Models
VINYAS INNOVATIVE TECH LVINYAS
₹90per 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₹90implied FY26 P/E —× · EV/EBITDA 4.0×
Against CMP ₹1,548.00−94.2%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3197%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
₹36₹200
52-week rangetraded range, a fact not a value
₹809₹1,730
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 8 |
| PV of terminal value | 235 |
| Enterprise value | 242 |
| less net debt | (129) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 113 |
| ÷ 1.26 crore shares | ₹90 |
97% 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% | 98 | 116 | 138 | 166 | 200 |
| 10.50% | 78 | 94 | 112 | 134 | 161 |
| 11.00% | 62 | 75 | 90 | 108 | 130 |
| 11.50% | 48 | 59 | 72 | 87 | 104 |
| 12.00% | 36 | 45 | 56 | 68 | 83 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,548.00; 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 | (16) · 88 · 187 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.70 |
| Rank correlation with revenue growth | −0.64 |
| Rank correlation with discount rate | −0.26 |
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 | 514 | 555 | 600 | 648 | 700 | 756 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 61 | 66 | 71 | 77 | 83 | 90 |
| margin % | 11.9 | 11.9 | 11.9 | 11.9 | 11.9 | 11.9 |
| less depreciation | (7) | (8) | (8) | (9) | (10) | (11) |
| EBIT | 54 | 58 | 63 | 68 | 73 | 79 |
| less tax on EBIT | (14) | (16) | (17) | (18) | (20) | (21) |
| NOPAT | 40 | 43 | 46 | 50 | 54 | 58 |
| add depreciation | 7 | 8 | 8 | 9 | 10 | 11 |
| less capex | (35) | (38) | (34) | (28) | (21) | (13) |
| less working-capital build | — | (25) | (26) | (29) | (31) | (33) |
| Free cash flow to firm | — | (12) | (6) | 2 | 12 | 23 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | (12) | (5) | 2 | 8 | 14 |
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 130, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 54 | 58 | 63 | 68 | 73 | 79 |
| Interest at 12% on debt | (16) | (16) | (16) | (16) | (16) | |
| Profit before tax | 43 | 47 | 52 | 58 | 64 | |
| Profit after tax | 31 | 31 | 35 | 38 | 42 | 47 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 1 | (22) | (39) | (48) | (48) | (37) |
| Working capital | 307 | 331 | 358 | 386 | 417 | 450 |
| Net block and other assets | 160 | 191 | 216 | 235 | 246 | 248 |
| Debt | 130 | 130 | 130 | 130 | 130 | 130 |
| Equity | 236 | 267 | 302 | 340 | 382 | 429 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 15 | 17 | 19 | 21 | 24 | |
| Investing (capex) | (38) | (34) | (28) | (21) | (13) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (24) | (17) | (9) | 0 | 11 | |
| Free cash flow to equity | (24) | (17) | (9) | 0 | 11 | |
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% | 11.9% | 11.00% | 5% | ₹90 | (94.2)% |
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.