Models
DYNEMIC PRODUCTS LIMITEDDYNPROChemicals & Petrochemicals
₹245per 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₹245implied FY26 P/E 15.0× · EV/EBITDA 7.1×
Against CMP ₹224.20+9.4%close of 27 Oct 2026
Growth the CMP implies—%no growth rate between −20% and 45% a year brings the value to the CMP on your other inputs
Value after FY3167%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
₹185₹366
52-week rangetraded range, a fact not a value
₹191₹323
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 125 |
| PV of terminal value | 252 |
| Enterprise value | 377 |
| less net debt | (72) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 305 |
| ÷ 1.24 crore shares | ₹245 |
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% | 255 | 275 | 299 | 329 | 366 |
| 10.50% | 233 | 250 | 270 | 293 | 323 |
| 11.00% | 215 | 229 | 245 | 265 | 288 |
| 11.50% | 199 | 211 | 225 | 241 | 260 |
| 12.00% | 185 | 195 | 207 | 220 | 236 |
The outlined cell is your model. Green figures sit above the CMP of ₹224.20; 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 | 186 · 244 · 308 |
| Draws below the CMP | 34% |
| Rank correlation with ebitda margin | +0.84 |
| Rank correlation with discount rate | −0.51 |
| Rank correlation with revenue growth | −0.00 |
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 | 296 | 284 | 368 | 379 | 390 | 402 | 414 | 426 | 439 |
| growth % | 17.5 | (4.0) | 29.4 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| EBITDA | 29 | 32 | 48 | 53 | 54 | 56 | 58 | 59 | 61 |
| margin % | 9.7 | 11.3 | 13.0 | 13.9 | 13.9 | 13.9 | 13.9 | 13.9 | 13.9 |
| less depreciation | (17) | (17) | (16) | (17) | (17) | (18) | (18) | (19) | (19) |
| EBIT | 12 | 15 | 31 | 36 | 37 | 38 | 39 | 40 | 42 |
| less tax on EBIT | (9) | (9) | (10) | (10) | (10) | (10) | |||
| NOPAT | 27 | 28 | 29 | 29 | 30 | 31 | |||
| add depreciation | 17 | 17 | 16 | 17 | 17 | 18 | 18 | 19 | 19 |
| less capex | (1) | (3) | (7) | (4) | (4) | (9) | (13) | (18) | (23) |
| less working-capital build | — | (3) | (3) | (3) | (3) | (3) | |||
| Free cash flow to firm | 24 | 27 | 22 | — | 38 | 35 | 32 | 28 | 24 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 36 | 30 | 24 | 19 | 15 |
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 73, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 36 | 37 | 38 | 39 | 40 | 42 |
| Interest at 11% on debt | (8) | (8) | (8) | (8) | (8) | |
| Profit before tax | 29 | 30 | 31 | 32 | 34 | |
| Profit after tax | 20 | 22 | 23 | 23 | 24 | 25 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 1 | 33 | 62 | 87 | 109 | 128 |
| Working capital | 92 | 94 | 97 | 100 | 103 | 106 |
| Net block and other assets | 320 | 307 | 298 | 293 | 292 | 296 |
| Debt | 73 | 73 | 73 | 73 | 73 | 73 |
| Equity | 245 | 267 | 290 | 313 | 338 | 363 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 36 | 37 | 39 | 40 | 41 | |
| Investing (capex) | (4) | (9) | (13) | (18) | (23) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 32 | 29 | 26 | 22 | 18 | |
| Free cash flow to equity | 32 | 29 | 26 | 22 | 18 | |
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 | 3% | 13.9% | 11.00% | 5% | ₹245 | 9.4% |
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.