DDM Analysis: POLYCAB.BO

Valuation Snapshot

Stable Growth	$3,140.02 - $6,803.06	$4,491.46
Multi-Stage	$2,285.77 - $2,496.19	$2,389.08
Blended Fair Value	$3,440.27
Current Price	$7,286.00
Upside	-52.78%
Decision	Don't 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	9.88%	9.88%	9.88%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,140.02	$4,491.46	$6,803.06
Upside / Downside	-56.90%	-38.35%	-6.63%

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	9.88%	9.88%	9.88%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	8,300.50	8,379.18	8,457.86
Year 2 PV (M)	11,082.90	11,294.00	11,507.09
Year 3 PV (M)	13,630.07	14,021.34	14,420.02
Year 4 PV (M)	15,956.35	16,569.98	17,201.15
Year 5 PV (M)	18,075.31	18,948.35	19,854.81
PV of Terminal Value (M)	277,959.48	291,385.02	305,324.40
Equity Value (M)	345,004.60	360,597.87	376,765.33
Shares Outstanding (M)	150.94	150.94	150.94
Fair Value	$2,285.77	$2,389.08	$2,496.19
Upside / Downside	-68.63%	-67.21%	-65.74%

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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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