Models
DOLAT ALGOTECH LIMITEDDOLATALGOCapital Markets
₹88per 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₹88implied FY26 P/E 10.7× · EV/EBITDA 8.0×
Against CMP ₹69.50+26.3%close of 2026-09-10
Growth the CMP implies(9.2)%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
₹66₹131
52-week rangetraded range, a fact not a value
₹65₹96
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 539 |
| PV of terminal value | 1,283 |
| Enterprise value | 1,821 |
| less net debt | (276) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,545 |
| ÷ 17.60 crore shares | ₹88 |
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% | 91 | 98 | 107 | 118 | 131 |
| 10.50% | 83 | 89 | 97 | 105 | 116 |
| 11.00% | 77 | 82 | 88 | 95 | 103 |
| 11.50% | 71 | 75 | 80 | 86 | 93 |
| 12.00% | 66 | 70 | 74 | 79 | 85 |
The outlined cell is your model. Green figures sit above the CMP of ₹69.50; 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 | 73 · 88 · 105 |
| Draws below the CMP | 5% |
| Rank correlation with discount rate | −0.75 |
| Rank correlation with ebitda margin | +0.64 |
| Rank correlation with revenue growth | −0.03 |
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 | 241 | 331 | 530 | 404 | 383 | 364 | 346 | 329 | 312 |
| growth % | (17.6) | 37.4 | 59.9 | (23.8) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 152 | 204 | 348 | 228 | 216 | 205 | 195 | 185 | 176 |
| margin % | 63.0 | 61.5 | 65.6 | 56.4 | 56.4 | 56.4 | 56.4 | 56.4 | 56.4 |
| less depreciation | (1) | (1) | (2) | (2) | (2) | (2) | (2) | (2) | (2) |
| EBIT | 151 | 203 | 345 | 225 | 214 | 203 | 193 | 183 | 174 |
| less tax on EBIT | (65) | (62) | (59) | (56) | (53) | (50) | |||
| NOPAT | 160 | 152 | 145 | 137 | 130 | 124 | |||
| add depreciation | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| less capex | (1) | (3) | (4) | (4) | (3) | (3) | (3) | (3) | (2) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | 78 | (16) | (30) | — | 151 | 144 | 137 | 130 | 124 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 143 | 123 | 105 | 90 | 77 |
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 284, dividends at 1.4% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 225 | 214 | 203 | 193 | 183 | 174 |
| Interest at 8% on debt | (23) | (23) | (23) | (23) | (23) | |
| Profit before tax | 191 | 181 | 170 | 161 | 152 | |
| Profit after tax | 129 | 136 | 128 | 121 | 114 | 108 |
| Dividends | (2) | (2) | (2) | (2) | (2) | (2) |
| Balance sheet, year end | ||||||
| Cash | 8 | 141 | 267 | 385 | 498 | 603 |
| Working capital | 0 | 0 | 0 | 0 | 0 | 0 |
| Net block and other assets | 1,528 | 1,529 | 1,530 | 1,531 | 1,531 | 1,532 |
| Debt | 284 | 284 | 284 | 284 | 284 | 284 |
| Equity | 1,131 | 1,265 | 1,392 | 1,511 | 1,624 | 1,730 |
| Balance check | 0 | 0 | 0 | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 138 | 131 | 123 | 116 | 110 | |
| Investing (capex) | (3) | (3) | (3) | (3) | (2) | |
| Financing (dividends) | (2) | (2) | (2) | (2) | (2) | |
| Net change in cash | 133 | 126 | 119 | 112 | 106 | |
| Free cash flow to equity | 135 | 127 | 120 | 114 | 107 | |
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 | -5% | 56.4% | 11.00% | 5% | ₹88 | 26.3% |
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.