The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · DOLAT ALGOTECH LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DOLAT ALGOTECH LIMITED Discounted cash flow · base FY26
DOLAT ALGOTECH LIMITED
Value per share, this model₹88
CMP 2026-09-10₹69.50
Difference26.3%
Growth the CMP implies(9.2)%/yr
This note states the assumptions and the arithmetic of one model of DOLAT ALGOTECH 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 (23.8)% · 5-yr CAGR 8.8%
EBITDA margin
56.4%
FY26 56.4% · 5-yr average 64.8%
Depreciation · capex, % of revenue
0.6% · 0.9%, fading to 1.2× depreciation
FY26 0.6% · 0.9%
Working capital, % of added revenue · tax
0% · 28.9%
0 working-capital days · effective 28.9%
Discount rate
11.00%
1-yr beta 0.89
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹276 · ₹0 · ₹0 cr
FY26 net debt ₹276 cr
Shares
17.60 crore
17.60 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
404
383
364
346
329
312
growth %
(23.8)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
228
216
205
195
185
176
Depreciation
(2)
(2)
(2)
(2)
(2)
(2)
NOPAT
160
152
145
137
130
124
less capex
(4)
(3)
(3)
(3)
(3)
(2)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
151
144
137
130
124
Present value
143
123
105
90
77
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 · DOLAT ALGOTECH LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
539
PV of the terminal value (70% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
91
98
107
118
131
10.5%
83
89
97
105
116
11.0%
77
82
88
95
103
11.5%
71
75
80
86
93
12.0%
66
70
74
79
85
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
