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Model Note · D P WIRES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
D P WIRES LIMITED Discounted cash flow · base FY26
D P WIRES LIMITED
Value per share, this model₹115
CMP 2026-09-10₹153.78
Difference(25.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of D P WIRES 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 (22.6)% · 5-yr CAGR —%
EBITDA margin
3.5%
FY26 3.5% · 5-yr average 5.0%
Depreciation · capex, % of revenue
0.6% · 0.2%, fading to 1.2× depreciation
FY26 0.6% · 0.2%
Working capital, % of added revenue · tax
12.7% · 26.5%
46 working-capital days · effective 26.5%
Discount rate
11.00%
1-yr beta 0.95
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(27) · ₹0 · ₹0 cr
FY26 net debt ₹(27) cr
Shares
1.55 crore
1.55 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
480
456
433
412
391
371
growth %
(22.6)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
17
16
15
14
14
13
Depreciation
(3)
(3)
(3)
(2)
(2)
(2)
NOPAT
10
10
9
9
8
8
less capex
(1)
(1)
(1)
(2)
(2)
(3)
less working-capital build
—
3
3
3
3
2
Free cash flow to firm
—
15
13
12
11
10
Present value
14
11
9
8
6
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 P WIRES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
48
PV of the terminal value (68% of EV)
103
Enterprise value
152
less net debt
27
less non-controlling interest
0
add non-operating investments
0
Equity value
179
÷ 1.55 crore shares
₹115
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
118
125
133
143
155
10.5%
111
117
123
131
141
11.0%
105
110
115
122
129
11.5%
100
104
109
114
120
12.0%
95
99
103
107
112
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
