The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · DABUR INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DABUR INDIA LTD Discounted cash flow · base FY26
DABUR INDIA LTD
Value per share, this model₹139
CMP 2026-09-10₹376.00
Difference(63.1)%
Growth the CMP implies30.3%/yr
This note states the assumptions and the arithmetic of one model of DABUR 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
5% a year
FY26 5.0% · 5-yr CAGR 6.6%
EBITDA margin
18.5%
FY26 18.5% · 5-yr average 19.0%
Depreciation · capex, % of revenue
3.6% · 3.2%, fading to 1.2× depreciation
FY26 3.6% · 3.2%
Working capital, % of added revenue · tax
0.6% · 22.8%
2 working-capital days · effective 22.8%
Discount rate
11.00%
1-yr beta 0.95
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹863 · ₹0 · ₹0 cr
FY26 net debt ₹863 cr
Shares
177.40 crore
177.40 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
13,193
13,852
14,545
15,272
16,036
16,837
growth %
5.0
5.0
5.0
5.0
5.0
5.0
EBITDA
2,437
2,563
2,691
2,825
2,967
3,115
Depreciation
(469)
(499)
(524)
(550)
(577)
(606)
NOPAT
1,519
1,593
1,673
1,757
1,845
1,937
less capex
(420)
(443)
(506)
(574)
(648)
(727)
less working-capital build
—
(4)
(4)
(4)
(5)
(5)
Free cash flow to firm
—
1,645
1,686
1,728
1,769
1,811
Present value
1,561
1,442
1,331
1,228
1,132
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 · DABUR INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
6,694
PV of the terminal value (74% of EV)
18,805
Enterprise value
25,500
less net debt
(863)
less non-controlling interest
0
add non-operating investments
0
Equity value
24,637
÷ 177.40 crore shares
₹139
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
144
154
167
182
202
10.5%
132
141
152
164
179
11.0%
123
130
139
149
161
11.5%
115
121
128
137
147
12.0%
107
113
119
126
134
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
