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Model Note · DALMIA BHARAT LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DALMIA BHARAT LIMITED Discounted cash flow · base FY26
DALMIA BHARAT LIMITED
Value per share, this model₹619
CMP 2026-09-10₹1,754.00
Difference(64.7)%
Growth the CMP implies28.7%/yr
This note states the assumptions and the arithmetic of one model of DALMIA BHARAT 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
6% a year
FY26 5.9% · 5-yr CAGR 7.1%
EBITDA margin
20.6%
FY26 20.6% · 5-yr average 18.5%
Depreciation · capex, % of revenue
9.1% · 13.9%, fading to 1.2× depreciation
FY26 9.1% · 13.9%
Working capital, % of added revenue · tax
5.2% · 20.1%
19 working-capital days · effective 20.1%
Discount rate
11.00%
1-yr beta 1.21
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹6,540 · ₹0 · ₹0 cr
FY26 net debt ₹6,540 cr
Shares
19.00 crore
19.00 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
14,804
15,692
16,634
17,632
18,690
19,811
growth %
5.9
6.0
6.0
6.0
6.0
6.0
EBITDA
3,057
3,233
3,427
3,632
3,850
4,081
Depreciation
(1,349)
(1,428)
(1,514)
(1,604)
(1,701)
(1,803)
NOPAT
1,365
1,442
1,528
1,620
1,717
1,820
less capex
(2,056)
(2,181)
(2,188)
(2,188)
(2,180)
(2,163)
less working-capital build
—
(46)
(49)
(52)
(55)
(58)
Free cash flow to firm
—
642
805
985
1,183
1,401
Present value
610
688
758
821
876
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 · DALMIA BHARAT LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,754
PV of the terminal value (79% of EV)
14,555
Enterprise value
18,309
less net debt
(6,540)
less non-controlling interest
0
add non-operating investments
0
Equity value
11,769
÷ 19.00 crore shares
₹619
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
652
728
820
932
1,072
10.5%
572
636
711
800
910
11.0%
504
557
619
693
781
11.5%
445
490
542
604
676
12.0%
393
432
476
528
588
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
