YEAR 2022 2023

Revenues ₹ 5,000.00 ₹ 5,500.00

% growth 10
Cost of Goods Sold ₹ 2,500.00 ₹ 2,700.00
% growth 8
Gross Profit ₹ 2,500.00 ₹ 2,800.00

SG&A Expenses ₹ 700.00 ₹ 750.00

% growth 7.14
Depreciation & Amortization ₹ 100.00 ₹ 110.00
% of plant & machinery 3% 3%
EBIT ₹ 1,700.00 ₹ 1,940.00

Interest Expense (Net) ₹ 100.00 ₹ 110.00

% growth 10.00
EBT ₹ 1,600.00 ₹ 1,830.00

Provisions for Taxes ₹ 400.00 ₹ 450.00

% growth 12.50
Net Profit (Continuing Ops) ₹ 1,200.00 ₹ 1,380.00

Income from Discontinued Ops ₹ 50.00 ₹ 60.00

% growth 20.00
Consolidated Net Income ₹ 1,250.00 ₹ 1,440.00

Minority Interest Share ₹ 50.00 ₹ 60.00

% growth 20.00
Net Income Attributable ₹ 1,200.00 ₹ 1,380.00
 2024 2025E 2026E 2027E

₹ 6,050.00 ₹ 6,655.00 ₹ 7,320.50 ₹ 8,052.55

10 10 10 10
₹ 2,950.00 ₹ 3,223.15 ₹ 3,521.59 ₹ 3,847.66
9.26 9.26 9.26 9.26
₹ 3,100.00 ₹ 3,431.85 ₹ 3,798.91 ₹ 4,204.89

₹ 800.00 ₹ 853.33 ₹ 910.22 ₹ 970.90

6.67 6.67 6.67 6.67
₹ 120.00 ₹ 132.00 ₹ 145.20 ₹ 159.72
3% 3% 3% 3%
₹ 2,180.00 ₹ 985.33 ₹ 1,055.42 ₹ 1,130.62

₹ 120.00 ₹ 130.91 ₹ 142.81 ₹ 155.79

9.09 9.09 9.09 9.09
₹ 2,060.00 ₹ 1,116.24 ₹ 1,198.23 ₹ 1,286.42

₹ 500.00 ₹ 555.56 ₹ 617.28 ₹ 685.87

11.11 11.11 11.11 11.11
₹ 1,560.00 ₹ 560.69 ₹ 580.95 ₹ 600.55

₹ 70.00 ₹ 81.67 ₹ 95.28 ₹ 111.16

16.67 16.67 16.67 16.67
₹ 1,630.00 ₹ 642.35 ₹ 676.23 ₹ 711.70

₹ 70.00 ₹ 81.67 ₹ 95.28 ₹ 111.16

16.67 16.67 16.67 16.67
₹ 1,560.00 ₹ 560.69 ₹ 580.95 ₹ 600.55
BALANCE SHEET - ASSETS
Year 2022
Cash ₹ 500.00
% of revenue 10%
Accounts Receivables ₹ 800.00
Days Sales Outstanding (DSO) 58.40
Inventory ₹ 1,200.00
Inventory turnover ratio 2.08
Other Current Assets ₹ 300.00
% of revenue 6%

Total Current Assets ₹ 2,800.00

Plant & Machinery ₹ 4,000.00

Fixed asset to revenue ratio 1.25
Goodwill ₹ 1,000.00
% growth
Other Long-Term Assets ₹ 600.00
% of revenue 12%
Total Assets ₹ 8,401.25

BALANCE SHEET - LIABILITES

Year 2022
Short-Term Debt ₹ 1,000.00
% of revenue 20%
Accounts Payable ₹ 900.00
Days Payable Outstanding (DPO) 131.40
Other Short-Term Liabilities ₹ 600.00
% of revenue 12%
Total Liabilities ₹ 2,631.60
 2023 2024 2025E 2026E 2027E
₹ 600.00 ₹ 700.00 ₹ 770.00 ₹ 847.00 ₹ 931.70
11% 12% 12% 12% 12%
₹ 900.00 ₹ 1,000.00 ₹ 1,100.00 ₹ 1,210.00 ₹ 1,331.00
59.73 60.33 60.33 60.33 60.33
₹ 1,300.00 ₹ 1,400.00 ₹ 1,529.63 ₹ 1,671.26 ₹ 1,826.01
2.08 2.11 2.11 2.11 2.11
₹ 350.00 ₹ 400.00 ₹ 440.00 ₹ 484.00 ₹ 532.40
6% 7% 7% 7% 7%

₹ 3,150.00 ₹ 3,500.00 ₹ 3,839.63 ₹ 4,212.26 ₹ 4,621.11

₹ 4,400.00 ₹ 4,800.00 ₹ 5,280.00 ₹ 5,808.00 ₹ 6,388.80

1.25 1.26 1.26041666667 1.26 1.26
₹ 1,100.00 ₹ 1,200.00 ₹ 1,309.09 ₹ 1,428.10 ₹ 1,557.93
10% 9% 9% 9% 9%
₹ 700.00 ₹ 800.00 ₹ 905.79 ₹ 1,029.07 ₹ 1,173.73
13% 13% 14% 14% 15%
₹ 9,351.35 ₹ 10,301.35 ₹ 11,335.86 ₹ 12,478.78 ₹ 13,742.91

2023 2024 2025E 2026E 2027E

₹ 1,100.00 ₹ 1,200.00 ₹ 1,438.02 ₹ 1,748.74 ₹ 2,166.49
20% 20% 22% 24% 27%
₹ 1,000.00 ₹ 1,100.00 ₹ 2,481.53 ₹ 5,636.11 ₹ 12,887.66
135.19 136.10 281.02 584.16 1222.56
₹ 700.00 ₹ 800.00 ₹ 905.79 ₹ 1,029.07 ₹ 1,173.73
13% 13% 14% 14% 15%
₹ 2,935.39 ₹ 3,236.30 ₹ 5,106.56 ₹ 8,998.32 ₹ 17,450.71
 CASH FLOW FROM OPERATIONS

Consolidated Net Income

Add: Depreciation & Amortization
% of plant & machinery
Add: Interest Expense
Interest rate %
Add: Increase in Accounts Payable
Add: Increase in Other Short-Term Liabilities
Less: Increase in Inventory
Less: Increase in Accounts Receivables
Less: Increase in Other Short-Term Assets
Cash flow from operations

CASH FLOW FROM INVESTING

Less: CapEx in Plant & Machinery

Less: Increase in Goodwill
Cash flow from investing

CASH FLOW FROM FINANCING

Add: New Short-Term Debt Raised

Add: New Long-Term Debt Raised
Less: Interest Expense
Less: Short-Term Debt Repaid
Less: Long-Term Debt Repaid
Less: Dividends Paid
 Dividend Payout Ratio
Less: Share Buyback
Cash flow from financing

Net Cash Flow

Opening Cash Balance
Closing Cash Balance
 2022 2023 2024 2025E 2026E 2027E

₹ 1,250.00 ₹ 1,440.00 ₹ 1,630.00 ₹ 1,760.05 ₹ 1,983.40 ₹ 2,232.60

₹ 100.00 ₹ 110.00 ₹ 120.00 ₹ 132.00 ₹ 145.20 ₹ 159.72
3% 3% 3% 3% 3% 3%
₹ 100.00 ₹ 110.00 ₹ 120.00 ₹ 143.80 ₹ 174.87 ₹ 216.65
10% 10% 10% 10% 10% 10%
₹ 50.00 ₹ 60.00 ₹ 70.00 ₹ 81.67 ₹ 95.28 ₹ 111.16
₹ 30.00 ₹ 40.00 ₹ 50.00 ₹ 62.50 ₹ 78.13 ₹ 97.66
-₹ 100.00 -₹ 110.00 -₹ 120.00 -₹ 130.91 -₹ 142.81 -₹ 155.79
-₹ 80.00 -₹ 90.00 -₹ 100.00 -₹ 111.11 -₹ 123.46 -₹ 137.17
-₹ 50.00 -₹ 60.00 -₹ 70.00 -₹ 81.67 -₹ 95.28 -₹ 111.16
₹ 1,300.13 ₹ 1,500.13 ₹ 1,700.13 ₹ 1,856.46 ₹ 2,115.45 ₹ 2,413.79

-₹ 400.00 -₹ 450.00 -₹ 500.00 -₹ 555.56 -₹ 617.28 -₹ 685.87

-₹ 100.00 -₹ 100.00 -₹ 100.00 -₹ 100.00 -₹ 100.00 -₹ 100.00
-₹ 500.00 -₹ 550.00 -₹ 600.00 -₹ 655.56 -₹ 717.28 -₹ 785.87

₹ 300.00 ₹ 350.00 ₹ 400.00 ₹ 457.14 ₹ 522.45 ₹ 597.08

₹ 200.00 ₹ 250.00 ₹ 300.00 ₹ 360.00 ₹ 432.00 ₹ 518.40
-₹ 100.00 -₹ 110.00 -₹ 120.00 -₹ 143.80 -₹ 174.87 -₹ 216.65
-₹ 100.00 -₹ 120.00 -₹ 140.00 -₹ 163.33 -₹ 190.56 -₹ 222.31
-₹ 150.00 -₹ 160.00 -₹ 170.00 -₹ 180.63 -₹ 191.91 -₹ 203.91
-₹ 50.00 -₹ 60.00 -₹ 70.00 -₹ 66.86 -₹ 63.86 -₹ 60.99
 -4% -4% -4% -12% -11% -10%
-₹ 100.00 -₹ 100.00 -₹ 100.00 -₹ 100.00 -₹ 100.00 -₹ 100.00
₹ 0.00 ₹ 49.96 ₹ 99.96 ₹ 162.41 ₹ 233.14 ₹ 311.52

₹ 800.13 ₹ 1,000.08 ₹ 1,200.08 ₹ 1,363.31 ₹ 1,631.31 ₹ 1,939.43

₹ 100.00 ₹ 900.00 ₹ 1,900.00 ₹ 3,100.00 ₹ 4,464.40 ₹ 6,098.10
₹ 900.13 ₹ 1,900.08 ₹ 3,100.08 ₹ 4,463.31 ₹ 6,095.71 ₹ 8,037.53
 CALCULATING FREE C
Year EBIT Tax Rate
2025E ₹ 984.24 25.00%
2026E ₹ 1,053.03 25.00%
2027E ₹ 1,126.70 25.00%

CALCULATING W
Em Dm Ke
₹ 12,000,000,000.00 ₹ 8,000,000,000.00 0.108

CALCULATING ENTERP
Year FCF
2025E ₹ 1,300.32
2026E ₹ 599.06
2027E ₹ 3,532.74

CALCULATING STOC

Total Equity Value ₹ 50,752.79

Share Price ₹ 240.00
ALCULATING FREE CASH FLOW
NOPAT Dep & Amort Capex Change in WC
₹ 738.18 ₹ 132.00 ₹ 555.56 -₹ 985.70
₹ 789.77 ₹ 145.20 ₹ 617.28 -₹ 281.37
₹ 845.02 ₹ 159.72 ₹ 685.87 -₹ 3,213.87
Total FCF

CALCULATING WACC
Kd Tax rate % WACC
0.0675 25% 9.52%

ALCULATING ENTERPRISE VALUE

DISCOUNTING RATE % PRESENT FCF TV FCF (WACC)
0.909 ₹ 1,181.99 ₹ 20,541.85 ₹ 1,079.25
0.826 ₹ 494.83 ₹ 9,463.72 ₹ 451.81
0.751 ₹ 2,653.09 ₹ 55,808.66 ₹ 2,422.47
Total Present FCF ₹ 4,329.91

CALCULATING STOCK PRICE

 FCF
₹ 1,300.32
₹ 599.06
₹ 3,532.74
₹ 5,432.12

TV (WACC) EV
₹ 18,756.26 ₹ 19,835.50
₹ 8,641.09 ₹ 9,092.90
₹ 50,957.50 ₹ 53,379.97
Total Present EV ₹ 82,308.37