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Model Note · DENTA WATER N INFRA SOL L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DENTA WATER N INFRA SOL L Discounted cash flow · base FY26
DENTA WATER N INFRA SOL L
Value per share, this model₹331
CMP 2026-09-10₹286.00
Difference15.8%
Growth the CMP implies(2.8)%/yr
This note states the assumptions and the arithmetic of one model of DENTA WATER N INFRA SOL L, 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
23% a year
FY26 23.2% · 5-yr CAGR —%
EBITDA margin
29.7%
FY26 29.7% · 5-yr average 31.5%
Depreciation · capex, % of revenue
0.2% · 0.2%, fading to 1.2× depreciation
FY26 0.2% · 0.2%
Working capital, % of added revenue · tax
65.9% · 25.8%
240 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.4
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(14) · ₹0 · ₹0 cr
FY26 net debt ₹(14) cr
Shares
2.67 crore
2.67 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
250
308
379
466
573
705
growth %
23.2
23.0
23.0
23.0
23.0
23.0
EBITDA
74
91
113
138
170
209
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
55
67
83
102
125
154
less capex
(1)
(1)
(1)
(1)
(1)
(2)
less working-capital build
—
(38)
(47)
(57)
(71)
(87)
Free cash flow to firm
—
29
36
44
55
67
Present value
28
31
34
38
42
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 · DENTA WATER N INFRA SOL L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
173
PV of the terminal value (80% of EV)
697
Enterprise value
870
less net debt
14
less non-controlling interest
0
add non-operating investments
0
Equity value
884
÷ 2.67 crore shares
₹331
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
342
368
400
438
486
10.5%
315
337
362
393
430
11.0%
292
310
331
356
386
11.5%
272
287
305
326
351
12.0%
254
267
283
300
321
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
