Models
VIKRAM SOLAR LIMITEDVIKRAMSOLRElectrical Equipment
₹227per 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₹227implied FY26 P/E 22.4× · EV/EBITDA 9.1×
Against CMP ₹167.20+35.6%close of 2026-09-10
Growth the CMP implies(0.3)%revenue, a year for 5 years, on your other inputs
Value after FY3188%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
₹168₹345
52-week rangetraded range, a fact not a value
₹155₹408
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,007 |
| PV of terminal value | 7,275 |
| Enterprise value | 8,282 |
| less net debt | (64) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 8,218 |
| ÷ 36.24 crore shares | ₹227 |
88% 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% | 235 | 255 | 279 | 308 | 345 |
| 10.50% | 214 | 231 | 251 | 274 | 303 |
| 11.00% | 196 | 210 | 227 | 246 | 269 |
| 11.50% | 181 | 193 | 207 | 223 | 242 |
| 12.00% | 168 | 178 | 190 | 203 | 219 |
The outlined cell is your model. Green figures sit above the CMP of ₹167.20; 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 | 179 · 225 · 281 |
| Draws below the CMP | 5% |
| Rank correlation with ebitda margin | +0.70 |
| Rank correlation with discount rate | −0.61 |
| Rank correlation with revenue growth | +0.29 |
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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | 4,802 | 5,186 | 5,601 | 6,049 | 6,533 | 7,056 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 911 | 985 | 1,064 | 1,149 | 1,241 | 1,341 |
| margin % | 19.0 | 19.0 | 19.0 | 19.0 | 19.0 | 19.0 |
| less depreciation | (162) | (176) | (190) | (206) | (222) | (240) |
| EBIT | 749 | 809 | 874 | 944 | 1,019 | 1,101 |
| less tax on EBIT | (204) | (221) | (239) | (258) | (278) | (301) |
| NOPAT | 545 | 588 | 635 | 686 | 741 | 800 |
| add depreciation | 162 | 176 | 190 | 206 | 222 | 240 |
| less capex | (722) | (778) | (687) | (577) | (445) | (288) |
| less working-capital build | — | (38) | (41) | (44) | (48) | (52) |
| Free cash flow to firm | — | (51) | 97 | 270 | 470 | 701 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | (49) | 83 | 208 | 326 | 438 |
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 100, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 749 | 809 | 874 | 944 | 1,019 | 1,101 |
| Interest at 8% on debt | (8) | (8) | (8) | (8) | (8) | |
| Profit before tax | 801 | 866 | 936 | 1,011 | 1,093 | |
| Profit after tax | 470 | 582 | 629 | 680 | 735 | 794 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 36 | (22) | 70 | 334 | 799 | 1,494 |
| Working capital | 474 | 512 | 553 | 597 | 645 | 697 |
| Net block and other assets | 5,219 | 5,821 | 6,318 | 6,689 | 6,912 | 6,960 |
| Debt | 100 | 100 | 100 | 100 | 100 | 100 |
| Equity | 3,168 | 3,750 | 4,380 | 5,060 | 5,795 | 6,589 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 721 | 779 | 842 | 909 | 983 | |
| Investing (capex) | (778) | (687) | (577) | (445) | (288) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (57) | 92 | 264 | 464 | 695 | |
| Free cash flow to equity | (57) | 92 | 264 | 464 | 695 | |
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 | 8% | 19% | 11.00% | 5% | ₹227 | 35.6% |
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.