DYNACONS SYS & SOLN LTD — valuation model

DYNACONS SYS & SOLN LTDDSSLIT - Services

₹1,417per 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₹1,417implied FY26 P/E 21.2× · EV/EBITDA 12.8×

Against CMP ₹1,056.50+34.1%close of 2026-09-10

Growth the CMP implies0.7%revenue, a year for 5 years, on your other inputs

Value after FY3175%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

₹1,088₹2,074

52-week rangetraded range, a fact not a value

₹781₹1,925

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	460
PV of terminal value	1,413
Enterprise value	1,873
less net debt	(68)
less non-controlling interest	0
add non-operating investments	0
Equity value	1,805
÷ 1.27 crore shares	₹1,417

75% 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%	1,466	1,576	1,709	1,871	2,074
10.50%	1,349	1,441	1,550	1,680	1,839
11.00%	1,250	1,327	1,417	1,524	1,652
11.50%	1,164	1,229	1,305	1,394	1,499
12.00%	1,088	1,145	1,209	1,284	1,371

The outlined cell is your model. Green figures sit above the CMP of ₹1,056.50; 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	1,147 · 1,406 · 1,722
Draws below the CMP	3%
Rank correlation with ebitda margin	+0.69
Rank correlation with discount rate	−0.60
Rank correlation with revenue growth	+0.32

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	804	1,024	1,267	1,424	1,602	1,803	2,028	2,281	2,567
growth %	23.0	27.3	23.7	12.4	12.5	12.5	12.5	12.5	12.5
EBITDA	55	78	105	146	163	184	207	233	262
margin %	6.8	7.6	8.3	10.2	10.2	10.2	10.2	10.2	10.2
less depreciation	(1)	(2)	(2)	(15)	(16)	(18)	(20)	(23)	(26)
EBIT	53	76	104	131	147	166	187	210	236
less tax on EBIT				(34)	(38)	(42)	(48)	(54)	(60)
NOPAT				98	110	123	139	156	176
add depreciation	1	2	2	15	16	18	20	23	26
less capex	(0)	0	0	0	0	(5)	(12)	(21)	(31)
less working-capital build				—	(22)	(24)	(27)	(31)	(35)
Free cash flow to firm	13	29	66	—	104	112	120	128	136
Discount factor					0.949	0.855	0.770	0.694	0.625
Present value					99	96	92	89	85

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 81, dividends at 0.8% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	131	147	166	187	210	236
Interest at 8% on debt		(6)	(6)	(6)	(6)	(6)
Profit before tax		141	159	180	203	230
Profit after tax	85	105	119	134	151	171
Dividends	(1)	(1)	(1)	(1)	(1)	(1)
Balance sheet, year end
Cash	13	111	217	331	453	583
Working capital	172	194	218	246	276	311
Net block and other assets	828	812	799	791	789	794
Debt	81	81	81	81	81	81
Equity	315	419	537	670	820	989
Balance check	0	0	0	0	0	(0)
Cash flow
From operations		99	112	127	143	162
Investing (capex)		0	(5)	(12)	(21)	(31)
Financing (dividends)		(1)	(1)	(1)	(1)	(1)
Net change in cash		98	106	114	122	130
Free cash flow to equity		99	107	115	123	131

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	12.5%	10.2%	11.00%	5%	₹1,417	34.1%

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.