Models
VMS TMT LIMITEDVMSTMT
₹11per 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₹11implied FY26 P/E 3.0× · EV/EBITDA 4.6×
Against CMP ₹44.01−75.8%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY31104%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
₹(7)₹45
52-week rangetraded range, a fact not a value
₹34₹105
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (12) |
| PV of terminal value | 293 |
| Enterprise value | 281 |
| less net debt | (228) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 53 |
| ÷ 4.96 crore shares | ₹11 |
104% 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% | 13 | 19 | 26 | 35 | 45 |
| 10.50% | 7 | 12 | 18 | 25 | 33 |
| 11.00% | 2 | 6 | 11 | 16 | 23 |
| 11.50% | (3) | 1 | 5 | 10 | 15 |
| 12.00% | (7) | (4) | (0) | 4 | 8 |
The outlined cell is your model. Green figures sit above the CMP of ₹44.01; 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 | (14) · 10 · 34 |
| Draws below the CMP | 96% |
| Rank correlation with ebitda margin | +0.79 |
| Rank correlation with revenue growth | −0.46 |
| Rank correlation with discount rate | −0.36 |
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 | 839 | 906 | 978 | 1,056 | 1,141 | 1,232 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 61 | 65 | 70 | 76 | 82 | 89 |
| margin % | 7.2 | 7.2 | 7.2 | 7.2 | 7.2 | 7.2 |
| less depreciation | (10) | (11) | (12) | (13) | (14) | (15) |
| EBIT | 51 | 54 | 59 | 63 | 68 | 74 |
| less tax on EBIT | (11) | (12) | (13) | (14) | (15) | (17) |
| NOPAT | 39 | 42 | 45 | 49 | 53 | 57 |
| add depreciation | 10 | 11 | 12 | 13 | 14 | 15 |
| less capex | (55) | (59) | (51) | (42) | (31) | (18) |
| less working-capital build | — | (19) | (21) | (22) | (24) | (26) |
| Free cash flow to firm | — | (25) | (15) | (3) | 12 | 28 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | (24) | (13) | (2) | 8 | 18 |
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 229, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 51 | 54 | 59 | 63 | 68 | 74 |
| Interest at 11% on debt | (25) | (25) | (25) | (25) | (25) | |
| Profit before tax | 29 | 34 | 38 | 43 | 49 | |
| Profit after tax | 21 | 23 | 26 | 30 | 34 | 38 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 1 | (43) | (78) | (100) | (107) | (99) |
| Working capital | 239 | 259 | 279 | 301 | 326 | 352 |
| Net block and other assets | 279 | 327 | 366 | 396 | 413 | 416 |
| Debt | 229 | 229 | 229 | 229 | 229 | 229 |
| Equity | 228 | 251 | 277 | 306 | 340 | 378 |
| Balance check | 0 | 0 | 0 | (0) | (0) | 0 |
| Cash flow | ||||||
| From operations | 14 | 17 | 20 | 23 | 27 | |
| Investing (capex) | (59) | (51) | (42) | (31) | (18) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (45) | (34) | (22) | (8) | 9 | |
| Free cash flow to equity | (45) | (34) | (22) | (8) | 9 | |
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% | 7.2% | 11.00% | 5% | ₹11 | (75.8)% |
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.