Models
WE WIN LIMITEDWEWINCommercial Services & Supplies
₹43per 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₹43implied FY26 P/E 15.7× · EV/EBITDA 8.0×
Against CMP ₹43.40−1.2%close of 2026-09-10
Growth the CMP implies(7.1)%revenue, a year for 5 years, on your other inputs
Value after FY3175%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
₹33₹63
52-week rangetraded range, a fact not a value
₹35₹78
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 12 |
| PV of terminal value | 35 |
| Enterprise value | 47 |
| less net debt | (3) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 44 |
| ÷ 1.02 crore shares | ₹43 |
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% | 44 | 48 | 52 | 57 | 63 |
| 10.50% | 41 | 44 | 47 | 51 | 56 |
| 11.00% | 38 | 40 | 43 | 46 | 50 |
| 11.50% | 35 | 37 | 39 | 42 | 45 |
| 12.00% | 33 | 34 | 36 | 39 | 41 |
The outlined cell is your model. Green figures sit above the CMP of ₹43.40; 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 | 17 · 42 · 66 |
| Draws below the CMP | 53% |
| Rank correlation with ebitda margin | +0.94 |
| Rank correlation with revenue growth | −0.22 |
| Rank correlation with discount rate | −0.20 |
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 | 49 | 65 | 78 | 94 | 112 | 134 | 160 | 191 | 228 |
| growth % | — | 33.3 | 20.7 | 19.3 | 19.5 | 19.5 | 19.5 | 19.5 | 19.5 |
| EBITDA | 5 | 6 | 6 | 6 | 7 | 8 | 10 | 12 | 14 |
| margin % | 9.8 | 8.7 | 8.2 | 6.2 | 6.2 | 6.2 | 6.2 | 6.2 | 6.2 |
| less depreciation | (1) | (2) | (3) | (3) | (3) | (4) | (4) | (5) | (6) |
| EBIT | 3 | 4 | 3 | 3 | 4 | 5 | 5 | 6 | 8 |
| less tax on EBIT | 1 | 1 | 1 | 1 | 2 | 2 | |||
| NOPAT | 4 | 5 | 6 | 7 | 8 | 10 | |||
| add depreciation | 1 | 2 | 3 | 3 | 3 | 4 | 4 | 5 | 6 |
| less capex | (2) | (3) | (10) | (2) | (3) | (4) | (5) | (6) | (8) |
| less working-capital build | — | (2) | (3) | (3) | (4) | (5) | |||
| Free cash flow to firm | (1) | 12 | (7) | — | 3 | 3 | 3 | 3 | 3 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 3 | 2 | 2 | 2 | 2 |
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 3, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 3 | 4 | 5 | 5 | 6 | 8 |
| Interest at 5.9% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 4 | 4 | 5 | 6 | 8 | |
| Profit after tax | 0 | 4 | 5 | 6 | 8 | 9 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 0 | 2 | 5 | 8 | 11 | 14 |
| Working capital | 13 | 15 | 18 | 21 | 26 | 31 |
| Net block and other assets | 41 | 40 | 40 | 40 | 41 | 42 |
| Debt | 3 | 3 | 3 | 3 | 3 | 3 |
| Equity | 31 | 36 | 41 | 47 | 55 | 65 |
| Balance check | 0 | 0 | 0 | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 5 | 6 | 7 | 9 | 11 | |
| Investing (capex) | (3) | (4) | (5) | (6) | (8) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 2 | 3 | 3 | 3 | 3 | |
| Free cash flow to equity | 2 | 3 | 3 | 3 | 3 | |
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 | 19.5% | 6.2% | 11.00% | 5% | ₹43 | (1.2)% |
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.