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Model Note · D.B.CORP LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
D.B.CORP LTD Discounted cash flow · base FY26
D.B.CORP LTD
Value per share, this model₹219
CMP 2026-09-10₹190.50
Difference15.1%
Growth the CMP implies(5.0)%/yr
This note states the assumptions and the arithmetic of one model of D.B.CORP LTD, 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
0.5% a year
FY26 0.7% · 5-yr CAGR 9.3%
EBITDA margin
20.7%
FY26 20.7% · 5-yr average 20.4%
Depreciation · capex, % of revenue
4.2% · 6.1%, fading to 1.2× depreciation
FY26 4.2% · 6.1%
Working capital, % of added revenue · tax
21% · 25.9%
77 working-capital days · effective 25.9%
Discount rate
11.00%
1-yr beta 0.87
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(85) · ₹0 · ₹0 cr
FY26 net debt ₹(85) cr
Shares
17.83 crore
17.83 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
2,356
2,367
2,379
2,391
2,403
2,415
growth %
0.7
0.5
0.5
0.5
0.5
0.5
EBITDA
488
490
492
495
497
500
Depreciation
(100)
(99)
(100)
(100)
(101)
(101)
NOPAT
288
289
291
292
294
295
less capex
(143)
(144)
(139)
(133)
(127)
(122)
less working-capital build
—
(2)
(2)
(2)
(3)
(3)
Free cash flow to firm
—
242
250
257
265
272
Present value
230
213
198
184
170
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 · D.B.CORP LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
995
PV of the terminal value (74% of EV)
2,830
Enterprise value
3,825
less net debt
85
less non-controlling interest
0
add non-operating investments
0
Equity value
3,910
÷ 17.83 crore shares
₹219
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
226
242
261
284
313
10.5%
210
223
238
257
280
11.0%
195
206
219
235
253
11.5%
183
192
203
216
231
12.0%
172
180
190
200
213
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
