What is in the file
One workbook, built in this order. The order matters, because every sheet below depends on the one above it.
| Sheet | What it does | Why it is separate |
|---|---|---|
| Cover and instructions | What the model is, the version, the period covered, and how to use the scenario switch | So the next person to open it does not break it |
| Assumptions | Every input in one place: price, volume, growth, salaries, headcount, cost ratios, collection and payment days, inventory days, capex, interest rate, tax rate | An input that lives inside a formula cannot be found or argued about |
| Driver build | Revenue built the way the business actually earns: customers and retention, orders and basket size, capacity and utilisation, or contracts and billing rates | A single growth percentage hides the assumption instead of showing it |
| Profit and loss | Revenue, direct costs, people, other operating costs, depreciation, interest, tax | The number most readers look at first |
| Working capital | Receivables, inventory, payables and advances, driven by the day counts on the assumptions sheet | This is where growth consumes cash |
| Capex and depreciation | Asset-wise additions, the depreciation policy, the written-down value | Feeds both the profit and loss account and the balance sheet |
| Debt schedule | Drawdown, moratorium, repayment, interest, closing balance | Needed for DSCR and for the balance sheet to tie |
| Balance sheet | Assets, liabilities and equity, with a check row that must read zero | The discipline that catches errors nothing else catches |
| Cash flow | Operating, investing and financing, ending at the closing cash the balance sheet shows | Shows the funding requirement and when it bites |
| Scenarios | Base, upside and downside, switched from one cell | Lets you answer "what if" in the meeting, not afterwards |
| Outputs | The one page the reader wants: funding need and runway, or DSCR and ratios, or IRR, payback and break-even | Different readers, same engine |
How the three statements lock together
A three-statement model is not three forecasts. It is one forecast presented three ways, and the links are what make it trustworthy.
Profit after tax adds to reserves on the balance sheet. The cash flow statement starts from that same profit, adds back depreciation, adjusts for the change in working capital, then deducts capex and debt repayment. The closing cash it produces is the cash line on the balance sheet. Because of those links, the balance sheet only balances when every schedule is consistent, so the check row is the single best test of whether a model can be relied on.
This is also why a model that shows profit and nothing else is not much use. A business can be profitable and still run out of money, usually because receivables and inventory grow faster than sales, or because a term loan starts repaying before the new capacity earns. Both show up in the cash flow, not in the profit and loss account.
Assumptions and scenarios: where the argument really is
Nobody disputes arithmetic. What gets disputed is the assumption, so each one is written down with its basis: last year's actuals, a signed contract, a quotation, a market rate, or a management view. When an investor or a credit officer challenges a number, you should be able to say where it came from in one sentence.
We usually build three scenarios: a base case that you would be disappointed to miss, an upside, and a downside that tests survival rather than ambition. The downside is the one that earns credibility, because it answers the question every reader has: what happens if this takes longer and costs more. For a bank model we also run a sensitivity table on the two variables that move DSCR most, normally price and volume.
A model is not a valuation report
A DCF sheet in a model helps you think and negotiate. It does not meet a legal requirement. Where Indian law needs a valuation, it names who may sign it.
- Issue or transfer of shares involving a non-resident. Under the FEMA rules, the price of an unlisted Indian company's shares has to be worked out by an internationally accepted pricing methodology on an arm's length basis, certified by a chartered accountant, a SEBI-registered merchant banker or a practising cost accountant. An issue to a non-resident must not be below that fair value, a resident-to-non-resident transfer must not be below it, and a non-resident-to-resident transfer must not be above it. The certificate must not be more than ninety days old on the date of the investment. See valuation under Rule 11UA and FC-GPR filing.
- Preferential allotment under the Companies Act. A further issue of shares for cash to selected persons under section 62(1)(c) needs a special resolution and a price based on a registered valuer's report. Our model can support that exercise; it cannot replace the report.
- ESOP perquisite value in an unlisted company. The fair market value for taxing the perquisite is determined by a SEBI-registered Category I merchant banker. See ESOP scheme drafting.
- Share premium and angel tax. The charge on share premium above fair value under section 56(2)(viib) was abolished from AY 2025-26, so a fresh priced round no longer needs a valuation for that section. Earlier years stay open until the assessments close, so the valuation that supported an old allotment still matters. See angel tax exemption.
If your round or your restructuring needs one of these, say so at the scoping call. We build the model and arrange the valuation as a separate, clearly identified piece of work, because the two documents serve different purposes and are signed on different bases.
Fee
| Item | Amount |
|---|---|
| Financial model, single entity, annual build with scenarios | From ₹4,999 |
| Government fee | No government fee |
| Project report with CMA data, where the bank wants the written report too | See project report and CMA data, from ₹7,499 |
| Valuation report, where the law requires one | See valuation under Rule 11UA, fee on quote |
Professional fees exclude GST at 18%. Government fees, where they apply, are paid at actuals to the department and are shown separately. Fees verified on 22 September 2026.
What moves the fee: monthly versus annual granularity, the number of years, the number of entities or business lines, whether a cap table and round mechanics are modelled, whether a DCF is included, and the state of the historical numbers we build from. We quote in writing before the build starts. If the model supports a bank loan application, see also CMA data, which draws on the same assumptions.
What we need from you
Financial statements for the last two or three years, and the current year to date; the monthly trial balance or management accounts; GST returns for the period; a revenue breakdown by product, customer or channel; the payroll list with cost to company; existing loan sanction letters and repayment schedules; capex plans with quotations; the cap table if you are raising; and your own view on price, volume, hiring and timing. If the books are behind, we can bring them up to date first: see accounting services.