | 16 | 46 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (36) | (21) | (6) | 11 | 29 |
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 81, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 33 | 37 | 43 | 49 | 56 | 64 |
| Interest at 11% on debt | (9) | (9) | (9) | (9) | (9) | |
| Profit before tax | 28 | 34 | 40 | 47 | 55 | |
| Profit after tax | 26 | 23 | 28 | 33 | 39 | 45 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 8 | (36) | (68) | (83) | (74) | (36) |
| Working capital | 3 | 3 | 3 | 4 | 5 | 5 |
| Net block and other assets | 410 | 477 | 537 | 584 | 613 | 620 |
| Debt | 81 | 81 | 81 | 81 | 81 | 81 |
| Equity | 228 | 252 | 279 | 312 | 351 | 396 |
| Balance check | 0 | 0 | (0) | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 41 | 48 | 56 | 66 | 76 | |
| Investing (capex) | (86) | (80) | (71) | (57) | (38) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (45) | (32) | (15) | 9 | 38 | |
| Free cash flow to equity | (45) | (32) | (15) | 9 | 38 | |
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 | 14.5% | 16.7% | 11.00% | 5% | ₹44 | 15.5% |
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.