Business valuation workbook

The reporting-basis inventory separately contains 92 consolidated, 4 standalone and 4 unverified exports. These counts overlap other method blocks and must not be added to the table. Matching date headings do not establish complete annual statements.

Synthetic demonstration only. These values are not observed company results, forecasts, investment recommendations or the output of the private workbook.

Fictional Manufacturing Example starts with INR 1,000 crore revenue. Revenue grows 8% in each projection year; EBIT margin rises from 20% to 22%. The model uses 25% tax, depreciation at 3% of revenue, capex at 4%, and operating working capital at 12% of revenue. WACC is 11.6%; terminal growth is 3%.

WACC inputs are 7% risk-free rate, 6% equity risk premium, beta 1, 8% pretax cost of debt and 20% debt weight. The equity bridge adds 100 cash and 20 other assets, then subtracts 250 debt and leases, 15 non-controlling claims and 5 senior claims, all INR crore. Diluted shares are 100 crore. Every input is invented.

Full inputs, calculation code and all annual fields are in the reproduction ZIP. Saved outputs use twelve decimal places. The displayed precision supports calculation checking; it does not express valuation certainty.

Ten-year model

Project annual revenue, transition the EBIT margin linearly to its year-10 target, apply tax without an immediate credit for operating losses, add depreciation, and subtract capital expenditure and the change in operating working capital. Discount each year's FCFF using WACC.

Terminal period

Calculate year-11 cash flow using terminal growth, including terminal reinvestment. WACC must exceed terminal growth. The perpetuity assumption is a model boundary, not evidence of sustainable growth.

Equity bridge and units

Enterprise value plus reviewed non-operating assets, less debt, leases, non-controlling interests and senior claims gives equity value. INR crore divided by diluted shares in crore gives INR per share. A negative equity result is retained.

Observed source scope

The private workbook uses the official NIFTY 100 constituent list and personally downloaded Screener exports. The constituent URL may change after the retained 7 October snapshot. Export documentation describes access; it does not grant public redistribution of company records. The provider's terms govern those materials.

Public/private boundary

This page publishes authored audit counts and a fictional model. Provider exports, company financial histories, the populated Excel workbook and its private evidence pack are excluded. Public visitors can reproduce the fictional calculation; they cannot independently replay the private source audit from this package.

Remaining limits

The original workbook's illustrative relative-valuation peers remain illustrative. Its legacy sensitivity sheet uses a different terminal-growth input reference from the original DCF and is not presented as repaired. The new Company DCF is separate. No independent human financial audit is claimed.