Models
WAAREE ENERGIES LIMITEDWAAREEENERElectrical Equipment
₹3,020per 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₹3,020implied FY26 P/E 22.7× · EV/EBITDA 15.8×
Against CMP ₹2,625.00+15.0%close of 2026-09-10
Growth the CMP implies24.1%revenue, a year for 5 years, on your other inputs
Value after FY3194%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
₹2,171₹4,723
52-week rangetraded range, a fact not a value
₹2,403₹3,865
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 5,201 |
| PV of terminal value | 83,378 |
| Enterprise value | 88,580 |
| less net debt | (1,717) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 86,863 |
| ÷ 28.77 crore shares | ₹3,020 |
94% 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% | 3,135 | 3,424 | 3,770 | 4,194 | 4,723 |
| 10.50% | 2,837 | 3,077 | 3,360 | 3,701 | 4,117 |
| 11.00% | 2,582 | 2,784 | 3,020 | 3,298 | 3,633 |
| 11.50% | 2,362 | 2,534 | 2,733 | 2,964 | 3,238 |
| 12.00% | 2,171 | 2,319 | 2,487 | 2,682 | 2,910 |
The outlined cell is your model. Green figures sit above the CMP of ₹2,625.00; 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 | 2,127 · 2,956 · 4,077 |
| Draws below the CMP | 32% |
| Rank correlation with ebitda margin | +0.71 |
| Rank correlation with revenue growth | +0.48 |
| Rank correlation with discount rate | −0.44 |
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 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 14,445 | 26,537 | 34,498 | 44,847 | 58,301 | 75,792 | 98,529 |
| growth % | — | 83.7 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 2,718 | 5,614 | 7,314 | 9,508 | 12,360 | 16,068 | 20,888 |
| margin % | 18.8 | 21.2 | 21.2 | 21.2 | 21.2 | 21.2 | 21.2 |
| less depreciation | (402) | (990) | (1,276) | (1,659) | (2,157) | (2,804) | (3,646) |
| EBIT | 2,315 | 4,624 | 6,037 | 7,848 | 10,203 | 13,264 | 17,243 |
| less tax on EBIT | (1,068) | (1,395) | (1,813) | (2,357) | (3,064) | (3,983) | |
| NOPAT | 3,556 | 4,643 | 6,035 | 7,846 | 10,200 | 13,260 | |
| add depreciation | 402 | 990 | 1,276 | 1,659 | 2,157 | 2,804 | 3,646 |
| less capex | (3,274) | (4,882) | (6,348) | (6,687) | (6,658) | (6,010) | (4,375) |
| less working-capital build | — | (1,576) | (2,049) | (2,664) | (3,463) | (4,502) | |
| Free cash flow to firm | (116) | — | (2,005) | (1,041) | 681 | 3,531 | 8,028 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | (1,903) | (890) | 525 | 2,450 | 5,020 |
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 2,492, dividends at 1.6% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 4,624 | 6,037 | 7,848 | 10,203 | 13,264 | 17,243 |
| Interest at 16.4% on debt | (409) | (409) | (409) | (409) | (409) | |
| Profit before tax | 5,629 | 7,440 | 9,794 | 12,855 | 16,834 | |
| Profit after tax | 3,711 | 4,328 | 5,721 | 7,532 | 9,885 | 12,945 |
| Dividends | (58) | (69) | (92) | (121) | (158) | (207) |
| Balance sheet, year end | ||||||
| Cash | 774 | (1,614) | (3,061) | (2,815) | 243 | 7,750 |
| Working capital | 5,242 | 6,818 | 8,867 | 11,531 | 14,994 | 19,496 |
| Net block and other assets | 24,099 | 29,170 | 34,198 | 38,699 | 41,905 | 42,634 |
| Debt | 2,492 | 2,492 | 2,492 | 2,492 | 2,492 | 2,492 |
| Equity | 15,011 | 19,270 | 24,900 | 32,311 | 42,038 | 54,776 |
| Balance check | 0 | (0) | (0) | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 4,028 | 5,331 | 7,025 | 9,227 | 12,089 | |
| Investing (capex) | (6,348) | (6,687) | (6,658) | (6,010) | (4,375) | |
| Financing (dividends) | (69) | (92) | (121) | (158) | (207) | |
| Net change in cash | (2,388) | (1,447) | 246 | 3,058 | 7,507 | |
| Free cash flow to equity | (2,319) | (1,355) | 367 | 3,216 | 7,714 | |
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 | 30% | 21.2% | 11.00% | 5% | ₹3,020 | 15.0% |
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.