Models
VINDHYA TELELINKS LTDVINDHYATELConstruction
₹-249per 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₹(249)implied FY26 P/E (1.2)× · EV/EBITDA 5.1×
Against CMP ₹2,822.00−108.8%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3173%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
₹(454)₹158
52-week rangetraded range, a fact not a value
₹964₹2,953
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 303 |
| PV of terminal value | 815 |
| Enterprise value | 1,118 |
| less net debt | (1,413) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (295) |
| ÷ 1.19 crore shares | ₹(249) |
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% | (219) | (150) | (68) | 33 | 158 |
| 10.50% | (291) | (234) | (167) | (86) | 13 |
| 11.00% | (353) | (305) | (249) | (183) | (104) |
| 11.50% | (407) | (366) | (319) | (264) | (199) |
| 12.00% | (454) | (418) | (378) | (332) | (278) |
The outlined cell is your model. Green figures sit above the CMP of ₹2,822.00; 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 | (351) · (248) · (117) |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.99 |
| Rank correlation with ebitda margin | −0.10 |
| 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 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,900 | 4,087 | 4,054 | 3,593 | 3,414 | 3,243 | 3,081 | 2,927 | 2,780 |
| growth % | 119.1 | 40.9 | (0.8) | (11.4) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 281 | 295 | 259 | 221 | 212 | 201 | 191 | 181 | 172 |
| margin % | 9.7 | 7.2 | 6.4 | 6.2 | 6.2 | 6.2 | 6.2 | 6.2 | 6.2 |
| less depreciation | (18) | (24) | (23) | (21) | (20) | (19) | (18) | (18) | (17) |
| EBIT | 263 | 271 | 235 | 200 | 191 | 182 | 173 | 164 | 156 |
| less tax on EBIT | (212) | (202) | (192) | (183) | (173) | (165) | |||
| NOPAT | (12) | (11) | (11) | (10) | (10) | (9) | |||
| add depreciation | 18 | 24 | 23 | 21 | 20 | 19 | 18 | 18 | 17 |
| less capex | (34) | (49) | (17) | (48) | (44) | (37) | (31) | (25) | (20) |
| less working-capital build | — | 112 | 106 | 101 | 96 | 91 | |||
| Free cash flow to firm | (0) | 392 | (607) | — | 77 | 77 | 78 | 78 | 79 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 73 | 66 | 60 | 54 | 49 |
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 1,425, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 200 | 191 | 182 | 173 | 164 | 156 |
| Interest at 11.8% on debt | (168) | (168) | (168) | (168) | (168) | |
| Profit before tax | 23 | 13 | 4 | (4) | (12) | |
| Profit after tax | 0 | (1) | (1) | (0) | 0 | 1 |
| Dividends | (19) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 13 | 99 | 186 | 274 | 362 | 450 |
| Working capital | 2,231 | 2,119 | 2,013 | 1,912 | 1,817 | 1,726 |
| Net block and other assets | 6,119 | 6,143 | 6,161 | 6,174 | 6,182 | 6,185 |
| Debt | 1,425 | 1,425 | 1,425 | 1,425 | 1,425 | 1,425 |
| Equity | 4,205 | 4,204 | 4,203 | 4,203 | 4,203 | 4,204 |
| Balance check | 0 | 0 | 0 | (0) | (0) | 0 |
| Cash flow | ||||||
| From operations | 131 | 125 | 119 | 113 | 108 | |
| Investing (capex) | (44) | (37) | (31) | (25) | (20) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 86 | 87 | 88 | 88 | 88 | |
| Free cash flow to equity | 86 | 87 | 88 | 88 | 88 | |
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% | 6.2% | 11.00% | 5% | ₹(249) | (108.8)% |
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.