Models
WEBSOL ENERGY SYSTEM LTDWEBELSOLARElectrical Equipment
₹123per 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₹123implied FY26 P/E —× · EV/EBITDA 12.7×
Against CMP ₹75.52+63.4%close of 2026-09-10
Growth the CMP implies(4.6)%revenue, a year for 5 years, on your other inputs
Value after FY3180%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
₹94₹182
52-week rangetraded range, a fact not a value
₹50₹138
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,107 |
| PV of terminal value | 4,304 |
| Enterprise value | 5,411 |
| less net debt | (52) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 5,359 |
| ÷ 43.42 crore shares | ₹123 |
80% 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% | 128 | 138 | 149 | 164 | 182 |
| 10.50% | 117 | 126 | 135 | 147 | 161 |
| 11.00% | 108 | 115 | 123 | 133 | 144 |
| 11.50% | 101 | 107 | 113 | 121 | 131 |
| 12.00% | 94 | 99 | 105 | 112 | 119 |
The outlined cell is your model. Green figures sit above the CMP of ₹75.52; 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 | 101 · 123 · 150 |
| Draws below the CMP | 0% |
| Rank correlation with ebitda margin | +0.65 |
| Rank correlation with discount rate | −0.63 |
| Rank correlation with revenue growth | +0.35 |
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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | 1,049 | 1,133 | 1,224 | 1,322 | 1,428 | 1,542 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 427 | 461 | 498 | 538 | 581 | 628 |
| margin % | 40.7 | 40.7 | 40.7 | 40.7 | 40.7 | 40.7 |
| less depreciation | (62) | (67) | (72) | (78) | (84) | (91) |
| EBIT | 366 | 394 | 426 | 460 | 497 | 537 |
| less tax on EBIT | (57) | (62) | (67) | (72) | (78) | (84) |
| NOPAT | 308 | 332 | 359 | 388 | 419 | 452 |
| add depreciation | 62 | 67 | 72 | 78 | 84 | 91 |
| less capex | (180) | (194) | (179) | (160) | (137) | (109) |
| less working-capital build | — | (15) | (16) | (17) | (18) | (20) |
| Free cash flow to firm | — | 191 | 237 | 289 | 348 | 414 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 181 | 203 | 223 | 241 | 259 |
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 118, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 366 | 394 | 426 | 460 | 497 | 537 |
| Interest at 13.6% on debt | (16) | (16) | (16) | (16) | (16) | |
| Profit before tax | 378 | 410 | 444 | 481 | 521 | |
| Profit after tax | 303 | 319 | 346 | 374 | 405 | 439 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 66 | 244 | 467 | 743 | 1,077 | 1,478 |
| Working capital | 181 | 196 | 212 | 229 | 247 | 267 |
| Net block and other assets | 683 | 810 | 917 | 998 | 1,051 | 1,069 |
| Debt | 118 | 118 | 118 | 118 | 118 | 118 |
| Equity | 631 | 950 | 1,295 | 1,670 | 2,075 | 2,514 |
| Balance check | 0 | 0 | (0) | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 371 | 402 | 435 | 471 | 510 | |
| Investing (capex) | (194) | (179) | (160) | (137) | (109) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 178 | 223 | 276 | 334 | 401 | |
| Free cash flow to equity | 178 | 223 | 276 | 334 | 401 | |
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 | 8% | 40.7% | 11.00% | 5% | ₹123 | 63.4% |
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.