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Model Note · DHAMPURE SPECIALITY SUGARS LTD · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DHAMPURE SPECIALITY SUGARS LTD Discounted cash flow · base FY26
DHAMPURE SPECIALITY SUGARS LTD
Value per share, this model₹133
CMP, 9 Oct 2026₹148.00
Difference(10.3)%
Growth the CMP implies38.7%/yr
This note states the assumptions and the arithmetic of one model of DHAMPURE SPECIALITY SUGARS 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
30% a year
FY26 46.7% · 5-yr CAGR 29.8%
EBITDA margin
12.2%
FY26 12.2% · 5-yr average 5.0%
Depreciation · capex, % of revenue
0.7% · 6.2%, fading to 1.2× depreciation
FY26 0.7% · 6.2%
Working capital, % of added revenue · tax
16.9% · 24.7%
62 working-capital days · effective 24.7%
Discount rate
11.00%
1-yr beta 0.58
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY26 net debt ₹(0) cr
Shares
0.87 crore
0.87 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
58
76
99
128
167
217
growth %
46.7
30.0
30.0
30.0
30.0
30.0
EBITDA
7
9
12
16
20
26
Depreciation
(0)
(1)
(1)
(1)
(1)
(2)
NOPAT
5
7
9
11
14
19
less capex
(4)
(5)
(5)
(5)
(4)
(2)
less working-capital build
—
(3)
(4)
(5)
(7)
(8)
Free cash flow to firm
—
(1)
1
2
5
10
Present value
(1)
1
2
4
6
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 · DHAMPURE SPECIALITY SUGARS LTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
12
PV of the terminal value (90% of EV)
104
Enterprise value
116
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
116
÷ 0.87 crore shares
₹133
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
138
150
164
181
203
10.5%
125
135
147
161
178
11.0%
115
123
133
144
158
11.5%
106
113
121
130
142
12.0%
98
104
111
119
128
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
