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Model Note · DILIP BUILDCON LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DILIP BUILDCON LIMITED Discounted cash flow · base FY26
DILIP BUILDCON LIMITED
Value per share, this model₹799
CMP 2026-09-10₹403.15
Difference98.3%
Growth the CMP implies(14.6)%/yr
This note states the assumptions and the arithmetic of one model of DILIP BUILDCON LIMITED, 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
-5% a year
FY26 (20.6)% · 5-yr CAGR (2.4)%
EBITDA margin
29.5%
FY26 29.5% · 5-yr average 17.1%
Depreciation · capex, % of revenue
3.3% · 36%, fading to 1.2× depreciation
FY26 3.3% · 36.0%
Working capital, % of added revenue · tax
28.1% · 4.3%
103 working-capital days · effective 4.3%
Discount rate
11.00%
1-yr beta 0.97
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹7,956 · ₹0 · ₹0 cr
FY26 net debt ₹7,956 cr
Shares
16.24 crore
16.24 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
8,984
8,535
8,108
7,703
7,317
6,952
growth %
(20.6)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
2,646
2,518
2,392
2,272
2,159
2,051
Depreciation
(298)
(282)
(268)
(254)
(241)
(229)
NOPAT
2,247
2,140
2,033
1,931
1,835
1,743
less capex
(3,238)
(3,073)
(2,269)
(1,539)
(876)
(275)
less working-capital build
—
126
120
114
108
103
Free cash flow to firm
—
(525)
151
760
1,309
1,800
Present value
(498)
129
586
908
1,125
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 · DILIP BUILDCON LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,250
PV of the terminal value (89% of EV)
18,693
Enterprise value
20,943
less net debt
(7,956)
less non-controlling interest
0
add non-operating investments
0
Equity value
12,987
÷ 16.24 crore shares
₹799
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
847
961
1,099
1,267
1,477
10.5%
728
823
935
1,071
1,236
11.0%
626
706
799
910
1,043
11.5%
538
606
685
777
885
12.0%
461
520
587
664
754
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
