Business
Valuations.
The number only holds up if the methodology behind it does.
A business valuation is not a single figure — it is a reasoned conclusion supported by methodology, evidence, and context. Whether you are negotiating a sale, complying with a regulatory requirement, settling a dispute, or pricing an ESOP, the valuation you present will be scrutinised.
We provide independent, methodology-backed business valuations for every purpose — rigorous enough for regulators and courts, credible enough for investors and buyers, and clearly enough explained for the management team to defend them confidently.
Strategic Imperative
A valuation without a defensible basis is just an opinion.
Most business owners have a number in their head — what they think their business is worth. That number is rarely wrong because of bad faith. It is wrong because it lacks methodology. It does not account for how the market actually prices businesses in that sector. It has not been normalised for one-off items. It has not been stress-tested against comparable transactions. And when it meets a sceptical investor, buyer, regulator, or court — it does not hold.
We build valuations the other way around — starting from the evidence, applying the right methodology for the purpose, and arriving at a conclusion that can be explained, justified, and defended at every stage of the process it is used in.
"The seller had a number. The buyer had a number. Neither had a methodology. We built an independent valuation — and both sides accepted it as the basis for negotiation, because it was the only number in the room with a rationale behind it."
Application Context
The valuation purpose shapes everything
The right valuation approach depends entirely on why you need it. A valuation for a tax filing follows different rules from one for a sale — and conflating the two is a common and costly mistake.
Mergers & acquisitions
For buyers and sellers entering a transaction, an independent valuation provides the credible anchor every negotiation needs — grounded in financial performance, sector benchmarks, and comparable deal data.
Regulatory & tax compliance
FEMA, RBI, income tax, and Ind AS requirements each demand valuations with specific methodology standards and documentation levels. A valuation that is not fit for its regulatory purpose creates liability, not clarity.
Shareholder disputes
When business relationships break down, valuation becomes contested ground. Independent, well-documented valuations are essential for dispute resolution, buy-sell agreements, and minority exit pricing.
ESOP & equity compensation
Grant prices must be defensible to employees, investors, auditors, and tax authorities simultaneously. A purpose-specific ESOP valuation prevents the unintended tax and legal consequences of poorly supported grant pricing.
Financial reporting
Fair value assessments for Ind AS and IFRS compliance, purchase price allocations in acquisitions, and impairment testing all require valuations prepared to the standard of the relevant accounting framework.
Succession & estate planning
When ownership transfers — within a family, between generations, or as part of a broader estate plan — a credible, independent valuation protects all parties and provides a documented basis for the transition.
Our Approach
Four valuation engagements we conduct
Each engagement is structured around the purpose of the valuation — the methodology, documentation standard, and depth of analysis are calibrated accordingly.
Transaction & M&A valuation
For buyers and sellers, a valuation is the foundation of every negotiation. We build transaction valuations grounded in three years of normalised financial performance, sector-specific earnings multiples, and comparable deal data — giving both sides a credible anchor that can be defended through due diligence. We also advise on the gap between intrinsic value and what a strategic acquirer might pay, and why that gap exists, so neither side is surprised by the other's position.
Regulatory & compliance valuation
Valuations for FEMA compliance, RBI filings, income tax purposes (including Section 56 and Section 50CA), and Ind AS or IFRS fair value assessments require a specific standard of methodology disclosure and documentation. We prepare valuations structured to meet the requirements of the relevant authority — with a clear audit trail, assumptions documented at the level regulators and auditors expect, and a report format that reduces the risk of challenge or query.
Shareholder dispute & litigation support
When business relationships break down, valuation becomes contested. The disagreement is rarely about the number itself — it is about whose methodology and assumptions are more credible. We provide independent valuations for shareholder disputes, minority oppression claims, buy-sell agreement pricing, and court proceedings — with the rigour, objectivity, and documentation required to withstand cross-examination and legal scrutiny. We have no side in these disputes; we have only a methodology.
ESOP & equity compensation valuation
ESOP grant prices sit at the intersection of corporate law, income tax, and employee relations — and a poorly supported grant price creates problems on all three fronts. We provide valuations specifically designed for equity compensation purposes: methodology-backed, documented to the level required by auditors and tax authorities, and set at a level that is both motivating for employees and defensible to every other stakeholder who will eventually scrutinise it.
Valuation Methods
The methodology follows the business — not the other way around.
We select and weight valuation methodologies based on the nature of the business, its stage, its sector, and the purpose of the valuation. No single approach is right for every situation.
Discounted Cash Flow (DCF)
Values the business on the present value of its projected future free cash flows, discounted at a rate that reflects the risk profile of the business. Highly sensitive to assumptions — which is why the assumptions must be grounded and transparent.
Best for
businesses with predictable cash flows, long-term contracts, established growth trajectory
Market multiples
Benchmarks the business against comparable listed companies or recent private transactions using revenue, EBITDA, or earnings multiples. Anchors the valuation in what the market is actually paying for similar businesses right now.
Best for
M&A contexts, businesses with clear sector comparables, cross-check against DCF
Asset-based approach
Values the business based on the fair value of its underlying net assets — tangible and intangible. Used where asset value is the primary driver of business value rather than earnings or cash flows.
Best for
holding companies, asset-heavy businesses, investment firms, liquidation scenarios
How We Work
From brief to delivered report
Every valuation follows the same four-stage process — with the depth and documentation calibrated to the purpose.
Understand purpose and context
The purpose of the valuation determines the methodology, the standard of value, and the depth of documentation required. Before anything else, we establish exactly what this valuation will be used for — and who will scrutinise it.
Information gathering and financial analysis
We request three years of audited financials, management accounts, the business plan, and any other relevant supporting information. We analyse the business thoroughly — normalising for one-off items, identifying trends, and understanding the drivers of value — before selecting the methodology.
Methodology application and sense-checking
We apply the selected methodology, cross-check the output against comparable transactions and market data, stress-test the key assumptions, and pressure-test the conclusion before finalising it. The valuation range must make sense — not just mathematically, but commercially.
Report delivered and walked through
A complete valuation report — methodology disclosure, key assumptions, sensitivity analysis, and a clear conclusion of value — delivered with a walkthrough so the management team can explain and defend it in any context where it will be used.