Methods and what really drives multiples in India.
Valuation
Business & Share Valuation Services in India
A business or share valuation is a written, defensible opinion on the fair value of a company or its securities — used for fundraising, FDI / ODI pricing, ESOPs, M&A, Section 56(2)(x), buy-back, court schemes and financial reporting. We deliver valuations that match the regulation behind the transaction, signed by the right professional under the Companies Act, the Income Tax Rules or FEMA. Key takeaways: choice of signatory depends on the purpose; methods are DCF, NAV and comparables; Section 56(2)(viib) is abolished from AY 2025-26 but Section 56(2)(x) still applies.
What's Included
Fair value opinion on equity shares, preference shares or the business as a whole
DCF model with explicit forecast, terminal value and WACC build-up
Net Asset Value (NAV) computation under Rule 11UA where required
Comparable companies and comparable transaction multiples analysis
Valuation report aligned to the regulation (Companies Act / Rule 11UA / FEMA)
ESOP grant-date and exercise-date valuations
Swap-ratio reports for mergers, demergers and amalgamations
Independent second-opinion review of an existing valuation report
Our Process
STEP 1
Purpose & scope
Confirm transaction, regulation, valuation date and the standard of value.
Week 1
STEP 2
Information request
Share financials, projections, cap table, customer / pipeline data and asset register.
Week 1
STEP 3
Method selection
Select DCF, NAV or comparables (or a weighted combination) appropriate to the purpose.
Week 1–2
STEP 4
Build & review
Build the model, benchmark against comparables, sensitivity and management discussion.
Week 2–3
STEP 5
Report & sign-off
Issue the signed report; respond to investor, auditor or regulator queries.
Week 3
Documents Required
- Audited financials for the last 3 years and latest management accounts
- Three to five year financial projections with key assumptions
- Cap table, share certificates and shareholders' agreement
- Fixed-asset register and details of investments
- Term sheet or transaction document driving the valuation
- Existing debt, ESOP pool and contingent liabilities
Key Statutory References
| Item | Reference |
|---|---|
| Companies Act, 2013 | Section 247 — valuation by a Registered Valuer (IBBI) for matters under the Act |
| Income Tax Rules | Rule 11UA — fair market value of unquoted equity shares (NAV and DCF) |
| Income Tax Act | Section 56(2)(x) continues; Section 56(2)(viib) abolished from AY 2025-26 |
| FEMA | Shares issued to / transferred from a non-resident at not less than fair value by an internationally accepted method (CA or merchant banker) |
Frequently Asked Questions
Related Services
Guides & Resources
What buyers and investors test in your valuation.
Get a defensible valuation, signed by the right professional
Book a free 15-minute advisory call with Regi Tom Antony.