Models
DHP INDIA LTD.BSE 531306Oil
₹273per 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₹273implied FY26 P/E 7.4× · EV/EBITDA 5.5×
Against CMP ₹514.00−47.0%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3170%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
₹211₹395
52-week rangetraded range, a fact not a value
₹430₹682
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 26 |
| PV of terminal value | 62 |
| Enterprise value | 88 |
| less net debt | (6) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 82 |
| ÷ 0.30 crore shares | ₹273 |
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% | 282 | 302 | 327 | 357 | 395 |
| 10.50% | 260 | 277 | 297 | 322 | 351 |
| 11.00% | 241 | 256 | 273 | 292 | 316 |
| 11.50% | 225 | 238 | 252 | 268 | 288 |
| 12.00% | 211 | 222 | 234 | 248 | 264 |
The outlined cell is your model. Green figures sit above the CMP of ₹514.00; 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 | 52 · 270 · 435 |
| Draws below the CMP | 97% |
| Rank correlation with ebitda margin | +0.82 |
| Rank correlation with revenue growth | −0.52 |
| Rank correlation with discount rate | −0.16 |
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 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 109 | 53 | 58 | 72 | 91 | 114 | 143 | 180 | 225 |
| growth % | (8.8) | (51.2) | 8.6 | 25.3 | 25.5 | 25.5 | 25.5 | 25.5 | 25.5 |
| EBITDA | — | 7 | 9 | 16 | 20 | 25 | 31 | 39 | 50 |
| margin % | — | 13.9 | 14.9 | 22.0 | 22.0 | 22.0 | 22.0 | 22.0 | 22.0 |
| less depreciation | — | (4) | (4) | (4) | (5) | (6) | (7) | (9) | (12) |
| EBIT | — | 4 | 5 | 12 | 15 | 19 | 24 | 30 | 38 |
| less tax on EBIT | (3) | (4) | (5) | (7) | (8) | (10) | |||
| NOPAT | 9 | 11 | 14 | 17 | 22 | 27 | |||
| add depreciation | — | 4 | 4 | 4 | 5 | 6 | 7 | 9 | 12 |
| less capex | — | (3) | (6) | (1) | (2) | (3) | (6) | (9) | (14) |
| less working-capital build | — | (8) | (10) | (12) | (15) | (19) | |||
| Free cash flow to firm | — | (1) | (8) | — | 7 | 7 | 7 | 7 | 6 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 6 | 6 | 5 | 5 | 4 |
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 7, dividends at 10.9% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 12 | 15 | 19 | 24 | 30 | 38 |
| Interest at 9.9% on debt | (1) | (1) | (1) | (1) | (1) | |
| Profit before tax | 15 | 19 | 23 | 30 | 37 | |
| Profit after tax | 11 | 11 | 13 | 17 | 21 | 27 |
| Dividends | (1) | (1) | (1) | (2) | (2) | (3) |
| Balance sheet, year end | ||||||
| Cash | 0 | 5 | 10 | 15 | 19 | 22 |
| Working capital | 30 | 38 | 48 | 60 | 75 | 94 |
| Net block and other assets | 218 | 215 | 213 | 211 | 211 | 213 |
| Debt | 7 | 7 | 7 | 7 | 7 | 7 |
| Equity | 237 | 246 | 258 | 273 | 292 | 317 |
| Balance check | 0 | 0 | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 8 | 10 | 12 | 15 | 20 | |
| Investing (capex) | (2) | (3) | (6) | (9) | (14) | |
| Financing (dividends) | (1) | (1) | (2) | (2) | (3) | |
| Net change in cash | 5 | 5 | 5 | 4 | 3 | |
| Free cash flow to equity | 6 | 6 | 7 | 6 | 5 | |
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 | 25.5% | 22% | 11.00% | 5% | ₹273 | (47.0)% |
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.