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Model Note · DANISH POWER LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DANISH POWER LIMITED Discounted cash flow · base FY26
DANISH POWER LIMITED
Value per share, this model₹514
CMP 2026-09-10₹1,004.60
Difference(48.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of DANISH POWER 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
22% a year
FY26 22.2% · 5-yr CAGR —%
EBITDA margin
17.7%
FY26 17.7% · 5-yr average 17.7%
Depreciation · capex, % of revenue
1.4% · 14.2%, fading to 1.2× depreciation
FY26 1.4% · 14.2%
Working capital, % of added revenue · tax
31.1% · 23.7%
113 working-capital days · effective 23.7%
Discount rate
11.00%
1-yr beta 1.4
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(22) · ₹0 · ₹0 cr
FY26 net debt ₹(22) cr
Shares
1.97 crore
1.97 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
521
636
776
947
1,155
1,409
growth %
22.2
22.0
22.0
22.0
22.0
22.0
EBITDA
92
113
137
168
204
249
Depreciation
(7)
(9)
(11)
(13)
(16)
(20)
NOPAT
65
79
97
118
144
175
less capex
(74)
(90)
(86)
(75)
(56)
(24)
less working-capital build
—
(36)
(44)
(53)
(65)
(79)
Free cash flow to firm
—
(38)
(22)
3
39
92
Present value
(36)
(19)
2
27
58
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 · DANISH POWER LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
32
PV of the terminal value (97% of EV)
958
Enterprise value
991
less net debt
22
less non-controlling interest
0
add non-operating investments
0
Equity value
1,013
÷ 1.97 crore shares
₹514
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
533
582
640
711
800
10.5%
483
524
571
629
698
11.0%
441
475
514
561
617
11.5%
404
433
466
505
551
12.0%
372
397
425
458
496
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
