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Model Note · DHABRIYA POLYWOOD LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DHABRIYA POLYWOOD LTD. Discounted cash flow · base FY26
DHABRIYA POLYWOOD LTD.
Value per share, this model₹339
CMP 2026-09-10₹507.95
Difference(33.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of DHABRIYA POLYWOOD 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
12.5% a year
FY26 12.5% · 5-yr CAGR 20.0%
EBITDA margin
20.6%
FY26 20.6% · 5-yr average 14.5%
Depreciation · capex, % of revenue
3.8% · 10.2%, fading to 1.2× depreciation
FY26 3.8% · 10.2%
Working capital, % of added revenue · tax
38.1% · 25.9%
139 working-capital days · effective 25.9%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹70 · ₹0 · ₹0 cr
FY26 net debt ₹70 cr
Shares
1.08 crore
1.08 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
264
298
335
377
424
477
growth %
12.5
12.5
12.5
12.5
12.5
12.5
EBITDA
55
61
69
78
87
98
Depreciation
(10)
(11)
(13)
(14)
(16)
(18)
NOPAT
33
37
42
47
53
59
less capex
(27)
(30)
(29)
(28)
(25)
(22)
less working-capital build
—
(13)
(14)
(16)
(18)
(20)
Free cash flow to firm
—
5
11
17
26
36
Present value
5
9
13
18
22
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 · DHABRIYA POLYWOOD LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
68
PV of the terminal value (84% of EV)
369
Enterprise value
437
less net debt
(70)
less non-controlling interest
0
add non-operating investments
0
Equity value
367
÷ 1.08 crore shares
₹339
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
353
387
428
478
540
10.5%
318
346
379
419
468
11.0%
287
311
339
372
411
11.5%
261
281
305
332
364
12.0%
238
256
276
299
325
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
