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Model Note · CYIENT DLM LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CYIENT DLM LIMITED Discounted cash flow · base FY26
CYIENT DLM LIMITED
Value per share, this model₹133
CMP 2026-09-10₹905.05
Difference(85.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of CYIENT DLM LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
-5% a year
FY26 (17.0)% · 5-yr CAGR —%
EBITDA margin
10.1%
FY26 10.1% · 5-yr average 9.5%
Depreciation · capex, % of revenue
3.4% · 3.5%, fading to 1.2× depreciation
FY26 3.4% · 3.5%
Working capital, % of added revenue · tax
54% · 21.3%
197 working-capital days · effective 21.3%
Discount rate
11.00%
1-yr beta 1.21
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹26 · ₹0 · ₹0 cr
FY26 net debt ₹26 cr
Shares
7.94 crore
7.94 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
1,261
1,198
1,138
1,082
1,027
976
growth %
(17.0)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
127
121
115
109
104
99
Depreciation
(43)
(41)
(39)
(37)
(35)
(33)
NOPAT
66
63
60
57
54
51
less capex
(45)
(42)
(41)
(41)
(40)
(40)
less working-capital build
—
34
32
31
29
28
Free cash flow to firm
—
96
90
84
78
73
Present value
91
77
64
54
45
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · CYIENT DLM LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
332
PV of the terminal value (69% of EV)
754
Enterprise value
1,085
less net debt
(26)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,059
÷ 7.94 crore shares
₹133
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
138
147
159
172
190
10.5%
128
136
145
156
170
11.0%
119
126
133
143
154
11.5%
112
117
124
131
140
12.0%
105
110
116
122
129
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
