Models
VISA CHROME LIMITEDVISACHROME
₹981per 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₹981implied FY26 P/E 11.3× · EV/EBITDA 13.3×
Against CMP ₹31.59+3006.5%close of 2026-09-20
Growth the CMP implies(20.0)%revenue, a year for 5 years, on your other inputs
Value after FY3172%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
₹765₹1,412
52-week rangetraded range, a fact not a value
₹27₹74
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 4,071 |
| PV of terminal value | 10,588 |
| Enterprise value | 14,659 |
| less net debt | (352) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 14,307 |
| ÷ 14.58 crore shares | ₹981 |
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% | 1,014 | 1,086 | 1,173 | 1,279 | 1,412 |
| 10.50% | 937 | 997 | 1,068 | 1,154 | 1,258 |
| 11.00% | 872 | 922 | 981 | 1,051 | 1,135 |
| 11.50% | 815 | 858 | 908 | 966 | 1,034 |
| 12.00% | 765 | 802 | 845 | 894 | 951 |
The outlined cell is your model. Green figures sit above the CMP of ₹31.59; 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 | 838 · 982 · 1,156 |
| Draws below the CMP | 0% |
| Rank correlation with discount rate | −0.75 |
| Rank correlation with ebitda margin | +0.64 |
| 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 | 657 | 670 | 566 | 562 | 556 | 550 | 545 | 539 | 534 |
| growth % | (41.2) | 1.9 | (15.4) | (0.9) | (1.0) | (1.0) | (1.0) | (1.0) | (1.0) |
| EBITDA | 1,757 | 5 | (438) | 1,103 | 1,092 | 1,081 | 1,070 | 1,060 | 1,049 |
| margin % | 267.2 | 0.8 | (77.3) | 196.4 | 196.4 | 196.4 | 196.4 | 196.4 | 196.4 |
| less depreciation | (73) | (49) | (49) | (26) | (26) | (25) | (25) | (25) | (25) |
| EBIT | 1,684 | (43) | (487) | 1,077 | 1,066 | 1,056 | 1,045 | 1,035 | 1,024 |
| less tax on EBIT | 0 | 0 | 0 | 0 | 0 | 0 | |||
| NOPAT | 1,077 | 1,066 | 1,056 | 1,045 | 1,035 | 1,024 | |||
| add depreciation | 73 | 49 | 49 | 26 | 26 | 25 | 25 | 25 | 25 |
| less capex | (18) | (9) | (12) | (25) | (25) | (26) | (27) | (28) | (29) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | 8 | 8 | 13 | — | 1,067 | 1,055 | 1,043 | 1,031 | 1,019 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 1,013 | 902 | 803 | 716 | 637 |
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 354, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 1,077 | 1,066 | 1,056 | 1,045 | 1,035 | 1,024 |
| Interest at 3.9% on debt | (14) | (14) | (14) | (14) | (14) | |
| Profit before tax | 1,053 | 1,042 | 1,031 | 1,021 | 1,011 | |
| Profit after tax | 1,050 | 1,053 | 1,042 | 1,031 | 1,021 | 1,011 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 3 | 1,056 | 2,097 | 3,126 | 4,143 | 5,149 |
| Working capital | (3) | (3) | (3) | (3) | (3) | (3) |
| Net block and other assets | 535 | 535 | 536 | 538 | 542 | 546 |
| Debt | 354 | 354 | 354 | 354 | 354 | 354 |
| Equity | (220) | 833 | 1,875 | 2,906 | 3,927 | 4,938 |
| Balance check | 0 | 0 | 0 | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 1,078 | 1,067 | 1,056 | 1,046 | 1,035 | |
| Investing (capex) | (25) | (26) | (27) | (28) | (29) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 1,053 | 1,041 | 1,029 | 1,017 | 1,006 | |
| Free cash flow to equity | 1,053 | 1,041 | 1,029 | 1,017 | 1,006 | |
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 | -1% | 196.4% | 11.00% | 5% | ₹981 | 3006.5% |
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.