Models
DYNAMIC CABLES LIMITEDDYCLIndustrial Products
₹213per 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₹213implied FY26 P/E 11.3× · EV/EBITDA 8.3×
Against CMP ₹458.30−53.5%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3188%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
₹156₹328
52-week rangetraded range, a fact not a value
₹237₹560
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 130 |
| PV of terminal value | 943 |
| Enterprise value | 1,073 |
| less net debt | (40) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,033 |
| ÷ 4.85 crore shares | ₹213 |
88% 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% | 221 | 241 | 264 | 292 | 328 |
| 10.50% | 201 | 217 | 236 | 259 | 287 |
| 11.00% | 184 | 197 | 213 | 232 | 254 |
| 11.50% | 169 | 181 | 194 | 209 | 228 |
| 12.00% | 156 | 166 | 177 | 190 | 206 |
The outlined cell is your model. Green figures sit above the CMP of ₹458.30; 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 | 143 · 210 · 279 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.85 |
| Rank correlation with discount rate | −0.42 |
| Rank correlation with revenue growth | −0.25 |
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 | 669 | 768 | 1,025 | 1,198 | 1,401 | 1,640 | 1,918 | 2,245 | 2,626 |
| growth % | 18.6 | 14.9 | 33.5 | 16.8 | 17.0 | 17.0 | 17.0 | 17.0 | 17.0 |
| EBITDA | 63 | 77 | 105 | 130 | 151 | 177 | 207 | 242 | 284 |
| margin % | 9.4 | 10.1 | 10.3 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 | 10.8 |
| less depreciation | (8) | (9) | (11) | (12) | (14) | (16) | (19) | (22) | (26) |
| EBIT | 55 | 68 | 94 | 118 | 137 | 161 | 188 | 220 | 257 |
| less tax on EBIT | (30) | (35) | (41) | (48) | (56) | (65) | |||
| NOPAT | 88 | 103 | 120 | 140 | 164 | 192 | |||
| add depreciation | 8 | 9 | 11 | 12 | 14 | 16 | 19 | 22 | 26 |
| less capex | (13) | (21) | (25) | (57) | (67) | (64) | (58) | (47) | (32) |
| less working-capital build | — | (51) | (60) | (70) | (82) | (96) | |||
| Free cash flow to firm | 14 | (20) | 32 | — | (2) | 12 | 32 | 57 | 91 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (2) | 11 | 25 | 40 | 57 |
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 40, dividends at 1.4% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 118 | 137 | 161 | 188 | 220 | 257 |
| Interest at 8% on debt | (3) | (3) | (3) | (3) | (3) | |
| Profit before tax | 134 | 157 | 185 | 217 | 254 | |
| Profit after tax | 84 | 100 | 118 | 138 | 162 | 190 |
| Dividends | (1) | (1) | (2) | (2) | (2) | (3) |
| Balance sheet, year end | ||||||
| Cash | 0 | (6) | 3 | 30 | 83 | 169 |
| Working capital | 301 | 353 | 413 | 483 | 565 | 661 |
| Net block and other assets | 381 | 434 | 482 | 520 | 545 | 550 |
| Debt | 40 | 40 | 40 | 40 | 40 | 40 |
| Equity | 457 | 556 | 672 | 808 | 968 | 1,155 |
| Balance check | 0 | (0) | (0) | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 63 | 74 | 87 | 102 | 120 | |
| Investing (capex) | (67) | (64) | (58) | (47) | (32) | |
| Financing (dividends) | (1) | (2) | (2) | (2) | (3) | |
| Net change in cash | (6) | 8 | 27 | 53 | 86 | |
| Free cash flow to equity | (4) | 10 | 29 | 55 | 88 | |
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 | 17% | 10.8% | 11.00% | 5% | ₹213 | (53.5)% |
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.