09 · Integrity
Model Validation
The 11 automated checks from the Validation sheet, re-evaluated live against the current scenario and assumptions.
Overall status
11 / 11 Checks Passed
Passed
11
Failed
0
Automated Checks
Validation!B9:G19
| # | Validation Check | Condition | Result | Details |
|---|---|---|---|---|
| 1 | Positive Revenue FY26-FY28 | All revenues > 0 | PASS | FY26: 2,75,750 | FY27: 2,99,189 | FY28: 3,26,116 |
| 2 | Positive Net Profit FY26-FY28 | All net profits > 0 | PASS | FY26: 53,207 | FY27: 58,176 | FY28: 64,140 |
| 3 | Positive EPS FY26-FY28 | All EPS > 0 | PASS | FY26: ₹146.98 | FY27: ₹160.71 | FY28: ₹177.18 |
| 4 | Revenue Growth Reasonability | Growth -20% to +30% | PASS | FY26: 8.0% | FY27: 8.5% | FY28: 9.0% |
| 5 | EBITDA Margin Reasonability | Margin 15% to 40% | PASS | EBITDA Margin: 28.0% |
| 6 | Tax Rate Reasonability | Tax 15% to 35% | PASS | Tax Rate: 25.5% |
| 7 | Positive FCF FY26-FY28 | All FCF > 0 | PASS | FY26: 52,104 | FY27: 56,979 | FY28: 62,836 |
| 8 | Historical Data Complete | FY25 data present | PASS | Rev: 2,55,324 | NP: 48,797 | EPS: 134.20 |
| 9 | Net Margin within Range | Margin 10% to 30% | PASS | Net Margin FY26: 19.3% |
| 10 | No Calculation Errors | No #REF, #DIV/0, #VALUE | PASS | Checked key forecast cells |
| 11 | Scenario Selection Valid | Base, Bull, or Bear | PASS | Selected: Base |
Workbook Dashboard FY28 table vs forecast engine
Source values (static) compared with the year-by-year engine using unmodified source assumptions
| Scenario | Revenue (WB / Engine) | EBITDA (WB / Engine) | Net Profit (WB / Engine) | EPS (WB / Engine) | Workbook formula note |
|---|---|---|---|---|---|
| Bear | 2,91,360 / 2,91,360 | 74,297 / 75,754 | 50,236 / 51,314 | ₹138.77 / ₹141.75 | Uses FY26 EBITDA margin (25.5%) for FY28 |
| Base | 3,26,116 / 3,26,116 | 91,312 / 92,943 | 62,926 / 64,140 | ₹173.83 / ₹177.18 | Uses FY26 EBITDA margin (28.0%) for FY28 |
| Bull | 3,68,377 / 3,68,377 | 1,14,197 / 1,14,197 | 80,122 / 80,122 | ₹221.33 / ₹221.33 | Uses hard-coded 31% margin |
Revenue and 3Y CAGR match exactly (Bear 4.5%, Base 8.5%, Bull 13.0%). EBITDA, Net Profit and EPS differ because the workbook's comparison table applies a single margin instead of the FY28 margin from the Assumptions sheet. Identified, not altered: the app displays engine values everywhere else.
Data Inconsistency Report
Static review notes recorded in the workbook (Validation!B22:G35)
| # | Issue | Location | Values | Status | Action |
|---|---|---|---|---|---|
| 1 | FCF FY2025 Mismatch | Historical_Data vs Dashboard | 47,776 = 47,776 | FIXED | Formula-based: NP + Depr - Capex across all sheets |
| 2 | FCF FY25 Rounding | Dashboard!G10 vs Forecast_Model!C29 | Minor rounding | OK | Acceptable difference |
| 3 | EBITDA Margin FY25 | Calculated: 71369/255324 | 27.95% vs 28.0% | OK | Rounded display |
| 4 | Net Profit Margin FY25 | Calculated: 48797/255324 | 0.1911 | OK | Matches |
| 5 | EPS FY25 Calculation | Net Profit/Shares: 48797/362 | ₹134.20 (Official Diluted) | VERIFIED | Official TCS diluted EPS used |
| 6 | Historical EPS Calculation | All years FY18-FY24 | Formula based | OK | Matches within rounding |
| 7 | Scenario Linkage | Bull case selected | 12%, 13%, 14% growth | OK | Correctly linked |
| 8 | EBITDA Margin Trend | FY18-FY25 trend | 25.6% to 28% | OK | Reasonable fluctuation |
| 9 | Employee Count FY23-FY24 | 614,795 → 601,546 | Decrease of 13,249 | VERIFIED | Industry-wide slowdown post-FY23 |
| 10 | Revenue Growth FY25 | (255324-240893)/240893 | 5.99% ≈ 6% | OK | Correct calculation |
| 11 | FCF Formula FY25 | NP + Depr - Capex | 47,656 Cr | OK | Formula correct |
| 12 | Forecast Revenue FY26 | 255324 × 1.12 | 285,963 Cr | OK | Correct |
| 13 | 3Y Revenue CAGR | (FY28/FY25)^(1/3)-1 | 0.13 | OK | Correct calculation |
Some report rows are stale relative to the current workbook: #11 lists FCF FY25 as 47,656 Cr, while the formula gives 47,776 Cr; #12 and #13 describe the Bull case (255,324 × 1.12; CAGR 0.13). They are shown as recorded, not as live checks.