Nashik-based manufacturer of shell-and-tube and air-cooled heat exchangers, pressure vessels and process-flow skids for oil & gas, marine, defence, pharma and data-center cooling customers worldwide.
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| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 4 | 4 | 4 | 4 | 13 | 19 | 19 | 19 |
| Reserves | 5 | 6 | 8 | 10 | 8 | 40 | 40 | 45 |
| Borrowings | 10 | 31 | 38 | 33 | 37 | 18 | 18 | 19 |
| Other Liabilities | 5 | 8 | 13 | 18 | 13 | 12 | 14 | 12 |
| Total Liabilities | 23 | 49 | 63 | 65 | 71 | 88 | 91 | 94 |
| AssetsFixed Assets | 0 | 0 | 24 | 25 | 35 | 35 | 35 | 36 |
| CWIP | 0 | 15 | 11 | 11 | 1 | 1 | 1 | 4 |
| Investments | 0 | 0 | 2 | 2 | 2 | 2 | 2 | 3 |
| Other Assets | 23 | 34 | 27 | 27 | 33 | 50 | 53 | 51 |
| Total Assets | 23 | 49 | 63 | 65 | 71 | 88 | 91 | 94 |
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 3 | 0 | 2 | 8 | 3 | -7 | 8 |
| Cash from Investing | -0 | -22 | -5 | -3 | -2 | -3 | -7 |
| Cash from Financing | -2 | 22 | 4 | -5 | -2 | 10 | -1 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — |
| Free Cash Flow | 3 | -21 | -2 | 5 | 2 | -9 | 2 |
| FCF Margin | — | — | — | — | — | — | — |
The Earnings Per Share over the last 12 months.
Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).
Pre-filled with the lower of median (7.3×) and current (19.9×) PE — the conservative anchor.
The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.
At 10% growth and a 7× exit, ₹120 only delivers your return if you pay ₹29. The price is currently baking in 42% growth.
EPS grows 10%/yr for 5 years, then fades to 6% over 2, exits at 7×.
| Year | Growth | EPS (₹) |
|---|---|---|
| FY27 | 10.0% | 6.61 |
| FY28 | 10.0% | 7.27 |
| FY29 | 10.0% | 8.00 |
| FY30 | 10.0% | 8.80 |
| FY31 | 10.0% | 9.68 |
| FY32 | 8.0% ·fade | 10.45 |
| FY33 | 6.0% ·fade | 11.08 |
Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.
Guides on how to read this kind of business and the numbers that matter.