Models
DOLPHIN OFF ENT (IND) LDOLPHINOil
₹50per 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₹50implied FY26 P/E 2.8× · EV/EBITDA 5.4×
Against CMP ₹663.00−92.5%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY31123%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
₹15₹120
52-week rangetraded range, a fact not a value
₹322₹741
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (92) |
| PV of terminal value | 483 |
| Enterprise value | 391 |
| less net debt | (193) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 198 |
| ÷ 4.00 crore shares | ₹50 |
123% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
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% | 54 | 66 | 80 | 98 | 120 |
| 10.50% | 42 | 52 | 63 | 78 | 95 |
| 11.00% | 31 | 40 | 50 | 61 | 75 |
| 11.50% | 22 | 30 | 38 | 47 | 59 |
| 12.00% | 15 | 21 | 28 | 36 | 45 |
The outlined cell is your model. Green figures sit above the CMP of ₹663.00; 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 | (105) · 49 · 158 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.77 |
| Rank correlation with revenue growth | −0.60 |
| Rank correlation with discount rate | −0.13 |
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 | 0 | 6 | 74 | 116 | 151 | 197 | 256 | 333 | 432 |
| growth % | — | — | 1044.5 | 57.3 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 44 | (2) | 46 | 72 | 94 | 122 | 159 | 207 | 269 |
| margin % | — | (29.9) | 62.0 | 62.2 | 62.2 | 62.2 | 62.2 | 62.2 | 62.2 |
| less depreciation | (8) | (1) | (0) | (16) | (20) | (26) | (34) | (45) | (58) |
| EBIT | 37 | (3) | 46 | 57 | 74 | 96 | 125 | 162 | 211 |
| less tax on EBIT | 8 | 11 | 14 | 18 | 23 | 30 | |||
| NOPAT | 65 | 84 | 110 | 143 | 186 | 241 | |||
| add depreciation | 8 | 1 | 0 | 16 | 20 | 26 | 34 | 45 | 58 |
| less capex | 0 | 0 | (183) | (74) | (95) | (101) | (101) | (93) | (70) |
| less working-capital build | — | (64) | (83) | (108) | (141) | (183) | |||
| Free cash flow to firm | (4) | 4 | (172) | — | (55) | (48) | (33) | (3) | 46 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (52) | (41) | (25) | (2) | 29 |
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 203, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 57 | 74 | 96 | 125 | 162 | 211 |
| Interest at 7.7% on debt | (16) | (16) | (16) | (16) | (16) | |
| Profit before tax | 58 | 80 | 109 | 147 | 195 | |
| Profit after tax | 81 | 67 | 92 | 125 | 168 | 223 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 10 | (63) | (129) | (180) | (201) | (172) |
| Working capital | 214 | 278 | 361 | 470 | 611 | 794 |
| Net block and other assets | 384 | 459 | 534 | 601 | 649 | 660 |
| Debt | 203 | 203 | 203 | 203 | 203 | 203 |
| Equity | 353 | 420 | 512 | 637 | 805 | 1,028 |
| Balance check | 0 | (0) | (0) | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | 23 | 35 | 51 | 71 | 98 | |
| Investing (capex) | (95) | (101) | (101) | (93) | (70) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (73) | (66) | (51) | (21) | 29 | |
| Free cash flow to equity | (73) | (66) | (51) | (21) | 29 | |
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 | 30% | 62.2% | 11.00% | 5% | ₹50 | (92.5)% |
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.