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Model Note · DODLA DAIRY LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DODLA DAIRY LIMITED Discounted cash flow · base FY26
DODLA DAIRY LIMITED
Value per share, this model₹719
CMP 2026-09-10₹1,080.30
Difference(33.5)%
Growth the CMP implies21.2%/yr
This note states the assumptions and the arithmetic of one model of DODLA DAIRY 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
11% a year
FY26 10.9% · 5-yr CAGR 16.2%
EBITDA margin
7.4%
FY26 7.4% · 5-yr average 8.6%
Depreciation · capex, % of revenue
2% · 3.9%, fading to 1.2× depreciation
FY26 2.0% · 3.9%
Working capital, % of added revenue · tax
0% · 4.9%
-2 working-capital days · effective 4.9%
Discount rate
11.00%
1-yr beta 1.01
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(51) · ₹0 · ₹0 cr
FY26 net debt ₹(51) cr
Shares
6.03 crore
6.03 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
4,125
4,579
5,083
5,642
6,262
6,951
growth %
10.9
11.0
11.0
11.0
11.0
11.0
EBITDA
306
339
376
417
463
514
Depreciation
(82)
(92)
(102)
(113)
(125)
(139)
NOPAT
213
235
261
290
322
357
less capex
(162)
(179)
(179)
(178)
(174)
(167)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
148
184
225
273
329
Present value
141
157
173
190
206
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 · DODLA DAIRY LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
866
PV of the terminal value (80% of EV)
3,419
Enterprise value
4,285
less net debt
51
less non-controlling interest
0
add non-operating investments
0
Equity value
4,336
÷ 6.03 crore shares
₹719
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
743
799
867
950
1,053
10.5%
684
731
786
853
934
11.0%
633
673
719
773
838
11.5%
589
623
662
707
760
12.0%
551
580
613
651
696
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
