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Model Note · DCM SHRIRAM IND LTD · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DCM SHRIRAM IND LTD Discounted cash flow · base FY25
DCM SHRIRAM IND LTD
Value per share, this model₹98
CMP, 8 Oct 2026₹38.32
Difference157.0%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of DCM SHRIRAM IND LTD, built on its filed FY25 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
-1.5% a year
FY25 (1.5)% · 5-yr CAGR 2.7%
EBITDA margin
9.7%
FY25 9.7% · 5-yr average 8.2%
Depreciation · capex, % of revenue
2% · 3.8%, fading to 1.2× depreciation
FY25 2.0% · 3.8%
Working capital, % of added revenue · tax
35.6% · 35.3%
130 working-capital days · effective 35.3%
Discount rate
11.00%
1-yr beta 0.76
After FY30
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹488 · ₹0 · ₹0 cr
FY25 net debt ₹488 cr
Shares
8.70 crore
8.70 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY25
FY26
FY27
FY28
FY29
FY30
Revenue
2,052
2,021
1,991
1,961
1,931
1,902
growth %
(1.5)
(1.5)
(1.5)
(1.5)
(1.5)
(1.5)
EBITDA
199
196
193
190
187
185
Depreciation
(40)
(40)
(40)
(39)
(39)
(38)
NOPAT
103
101
99
98
96
95
less capex
(78)
(77)
(69)
(61)
(53)
(46)
less working-capital build
—
11
11
11
10
10
Free cash flow to firm
—
75
81
87
92
97
Present value
71
69
67
64
61
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 · DCM SHRIRAM IND LTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
333
PV of the terminal value (75% of EV)
1,012
Enterprise value
1,345
less net debt
(488)
less non-controlling interest
0
add non-operating investments
0
Equity value
857
÷ 8.70 crore shares
₹98
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
104
115
129
146
167
10.5%
91
101
112
126
143
11.0%
81
89
98
110
123
11.5%
72
79
87
96
107
12.0%
64
70
77
84
94
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
