Models
DHARMAJ CROP GUARD LTDDHARMAJFertilizers & Agrochemicals
₹77per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹77implied FY26 P/E 4.3× · EV/EBITDA 3.9×
Against CMP ₹270.40−71.6%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3182%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹49₹133
52-week rangetraded range, a fact not a value
₹211₹368
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 71 |
| PV of terminal value | 321 |
| Enterprise value | 392 |
| less net debt | (132) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 260 |
| ÷ 3.38 crore shares | ₹77 |
82% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 81 | 90 | 102 | 116 | 133 |
| 10.50% | 71 | 79 | 88 | 99 | 113 |
| 11.00% | 63 | 69 | 77 | 86 | 97 |
| 11.50% | 55 | 61 | 67 | 75 | 84 |
| 12.00% | 49 | 54 | 59 | 66 | 73 |
The outlined cell is your model. Green figures sit above the CMP of ₹270.40; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | (36) · 77 · 163 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.72 |
| Rank correlation with revenue growth | −0.66 |
| Rank correlation with discount rate | −0.14 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 951 | 1,138 | 1,360 | 1,625 | 1,942 | 2,321 | 2,773 |
| growth % | — | 19.7 | 19.5 | 19.5 | 19.5 | 19.5 | 19.5 |
| EBITDA | 75 | 100 | 120 | 143 | 171 | 204 | 244 |
| margin % | 7.9 | 8.8 | 8.8 | 8.8 | 8.8 | 8.8 | 8.8 |
| less depreciation | (18) | (19) | (23) | (28) | (33) | (39) | (47) |
| EBIT | 57 | 81 | 97 | 115 | 138 | 165 | 197 |
| less tax on EBIT | (20) | (24) | (28) | (34) | (41) | (48) | |
| NOPAT | 61 | 73 | 87 | 104 | 124 | 148 | |
| add depreciation | 18 | 19 | 23 | 28 | 33 | 39 | 47 |
| less capex | (32) | (27) | (33) | (38) | (43) | (49) | (57) |
| less working-capital build | — | (53) | (63) | (76) | (91) | (108) | |
| Free cash flow to firm | 7 | — | 10 | 14 | 18 | 24 | 31 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | 10 | 12 | 14 | 16 | 19 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 132, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 81 | 97 | 115 | 138 | 165 | 197 |
| Interest at 13.9% on debt | (18) | (18) | (18) | (18) | (18) | |
| Profit before tax | 78 | 97 | 120 | 146 | 179 | |
| Profit after tax | 55 | 59 | 73 | 90 | 110 | 135 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 0 | (3) | (3) | 1 | 11 | 28 |
| Working capital | 272 | 326 | 389 | 465 | 555 | 663 |
| Net block and other assets | 569 | 578 | 588 | 598 | 608 | 618 |
| Debt | 132 | 132 | 132 | 132 | 132 | 132 |
| Equity | 449 | 508 | 581 | 671 | 782 | 916 |
| Balance check | 0 | (0) | 0 | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 29 | 37 | 47 | 59 | 74 | |
| Investing (capex) | (33) | (38) | (43) | (49) | (57) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (4) | (0) | 4 | 10 | 17 | |
| Free cash flow to equity | (4) | (0) | 4 | 10 | 17 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 19.5% | 8.8% | 11.00% | 5% | ₹77 | (71.6)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.