Models
WHEELS INDIA LTDWHEELSAuto Components
₹1,437per 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₹1,437implied FY26 P/E 21.5× · EV/EBITDA 10.2×
Against CMP ₹2,229.00−35.5%close of 2026-09-10
Growth the CMP implies27.7%revenue, a year for 5 years, on your other inputs
Value after FY3185%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
₹1,004₹2,302
52-week rangetraded range, a fact not a value
₹706₹2,498
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 609 |
| PV of terminal value | 3,588 |
| Enterprise value | 4,196 |
| less net debt | (686) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 3,510 |
| ÷ 2.44 crore shares | ₹1,437 |
85% 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% | 1,498 | 1,644 | 1,820 | 2,034 | 2,302 |
| 10.50% | 1,345 | 1,467 | 1,611 | 1,783 | 1,994 |
| 11.00% | 1,215 | 1,317 | 1,437 | 1,578 | 1,747 |
| 11.50% | 1,102 | 1,190 | 1,290 | 1,407 | 1,546 |
| 12.00% | 1,004 | 1,079 | 1,165 | 1,263 | 1,379 |
The outlined cell is your model. Green figures sit above the CMP of ₹2,229.00; 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 | 1,017 · 1,418 · 1,914 |
| Draws below the CMP | 98% |
| Rank correlation with ebitda margin | +0.73 |
| Rank correlation with discount rate | −0.49 |
| Rank correlation with revenue growth | +0.40 |
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 | 4,651 | 4,977 | 4,744 | 5,465 | 6,285 | 7,227 | 8,311 | 9,558 | 10,992 |
| growth % | — | 7.0 | (4.7) | 15.2 | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 |
| EBITDA | 218 | 266 | 352 | 413 | 478 | 549 | 632 | 726 | 835 |
| margin % | 4.7 | 5.3 | 7.4 | 7.6 | 7.6 | 7.6 | 7.6 | 7.6 | 7.6 |
| less depreciation | (72) | (85) | (93) | (115) | (132) | (152) | (175) | (201) | (231) |
| EBIT | 146 | 181 | 259 | 298 | 346 | 398 | 457 | 526 | 605 |
| less tax on EBIT | (76) | (88) | (101) | (117) | (134) | (154) | |||
| NOPAT | 222 | 258 | 296 | 341 | 392 | 450 | |||
| add depreciation | 72 | 85 | 93 | 115 | 132 | 152 | 175 | 201 | 231 |
| less capex | (151) | (150) | (209) | (277) | (321) | (322) | (317) | (303) | (277) |
| less working-capital build | — | (34) | (39) | (44) | (51) | (59) | |||
| Free cash flow to firm | 221 | 179 | 191 | — | 35 | 87 | 154 | 239 | 345 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 34 | 75 | 119 | 166 | 216 |
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 690, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 298 | 346 | 398 | 457 | 526 | 605 |
| Interest at 16.9% on debt | (117) | (117) | (117) | (117) | (117) | |
| Profit before tax | 229 | 281 | 341 | 409 | 488 | |
| Profit after tax | 0 | 171 | 209 | 254 | 305 | 364 |
| Dividends | (30) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 4 | (48) | (47) | 20 | 172 | 430 |
| Working capital | 226 | 260 | 298 | 343 | 394 | 453 |
| Net block and other assets | 3,297 | 3,486 | 3,656 | 3,798 | 3,900 | 3,946 |
| Debt | 690 | 690 | 690 | 690 | 690 | 690 |
| Equity | 1,055 | 1,226 | 1,435 | 1,689 | 1,993 | 2,357 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 269 | 322 | 384 | 454 | 536 | |
| Investing (capex) | (321) | (322) | (317) | (303) | (277) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (51) | 0 | 67 | 152 | 259 | |
| Free cash flow to equity | (51) | 0 | 67 | 152 | 259 | |
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 | 15% | 7.6% | 11.00% | 5% | ₹1,437 | (35.5)% |
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.