DAM CAPITAL ADVISORS LTD — valuation model

DAM CAPITAL ADVISORS LTDDAMCAPITALCapital Markets

₹130per share · Base Model Note

Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.

Scenario

Value per share, your model₹130implied FY26 P/E 12.6× · EV/EBITDA 7.4×

Against CMP ₹142.90−9.2%close of 2026-09-10

Growth the CMP implies(2.8)%revenue, a year for 5 years, on your other inputs

Value after FY3169%share of enterprise value in the terminal

This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.

Where the methods land · ₹ per share · the dashed line is the CMP

DCF, rate ±1 · growth ±1your model across the sensitivity grid

₹104₹181

52-week rangetraded range, a fact not a value

₹119₹286

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	280
PV of terminal value	615
Enterprise value	895
less net debt	22
less non-controlling interest	0
add non-operating investments	0
Equity value	917
÷ 7.07 crore shares	₹130

Free cash flow, filed and modelled · ₹ '000 crore

Filed, cash from operations − capexModelled free cash flow to firm

Sensitivity · ₹ per share

Down Across

WACC ↓terminal growth →	4.0%	4.5%	5.0%	5.5%	6.0%
10.00%	134	142	153	165	181
10.50%	124	132	140	150	163
11.00%	117	123	130	138	148
11.50%	110	115	121	128	136
12.00%	104	108	113	119	126

The outlined cell is your model. Green figures sit above the CMP of ₹142.90; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.

Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together

10th · 50th · 90th percentile, ₹ per share	111 · 130 · 152
Draws below the CMP	78%
Rank correlation with ebitda margin	+0.70
Rank correlation with discount rate	−0.69
Rank correlation with revenue growth	−0.03

Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.

Projected cash flow to the firm · ₹ crore

History Forward

₹ crore	FY25	FY26	FY27	FY28	FY29	FY30	FY31
Revenue	250	237	225	214	203	193	183
growth %	—	(5.2)	(5.0)	(5.0)	(5.0)	(5.0)	(5.0)
EBITDA	146	121	115	109	103	98	93
margin %	58.5	50.9	50.9	50.9	50.9	50.9	50.9
less depreciation	(7)	(14)	(14)	(13)	(12)	(12)	(11)
EBIT	139	107	101	96	91	87	82
less tax on EBIT		(27)	(26)	(25)	(23)	(22)	(21)
NOPAT		79	75	72	68	65	61
add depreciation	7	14	14	13	12	12	11
less capex	(13)	(6)	(6)	(8)	(10)	(12)	(13)
less working-capital build		—	0	0	0	0	0
Free cash flow to firm	83	—	83	77	70	65	59
Discount factor			0.949	0.855	0.770	0.694	0.625
Present value			79	65	54	45	37

History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.

The three statements, projected · ₹ crore · debt held at 0, dividends at 0% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	107	101	96	91	87	82
Interest at 8% on debt		0	0	0	0	0
Profit before tax		101	96	91	87	82
Profit after tax	0	75	72	68	65	61
Dividends	(7)	0	0	0	0	0
Balance sheet, year end
Cash	22	105	181	252	316	375
Working capital	0	0	0	0	0	0
Net block and other assets	432	424	419	416	416	419
Debt	0	0	0	0	0	0
Equity	332	407	479	547	611	673
Balance check	0	0	0	0	0	0
Cash flow
From operations		89	84	80	76	72
Investing (capex)		(6)	(8)	(10)	(12)	(13)
Financing (dividends)		0	0	0	0	0
Net change in cash		83	77	70	65	59
Free cash flow to equity		83	77	70	65	59

Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.

Scenarios side by side · ₹ per share

Scenario	Template	Growth	Margin	Rate	Terminal	₹ / share	vs CMP
Base · editing	DCF	-5%	50.9%	11.00%	5%	₹130	(9.2)%

A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.