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Model Note · DEVYANI INTERNATIONAL LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DEVYANI INTERNATIONAL LTD Discounted cash flow · base FY26
DEVYANI INTERNATIONAL LTD
Value per share, this model₹0
CMP 2026-09-10₹138.00
Difference(100.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of DEVYANI INTERNATIONAL LTD, 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
13.5% a year
FY26 13.3% · 5-yr CAGR —%
EBITDA margin
14.8%
FY26 14.8% · 5-yr average 17.9%
Depreciation · capex, % of revenue
11.7% · 8.2%, fading to 1.2× depreciation
FY26 11.7% · 8.2%
Working capital, % of added revenue · tax
0% · 25.17%
-25 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.17
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹869 · ₹0 · ₹0 cr
FY26 net debt ₹869 cr
Shares
123.29 crore
123.29 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
5,611
6,369
7,229
8,205
9,312
10,570
growth %
13.3
13.5
13.5
13.5
13.5
13.5
EBITDA
828
943
1,070
1,214
1,378
1,564
Depreciation
(654)
(745)
(846)
(960)
(1,090)
(1,237)
NOPAT
130
148
168
190
216
245
less capex
(459)
(522)
(698)
(912)
(1,171)
(1,484)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
371
315
238
134
(2)
Present value
352
269
183
93
(1)
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 · DEVYANI INTERNATIONAL LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
896
PV of the terminal value (-3% of EV)
(22)
Enterprise value
874
less net debt
(869)
less non-controlling interest
0
add non-operating investments
0
Equity value
5
÷ 123.29 crore shares
₹0
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
0
0
0
0
0
10.5%
0
0
0
0
0
11.0%
0
0
0
0
0
11.5%
0
0
0
(0)
(0)
12.0%
(0)
(0)
(0)
(0)
(0)
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
