Models
WAAREE RENEWABLE TECH LTDWAAREERTLElectrical Equipment
₹1,544per 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₹1,544implied FY26 P/E 31.7× · EV/EBITDA 25.1×
Against CMP ₹835.00+84.9%close of 2026-09-10
Growth the CMP implies9.2%revenue, a year for 5 years, on your other inputs
Value after FY3184%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
₹1,162₹2,306
52-week rangetraded range, a fact not a value
₹780₹1,358
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 2,627 |
| PV of terminal value | 13,489 |
| Enterprise value | 16,116 |
| less net debt | (10) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 16,106 |
| ÷ 10.43 crore shares | ₹1,544 |
84% 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% | 1,597 | 1,726 | 1,881 | 2,070 | 2,306 |
| 10.50% | 1,463 | 1,570 | 1,697 | 1,848 | 2,034 |
| 11.00% | 1,348 | 1,438 | 1,544 | 1,668 | 1,817 |
| 11.50% | 1,249 | 1,326 | 1,414 | 1,517 | 1,639 |
| 12.00% | 1,162 | 1,228 | 1,304 | 1,391 | 1,492 |
The outlined cell is your model. Green figures sit above the CMP of ₹835.00; 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 | 1,160 · 1,527 · 2,012 |
| Draws below the CMP | 0% |
| Rank correlation with revenue growth | +0.71 |
| Rank correlation with ebitda margin | +0.47 |
| Rank correlation with discount rate | −0.46 |
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 | 351 | 876 | 1,598 | 3,331 | 4,331 | 5,630 | 7,319 | 9,515 | 12,369 |
| growth % | 117.3 | 149.7 | 82.3 | 108.5 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 84 | 207 | 307 | 641 | 832 | 1,081 | 1,405 | 1,827 | 2,375 |
| margin % | 23.9 | 23.6 | 19.2 | 19.2 | 19.2 | 19.2 | 19.2 | 19.2 | 19.2 |
| less depreciation | (3) | (5) | (6) | (9) | (13) | (17) | (22) | (29) | (37) |
| EBIT | 81 | 202 | 301 | 632 | 819 | 1,064 | 1,383 | 1,798 | 2,338 |
| less tax on EBIT | (159) | (206) | (268) | (349) | (453) | (589) | |||
| NOPAT | 473 | 612 | 796 | 1,035 | 1,345 | 1,749 | |||
| add depreciation | 3 | 5 | 6 | 9 | 13 | 17 | 22 | 29 | 37 |
| less capex | (6) | 0 | (101) | (122) | (160) | (161) | (149) | (114) | (45) |
| less working-capital build | — | (155) | (201) | (262) | (340) | (442) | |||
| Free cash flow to firm | 59 | 127 | 201 | — | 310 | 450 | 646 | 920 | 1,299 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 294 | 385 | 498 | 638 | 812 |
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 82, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 632 | 819 | 1,064 | 1,383 | 1,798 | 2,338 |
| Interest at 8% on debt | (7) | (7) | (7) | (7) | (7) | |
| Profit before tax | 812 | 1,058 | 1,377 | 1,792 | 2,331 | |
| Profit after tax | 0 | 607 | 791 | 1,030 | 1,340 | 1,744 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 72 | 377 | 822 | 1,464 | 2,378 | 3,672 |
| Working capital | 517 | 672 | 873 | 1,135 | 1,475 | 1,917 |
| Net block and other assets | 1,785 | 1,933 | 2,077 | 2,204 | 2,289 | 2,296 |
| Debt | 82 | 82 | 82 | 82 | 82 | 82 |
| Equity | 934 | 1,541 | 2,332 | 3,362 | 4,702 | 6,446 |
| Balance check | 0 | (0) | 0 | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | 465 | 607 | 790 | 1,028 | 1,338 | |
| Investing (capex) | (160) | (161) | (149) | (114) | (45) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 305 | 445 | 641 | 915 | 1,294 | |
| Free cash flow to equity | 305 | 445 | 641 | 915 | 1,294 | |
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% | 19.2% | 11.00% | 5% | ₹1,544 | 84.9% |
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.