Models
VODAFONE IDEA LIMITEDIDEATelecom - Services
₹66per share · Base Model Note
Scenario
Value per share, your model₹66implied FY26 P/E 19.2× · EV/EBITDA 11.2×
Against CMP ₹14.97+343.5%close of 2026-09-10
Growth the CMP implies(19.9)%revenue, a year for 5 years, on your other inputs
Value after FY3171%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
₹49₹100
52-week rangetraded range, a fact not a value
₹7₹16
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 2,51,583 |
| PV of terminal value | 6,15,020 |
| Enterprise value | 8,66,603 |
| less net debt | (1,47,349) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 7,19,254 |
| ÷ 10,834.30 crore shares | ₹66 |
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% | 69 | 75 | 81 | 90 | 100 |
| 10.50% | 63 | 68 | 73 | 80 | 88 |
| 11.00% | 58 | 62 | 66 | 72 | 78 |
| 11.50% | 53 | 57 | 61 | 65 | 71 |
| 12.00% | 49 | 52 | 56 | 60 | 64 |
The outlined cell is your model. Green figures sit above the CMP of ₹14.97; 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 | 52 · 66 · 82 |
| Draws below the CMP | 0% |
| Rank correlation with ebitda margin | +0.76 |
| Rank correlation with discount rate | −0.59 |
| Rank correlation with revenue growth | +0.15 |
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 | 42,177 | 42,555 | 43,571 | 44,873 | 46,219 | 47,606 | 49,034 | 50,505 | 52,020 |
| growth % | 9.5 | 0.9 | 2.4 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| EBITDA | 16,795 | 17,785 | 18,127 | 77,610 | 79,959 | 82,358 | 84,829 | 87,374 | 89,995 |
| margin % | 39.8 | 41.8 | 41.6 | 173.0 | 173.0 | 173.0 | 173.0 | 173.0 | 173.0 |
| less depreciation | (23,050) | (22,634) | (21,973) | (22,108) | (22,786) | (23,470) | (24,174) | (24,899) | (25,646) |
| EBIT | (6,255) | (4,849) | (3,847) | 55,502 | 57,173 | 58,888 | 60,655 | 62,475 | 64,349 |
| less tax on EBIT | 0 | 0 | 0 | 0 | 0 | 0 | |||
| NOPAT | 55,502 | 57,173 | 58,888 | 60,655 | 62,475 | 64,349 | |||
| add depreciation | 23,050 | 22,634 | 21,973 | 22,108 | 22,786 | 23,470 | 24,174 | 24,899 | 25,646 |
| less capex | (3,942) | (1,614) | (10,005) | (10,979) | (11,324) | (15,788) | (20,511) | (25,502) | (30,775) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | 14,927 | 19,212 | (714) | — | 68,635 | 66,570 | 64,318 | 61,871 | 59,220 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 65,146 | 56,923 | 49,548 | 42,940 | 37,027 |
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 1,49,455, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 55,502 | 57,173 | 58,888 | 60,655 | 62,475 | 64,349 |
| Interest at 12.4% on debt | (18,532) | (18,532) | (18,532) | (18,532) | (18,532) | |
| Profit before tax | 38,641 | 40,356 | 42,123 | 43,942 | 45,816 | |
| Profit after tax | 34,552 | 38,641 | 40,356 | 42,123 | 43,942 | 45,816 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 2,106 | 52,209 | 1,00,246 | 1,46,032 | 1,89,370 | 2,30,058 |
| Working capital | (6,835) | (6,835) | (6,835) | (6,835) | (6,835) | (6,835) |
| Net block and other assets | 1,96,367 | 1,84,905 | 1,77,224 | 1,73,561 | 1,74,165 | 1,79,294 |
| Debt | 1,49,455 | 1,49,455 | 1,49,455 | 1,49,455 | 1,49,455 | 1,49,455 |
| Equity | (35,758) | 2,883 | 43,239 | 85,361 | 1,29,303 | 1,75,120 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 61,427 | 63,826 | 66,296 | 68,841 | 71,462 | |
| Investing (capex) | (11,324) | (15,788) | (20,511) | (25,502) | (30,775) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 50,103 | 48,037 | 45,785 | 43,339 | 40,687 | |
| Free cash flow to equity | 50,103 | 48,037 | 45,785 | 43,339 | 40,687 | |
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 | 3% | 173% | 11.00% | 5% | ₹66 | 343.5% |
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.