DDM Analysis: POLYCAB.BO

Valuation Snapshot

Stable Growth	$27,531.66 - $32,436.97	$30,398.19
Multi-Stage	$18,630.92 - $20,447.95	$19,522.46
Blended Fair Value	$24,960.33
Current Price	$7,286.00
Upside	242.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	20.26%	41.40%	29.89	19.86	13.88	9.88	0.00	11.88	0.19	1.13	1.17	1.73
YoY Growth	-	-	50.50%	43.10%	40.42%	0.00%	-100.00%	6,136.56%	-83.08%	-4.05%	-32.25%	85.18%
Dividend Yield	-	-	0.46%	0.29%	0.39%	0.45%	0.00%	1.51%	0.03%	0.17%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24,618.02
(-) Cash Dividends Paid (M)	5,267.73
(=) Cash Retained (M)	19,350.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,923.60	3,077.25	1,846.35
Cash Retained (M)	19,350.29	19,350.29	19,350.29
(-) Cash Required (M)	-4,923.60	-3,077.25	-1,846.35
(=) Excess Retained (M)	14,426.69	16,273.04	17,503.94
(/) Shares Outstanding (M)	150.94	150.94	150.94
(=) Excess Retained per Share	95.58	107.81	115.97
LTM Dividend per Share	34.90	34.90	34.90
(+) Excess Retained per Share	95.58	107.81	115.97
(=) Adjusted Dividend	130.48	142.71	150.87
WACC / Discount Rate	2.37%	2.37%	2.37%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27,531.66	$30,398.19	$32,436.97
Upside / Downside	277.87%	317.21%	345.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24,618.02	26,218.19	27,922.37	29,737.33	31,670.25	33,728.82	34,740.69
Payout Ratio	21.40%	35.12%	48.84%	62.56%	76.28%	90.00%	92.50%
Projected Dividends (M)	5,267.73	9,207.38	13,636.93	18,603.42	24,157.93	30,355.94	32,135.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.37%	2.37%	2.37%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	8,909.73	8,994.18	9,078.63
Year 2 PV (M)	12,769.48	13,012.71	13,258.22
Year 3 PV (M)	16,856.91	17,340.81	17,833.88
Year 4 PV (M)	21,182.31	21,996.92	22,834.80
Year 5 PV (M)	25,756.42	27,000.47	28,292.12
PV of Terminal Value (M)	2,726,603.33	2,858,299.29	2,995,035.57
Equity Value (M)	2,812,078.18	2,946,644.37	3,086,333.23
Shares Outstanding (M)	150.94	150.94	150.94
Fair Value	$18,630.92	$19,522.46	$20,447.95
Upside / Downside	155.71%	167.94%	180.65%

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Polycab India Limited (POLYCAB.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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