04 · Scenario Engine
Bear vs Base vs Bull
Each scenario uses its own column of parameters from the Assumptions sheet (CHOOSE on the selected index). Switching the active scenario updates every page.
Scenario Comparison — FY2028 Projections
Computed with the full forecast engine (FY26→FY28 year-by-year)
| Metric | Bear | Base | Bull | Bull vs Bear |
|---|---|---|---|---|
| Revenue FY28 (₹ Cr) | 2,91,360 | 3,26,116 | 3,68,377 | +26.4% |
| EBITDA FY28 (₹ Cr) | 75,754 | 92,943 | 1,14,197 | +50.7% |
| EBIT FY28 (₹ Cr) | 69,344 | 86,095 | 1,06,829 | +54.1% |
| Net Profit FY28 (₹ Cr) | 51,314 | 64,140 | 80,122 | +56.1% |
| EPS FY28 (₹) | ₹141.75 | ₹177.18 | ₹221.33 | +56.1% |
| FCF FY28 (₹ Cr) | 50,440 | 62,836 | 78,280 | +55.2% |
| EBITDA Margin FY28 | 26.0% | 28.5% | 31.0% | +5.0 pp |
| Net Margin FY28 | 17.6% | 19.7% | 21.7% | +4.1 pp |
| 3Y Revenue CAGR | 4.5% | 8.5% | 13.0% | +8.5 pp |
| 3Y Net Profit CAGR | 1.7% | 9.5% | 18.0% | +16.3 pp |
| 3Y EPS CAGR | 1.8% | 9.7% | 18.1% | +16.3 pp |
Revenue Path by Scenario
₹ Crore
Net Profit Path by Scenario
₹ Crore
FY2028 Scenario Outcomes
₹ Crore
The workbook's static "Scenario Comparison – FY2028" table on the Dashboard uses shortcut formulas (FY26 margin applied to FY28 revenue; Bull uses a hard-coded 31%), so its Net Profit/EPS/EBITDA differ from the year-by-year forecast. This app uses the forecast engine for all scenarios. Both sets of values are shown on the Model Validation page.