Models
W P I L LTD.WPILIndustrial Products
₹233per 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₹233implied FY26 P/E 14.4× · EV/EBITDA 7.8×
Against CMP ₹437.00−46.8%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3174%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
₹177₹344
52-week rangetraded range, a fact not a value
₹384₹510
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 637 |
| PV of terminal value | 1,836 |
| Enterprise value | 2,474 |
| less net debt | (201) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,273 |
| ÷ 9.77 crore shares | ₹233 |
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% | 241 | 260 | 282 | 310 | 344 |
| 10.50% | 221 | 237 | 255 | 277 | 304 |
| 11.00% | 204 | 217 | 233 | 251 | 272 |
| 11.50% | 190 | 201 | 214 | 229 | 246 |
| 12.00% | 177 | 186 | 197 | 210 | 225 |
The outlined cell is your model. Green figures sit above the CMP of ₹437.00; 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 | 189 · 231 · 281 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.75 |
| Rank correlation with discount rate | −0.62 |
| Rank correlation with revenue growth | −0.08 |
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 | 1,785 | 1,664 | 1,807 | 1,855 | 1,901 | 1,948 | 1,997 | 2,047 | 2,098 |
| growth % | 51.1 | (6.7) | 8.6 | 2.6 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 |
| EBITDA | 325 | 298 | 293 | 318 | 327 | 335 | 344 | 352 | 361 |
| margin % | 18.2 | 17.9 | 16.2 | 17.2 | 17.2 | 17.2 | 17.2 | 17.2 | 17.2 |
| less depreciation | (36) | (30) | (33) | (41) | (42) | (43) | (44) | (45) | (46) |
| EBIT | 289 | 268 | 259 | 278 | 285 | 292 | 300 | 307 | 315 |
| less tax on EBIT | (88) | (90) | (92) | (95) | (97) | (99) | |||
| NOPAT | 190 | 195 | 200 | 205 | 210 | 215 | |||
| add depreciation | 36 | 30 | 33 | 41 | 42 | 43 | 44 | 45 | 46 |
| less capex | (40) | (43) | (39) | (55) | (57) | (57) | (56) | (56) | (55) |
| less working-capital build | — | (26) | (27) | (28) | (29) | (29) | |||
| Free cash flow to firm | (24) | (132) | (411) | — | 153 | 159 | 165 | 171 | 177 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 146 | 136 | 127 | 118 | 111 |
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 472, dividends at 12.4% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 278 | 285 | 292 | 300 | 307 | 315 |
| Interest at 10.5% on debt | (50) | (50) | (50) | (50) | (50) | |
| Profit before tax | 236 | 243 | 250 | 257 | 265 | |
| Profit after tax | 158 | 161 | 166 | 171 | 176 | 181 |
| Dividends | (20) | (20) | (21) | (21) | (22) | (22) |
| Balance sheet, year end | ||||||
| Cash | 272 | 371 | 475 | 585 | 700 | 820 |
| Working capital | 1,059 | 1,085 | 1,112 | 1,140 | 1,169 | 1,198 |
| Net block and other assets | 1,935 | 1,950 | 1,964 | 1,976 | 1,987 | 1,997 |
| Debt | 472 | 472 | 472 | 472 | 472 | 472 |
| Equity | 1,965 | 2,107 | 2,252 | 2,402 | 2,556 | 2,715 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 176 | 182 | 187 | 193 | 198 | |
| Investing (capex) | (57) | (57) | (56) | (56) | (55) | |
| Financing (dividends) | (20) | (21) | (21) | (22) | (22) | |
| Net change in cash | 99 | 104 | 110 | 115 | 120 | |
| Free cash flow to equity | 119 | 125 | 131 | 137 | 143 | |
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 | 2.5% | 17.2% | 11.00% | 5% | ₹233 | (46.8)% |
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.