This note states the assumptions and the arithmetic of one model of DHUNSERI TEA & IND. 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
3% a year
FY26 3.2% · 5-yr CAGR 4.6%
EBITDA margin
-0.2%
FY26 (0.2)% · 5-yr average (13.9)%
Depreciation · capex, % of revenue
4% · 9.1%, fading to 1.2× depreciation
FY26 4.0% · 9.1%
Working capital, % of added revenue · tax
4.1% · 848.8%
15 working-capital days · effective 848.8%
Discount rate
11.00%
1-yr beta 0.94
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹223 · ₹0 · ₹0 cr
FY26 net debt ₹223 cr
Shares
1.05 crore
1.05 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
471
485
500
515
530
546
growth %
3.2
3.0
3.0
3.0
3.0
3.0
EBITDA
(1)
(1)
(1)
(1)
(1)
(1)
Depreciation
(19)
(19)
(20)
(21)
(21)
(22)
NOPAT
149
153
157
162
167
172
less capex
(43)
(44)
(40)
(36)
(31)
(26)
less working-capital build
—
(1)
(1)
(1)
(1)
(1)
Free cash flow to firm
—
127
136
146
156
167
Present value
121
117
113
108
104
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 · DHUNSERI TEA & IND. LTD. · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
563
PV of the terminal value (75% of EV)
1,732
Enterprise value
2,295
less net debt
(223)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,072
÷ 1.05 crore shares
₹1,972
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,043
2,208
2,405
2,646
2,947
10.5%
1,871
2,007
2,168
2,362
2,599
11.0%
1,723
1,838
1,972
2,130
2,320
11.5%
1,595
1,692
1,805
1,937
2,092
12.0%
1,483
1,567
1,663
1,774
1,903
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
