This note states the assumptions and the arithmetic of one model of DYNACONS SYS & SOLN LTD, 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
12.5% a year
FY26 12.4% · 5-yr CAGR 26.7%
EBITDA margin
10.2%
FY26 10.2% · 5-yr average 7.5%
Depreciation · capex, % of revenue
1% · 0%, fading to 1.2× depreciation
FY26 1.0% · 0.0%
Working capital, % of added revenue · tax
12.1% · 25.6%
44 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta 1.56
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹68 · ₹0 · ₹0 cr
FY26 net debt ₹68 cr
Shares
1.27 crore
1.27 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
1,424
1,602
1,803
2,028
2,281
2,567
growth %
12.4
12.5
12.5
12.5
12.5
12.5
EBITDA
146
163
184
207
233
262
Depreciation
(15)
(16)
(18)
(20)
(23)
(26)
NOPAT
98
110
123
139
156
176
less capex
0
0
(5)
(12)
(21)
(31)
less working-capital build
—
(22)
(24)
(27)
(31)
(35)
Free cash flow to firm
—
104
112
120
128
136
Present value
99
96
92
89
85
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 · DYNACONS SYS & SOLN LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
460
PV of the terminal value (75% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,466
1,576
1,709
1,871
2,074
10.5%
1,349
1,441
1,550
1,680
1,839
11.0%
1,250
1,327
1,417
1,524
1,652
11.5%
1,164
1,229
1,305
1,394
1,499
12.0%
1,088
1,145
1,209
1,284
1,371
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
