Models
ZIM LABORATORIES LIMITEDZIMLAB
₹-15per 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₹(15)implied FY26 P/E (18.2)× · EV/EBITDA 0.6×
Against CMP ₹139.00−110.7%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY31246%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
₹(17)₹(10)
52-week rangetraded range, a fact not a value
₹59₹144
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (27) |
| PV of terminal value | 45 |
| Enterprise value | 18 |
| less net debt | (98) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (80) |
| ÷ 5.35 crore shares | ₹(15) |
246% 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% | (15) | (14) | (13) | (12) | (10) |
| 10.50% | (15) | (15) | (14) | (13) | (12) |
| 11.00% | (16) | (16) | (15) | (14) | (13) |
| 11.50% | (17) | (16) | (16) | (15) | (14) |
| 12.00% | (17) | (17) | (16) | (16) | (15) |
The outlined cell is your model. Green figures sit above the CMP of ₹139.00; 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 | (20) · (15) · (9) |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.97 |
| Rank correlation with discount rate | −0.22 |
| Rank correlation with revenue growth | −0.02 |
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 | 399 | 367 | 379 | 374 | 371 | 367 | 363 | 360 | 356 |
| growth % | 19.5 | (7.8) | 3.2 | (1.2) | (1.0) | (1.0) | (1.0) | (1.0) | (1.0) |
| EBITDA | 52 | 41 | 44 | 30 | 30 | 29 | 29 | 29 | 28 |
| margin % | 13.0 | 11.2 | 11.5 | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| less depreciation | (17) | (16) | (20) | (20) | (20) | (19) | (19) | (19) | (19) |
| EBIT | 35 | 25 | 24 | 10 | 10 | 10 | 10 | 10 | 10 |
| less tax on EBIT | (3) | (3) | (3) | (3) | (3) | (3) | |||
| NOPAT | 7 | 7 | 7 | 7 | 7 | 7 | |||
| add depreciation | 17 | 16 | 20 | 20 | 20 | 19 | 19 | 19 | 19 |
| less capex | (37) | (74) | (41) | (44) | (44) | (39) | (33) | (28) | (23) |
| less working-capital build | — | 1 | 1 | 1 | 1 | 1 | |||
| Free cash flow to firm | 1 | (58) | 0 | — | (16) | (11) | (6) | (1) | 4 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (15) | (9) | (4) | (0) | 3 |
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 123, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 10 | 10 | 10 | 10 | 10 | 10 |
| Interest at 11.2% on debt | (14) | (14) | (14) | (14) | (14) | |
| Profit before tax | (4) | (4) | (4) | (4) | (4) | |
| Profit after tax | 6 | (3) | (3) | (3) | (3) | (3) |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 25 | (1) | (21) | (37) | (47) | (53) |
| Working capital | 130 | 129 | 127 | 126 | 125 | 123 |
| Net block and other assets | 384 | 409 | 428 | 442 | 451 | 454 |
| Debt | 123 | 123 | 123 | 123 | 123 | 123 |
| Equity | 296 | 293 | 291 | 288 | 285 | 282 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 18 | 18 | 18 | 17 | 17 | |
| Investing (capex) | (44) | (39) | (33) | (28) | (23) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (26) | (21) | (15) | (10) | (5) | |
| Free cash flow to equity | (26) | (21) | (15) | (10) | (5) | |
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 | -1% | 8% | 11.00% | 5% | ₹(15) | (110.7)% |
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.