Models
VOLTAS LTDVOLTASConsumer Durables
₹145per 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₹145implied FY26 P/E 10.7× · EV/EBITDA 8.1×
Against CMP ₹1,165.00−87.6%close of 2026-09-10
Growth the CMP implies45.0%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
₹113₹208
52-week rangetraded range, a fact not a value
₹1,131₹1,583
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,446 |
| PV of terminal value | 3,553 |
| Enterprise value | 4,999 |
| less net debt | (211) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 4,788 |
| ÷ 33.08 crore shares | ₹145 |
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% | 150 | 160 | 173 | 189 | 208 |
| 10.50% | 138 | 147 | 158 | 170 | 186 |
| 11.00% | 129 | 136 | 145 | 155 | 167 |
| 11.50% | 120 | 126 | 134 | 142 | 153 |
| 12.00% | 113 | 118 | 125 | 132 | 140 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,165.00; 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 | 123 · 145 · 171 |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.74 |
| Rank correlation with ebitda margin | +0.65 |
| 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 | 9,499 | 12,481 | 15,413 | 14,245 | 13,532 | 12,856 | 12,213 | 11,602 | 11,022 |
| growth % | 19.7 | 31.4 | 23.5 | (7.6) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 329 | 475 | 1,116 | 620 | 595 | 566 | 537 | 510 | 485 |
| margin % | 3.5 | 3.8 | 7.2 | 4.4 | 4.4 | 4.4 | 4.4 | 4.4 | 4.4 |
| less depreciation | (40) | (48) | (62) | (84) | (81) | (77) | (73) | (70) | (66) |
| EBIT | 289 | 427 | 1,054 | 536 | 514 | 489 | 464 | 441 | 419 |
| less tax on EBIT | (146) | (140) | (133) | (126) | (120) | (114) | |||
| NOPAT | 390 | 374 | 356 | 338 | 321 | 305 | |||
| add depreciation | 40 | 48 | 62 | 84 | 81 | 77 | 73 | 70 | 66 |
| less capex | (180) | (293) | (208) | (133) | (122) | (110) | (99) | (89) | (79) |
| less working-capital build | — | 62 | 59 | 56 | 53 | 50 | |||
| Free cash flow to firm | (21) | 468 | (432) | — | 396 | 382 | 368 | 355 | 342 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 376 | 326 | 284 | 246 | 214 |
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 966, dividends at 61.8% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 536 | 514 | 489 | 464 | 441 | 419 |
| Interest at 9.5% on debt | (92) | (92) | (92) | (92) | (92) | |
| Profit before tax | 422 | 397 | 372 | 349 | 327 | |
| Profit after tax | 376 | 308 | 289 | 271 | 254 | 238 |
| Dividends | (232) | (190) | (178) | (167) | (157) | (147) |
| Balance sheet, year end | ||||||
| Cash | 755 | 894 | 1,030 | 1,164 | 1,295 | 1,423 |
| Working capital | 1,241 | 1,179 | 1,120 | 1,064 | 1,011 | 961 |
| Net block and other assets | 12,514 | 12,554 | 12,587 | 12,613 | 12,632 | 12,645 |
| Debt | 966 | 966 | 966 | 966 | 966 | 966 |
| Equity | 6,399 | 6,517 | 6,627 | 6,730 | 6,827 | 6,918 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 451 | 425 | 400 | 377 | 355 | |
| Investing (capex) | (122) | (110) | (99) | (89) | (79) | |
| Financing (dividends) | (190) | (178) | (167) | (157) | (147) | |
| Net change in cash | 139 | 136 | 134 | 131 | 128 | |
| Free cash flow to equity | 329 | 315 | 301 | 288 | 275 | |
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% | 4.4% | 11.00% | 5% | ₹145 | (87.6)% |
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.