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Model Note · D-LINK INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
D-LINK INDIA LTD Discounted cash flow · base FY26
D-LINK INDIA LTD
Value per share, this model₹423
CMP 2026-09-10₹435.00
Difference(2.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of D-LINK INDIA 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
13% a year
FY26 13.1% · 5-yr CAGR 16.6%
EBITDA margin
8.4%
FY26 8.4% · 5-yr average 8.6%
Depreciation · capex, % of revenue
0.5% · 0.1%, fading to 1.2× depreciation
FY26 0.5% · 0.1%
Working capital, % of added revenue · tax
17.6% · 25.7%
64 working-capital days · effective 25.7%
Discount rate
11.00%
1-yr beta 0.97
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(31) · ₹0 · ₹0 cr
FY26 net debt ₹(31) cr
Shares
3.55 crore
3.55 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
1,566
1,769
1,999
2,259
2,553
2,885
growth %
13.1
13.0
13.0
13.0
13.0
13.0
EBITDA
132
149
168
190
214
242
Depreciation
(7)
(9)
(10)
(11)
(13)
(14)
NOPAT
93
104
117
133
150
169
less capex
(2)
(2)
(4)
(8)
(12)
(17)
less working-capital build
—
(36)
(40)
(46)
(52)
(58)
Free cash flow to firm
—
75
82
90
99
108
Present value
71
70
70
69
68
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-LINK INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
347
PV of the terminal value (76% of EV)
1,122
Enterprise value
1,469
less net debt
31
less non-controlling interest
0
add non-operating investments
0
Equity value
1,500
÷ 3.55 crore shares
₹423
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
436
468
506
552
609
10.5%
403
429
460
497
543
11.0%
375
397
423
453
489
11.5%
350
369
391
416
446
12.0%
329
345
363
385
409
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
