M&A Valuation
How to Value a Company for Acquisition in India: DCF, Comparable Methods and Multiples
Table of contents
- Key Takeaways: Acquisition Valuation in India
- Why Is Valuing a Company for Acquisition Different from Other Valuations?
- What Are the Main Methods Used to Value a Company for Acquisition?
- How Do You Build a DCF Model for an Acquisition in India?
- How Do You Use Comparable Methods for Acquisition Valuation in India?
- How Do You Quantify Synergies in an Acquisition Valuation?
- What Is the Difference Between Enterprise Value and Equity Value in an Acquisition?
- How Does Acquisition Valuation Work for Different Transaction Types?
- Closing Summary: Getting Acquisition Valuation Right in India
- Need a Defensible Acquisition Valuation Report?
- Get an Independent Acquisition Valuation
- Frequently Asked Questions: Acquisition Valuation in India
Valuing a company for acquisition in India is not a single-method exercise. It is a structured analytical process that applies multiple methodologies simultaneously, reconciles their outputs, and presents a defensible value conclusion that will withstand scrutiny from the National Company Law Tribunal, the Income Tax Department, SEBI and the Reserve Bank of India depending on how the transaction is structured.
The stakes are high on every axis: overpaying by even 10 percent on a mid-sized acquisition can take years of post-deal cash flows to recover; and a Valuation that does not meet NCLT requirements can stall a merger scheme at the worst possible moment in the transaction timeline.
This guide is written for CFOs, investment professionals, transaction counsel, business owners and finance teams who need to understand how acquisition Valuation works in India in 2026: which methods apply, how each is executed, what regulatory requirements govern the process, and what mistakes to avoid. Our IBBI-registered valuers at Elite Valuation have applied every method discussed here across hundreds of transactions. The analysis that follows reflects that practical experience.
Key Takeaways: Acquisition Valuation in India
- No single method is sufficient. Acquisition Valuation in India requires triangulation across at least two methods. DCF, comparable methods (EV/EBITDA, P/E) and precedent transactions each capture a different dimension of value and are always used together.
- DCF is the primary method for growth businesses, synergy-driven acquisitions and FEMA cross-border pricing. It is also the most scrutinized method: terminal value assumptions and WACC inputs are the two areas that attract the most challenge from the NCLT and tax authorities.
- Comparable methods are the most widely used cross-check in Indian M&A. EV/EBITDA is capital structure neutral and eliminates depreciation policy differences, making it the most comparable metric across Indian peers.
- Control premiums of 20 to 40 percent should be applied when using minority trading multiples for a controlling interest acquisition. Omitting this adjustment is the most common technical error in Indian acquisition Valuations.
- Section 79 and Section 92(2)(m) (formerly Section 50CA and Section 56(2)(x)) create a tax floor at Fair Market Value for every acquisition share transfer. Both buyer and seller face adverse tax consequences if the deal price is not supported by a contemporaneous Valuation.
- An IBBI-registered valuer is mandatory for NCLT scheme Valuations. SEBI-registered merchant bankers are required for open offers and delistings. The correct professional is determined by the governing regulation.
- Synergies are valued separately from standalone business value. The acquisition price a strategic buyer pays above standalone value represents the synergy premium, and its justification should be documented independently of management projections.
Why Is Valuing a Company for Acquisition Different from Other Valuations?
Quick Answer
Acquisition Valuation differs from standalone business Valuation in three fundamental ways: it must quantify synergies and a control premium on top of standalone value; it must comply with multiple simultaneous regulatory frameworks governing the transaction price; and it must produce a defensible, documented conclusion that withstands review by the NCLT, Income Tax Department, SEBI or RBI depending on how the deal is structured. A Valuation prepared for fundraising or internal planning is not fit for acquisition purposes without significant rework.
In a straightforward fundraising Valuation, the objective is to agree on a minority stake price between a founder and an investor. The methodology and documentation requirements are relatively flexible. In an acquisition Valuation, the objectives are simultaneously more complex and more constrained.
The buyer needs to know the maximum price they can pay before destroying value. The seller needs to ensure the price reflects all economic attributes of what they are transferring. Tax authorities need the price to be at or above FMV. And if the acquisition is structured as a merger scheme, the NCLT needs to be satisfied that the exchange ratio is fair to all shareholders.
The additional considerations that make acquisition Valuation distinct include: control premium quantification, synergy attribution and probability weighting, multi-regulatory framework compliance, fairness opinion requirements for listed company acquisitions, and the need for a valuer with verified credentials specific to the regulatory context of the transaction. Understanding these distinctions before beginning any Valuation work prevents the most common and most expensive mistakes in Indian acquisition transactions.
Related Guides in This Series
For the full regulatory framework governing mergers, demergers and restructuring, see our M&A Valuation in India: Complete Guide. For exchange ratio determination in merger schemes specifically, see our Swap Ratio Determination Guide.
What Are the Main Methods Used to Value a Company for Acquisition?
Acquisition Valuation Methods: Quick Reference
Four primary methods are used to value a company for acquisition in India. DCF Analysis projects free cash flows over 5 to 10 years and discounts them at WACC; it is the primary method for growth businesses and FEMA cross-border pricing. Comparable Company Analysis (EV/EBITDA, P/E, EV/Revenue) benchmarks the target against listed peers; it is the most widely used cross-check. Precedent Transaction Analysis uses acquisition multiples from recent comparable deals to capture what buyers actually paid including control premiums. Asset-Based Valuation (NAV) is prescribed under Rule 11UA for unquoted equity shares and is primary for asset-heavy or holding company targets. Triangulation across at least two methods is required for any defensible acquisition Valuation in India.
1. Discounted Cash Flow Analysis (DCF)
Primary Method
NCLT Accepted
FEMA Compliant
Assumption-Sensitive
DCF: Discounted Cash Flow
DCF values the target business by projecting its future free cash flows and discounting them back to present value at the Weighted Average Cost of Capital. The result is Enterprise Value, from which net debt is deducted to arrive at Equity Value.
For acquisitions, the DCF model is built on two components: the standalone value of the target as an independent entity, and optionally a separate synergy layer reflecting the incremental cash flows the acquirer expects to generate through the combination.
Enterprise Value (DCF) =
Sum of [ FCF(t) / (1 + WACC)^t ] over years 1 to n
+ Terminal Value / (1 + WACC)^n
Terminal Value (Gordon Growth Model) =
FCF(n+1) / (WACC - g)
Free Cash Flow =
EBIT x (1 - Tax Rate) + Depreciation & Amortisation - Capital Expenditure - Change in Working Capital
WACC =
[E / (E + D)] x Cost of Equity + [D / (E + D)] x Cost of Debt x (1 - Tax Rate)
Cost of Equity (CAPM) =
Risk-Free Rate + Beta x (Market Risk Premium)
Where: g = sustainable long-term growth rate (typically 4-6% in India), E = market value of equity, D = market value of debt, n = forecast period in years.
Best for: Growth businesses, synergy-driven acquisitions, cross-border FEMA pricing, businesses where comparable peers are limited.
Key risk: Terminal value typically represents 60 to 70 percent of total enterprise value. Small changes in the terminal growth rate or WACC produce large changes in the output.
2. Comparable Company Analysis: EV/EBITDA and Other Multiples
Cross-Check Required
Market-Based
Control Premium Adjustment Needed
Comparable Company Analysis: Trading Multiples
This method benchmarks the target against a peer group of publicly listed companies in the same sector using revenue, EBITDA, EBIT or net income multiples. EV/EBITDA is the most widely used multiple in Indian M&A because it is capital structure neutral and eliminates the distortion caused by different depreciation policies across companies.
Enterprise Value via EV/EBITDA:
Target Enterprise Value = Selected EV/EBITDA Multiple x Target Normalised EBITDA
Target Equity Value = Enterprise Value - Net Debt
Equity Value via P/E:
Target Equity Value = Selected P/E Multiple x Target Normalised Net Profit
EV/Revenue (for early-stage or loss-making targets):
Target Enterprise Value = Selected EV/Revenue x Target Revenue
Control Premium Adjustment (for controlling interest acquisitions):
Controlling Interest Value = Minority EV x (1 + Control Premium %) Typical control premium range in India: 20 to 40 percent
Best for: Market-based cross-checks, preliminary Valuations, listed company acquisitions, sectors with multiple comparable listed peers.
Key risk: Trading multiples reflect minority, liquid positions in publicly listed companies. For any acquisition of a controlling interest, these multiples should be adjusted upward by an appropriate control premium before they can be applied to derive a controlling interest value. Failure to make this adjustment is the most common technical error in Indian acquisition Valuations and will not survive NCLT scrutiny in scheme proceedings.
3. Precedent Transaction Analysis
Control Premium Benchmark
Captures Strategic Value
Precedent Transactions: Acquisition Multiples
Precedent transaction analysis examines the acquisition multiples paid in recent comparable M&A deals in the same sector, adjusted for differences in deal rationale, market conditions and company characteristics. Unlike comparable company analysis which reflects minority market prices, precedent transactions naturally incorporate control premiums paid by strategic buyers and may include synergy value if the deal was announced with synergy targets.
Best for: Benchmarking control premiums, acquisition price negotiation support, strategic acquisitions where strategic buyer perspective is relevant.
Key risk: Private deal data in India has limited disclosure. Public data is concentrated in large-cap transactions. Deal-specific adjustments for market timing, transaction size and deal structure differences are required before applying precedent multiples to the target.
4. Asset-Based Valuation: Net Asset Value (NAV)
Rule 11UA Prescribed
Income Tax Floor
Understates Going-Concern Value
NAV: Net Asset Value
NAV revalues all tangible and intangible assets of the target to Fair Market Value and deducts all liabilities to arrive at equity value.
Best for: Asset-heavy businesses, real estate companies, holding companies, distressed targets for unquoted share transfers.
Key risk: NAV captures the balance sheet value of assets but ignores goodwill and the present value of future earnings. For any profitable operating business, NAV will significantly understate the going-concern value. It is a floor, not a standalone conclusion.
Which Method Should You Use?
| Target Type | Primary Method | Cross-Check Method(s) |
|---|---|---|
| Growth Business, Strategic Acquisition | DCF with Synergy Layer | Comparable Companies, Precedent Transactions |
| Profitable Business, Clear Peer Group | Comparable Company Analysis (EV/EBITDA) | DCF, Precedent Transactions |
| Asset Heavy or Holding Company | NAV (Sum-of-Parts) | DCF for Operating Subsidiaries |
| Loss Making or Turnaround Target | DCF (Normalised Post Turnaround) | Asset Approach, Comparable Transactions |
| Listed Company Open Offer | SEBI VWAP Formula (Mandatory) | DCF, Comparable Companies |
| Cross Border Acquisition (FEMA) | DCF (Internationally Accepted) | Comparable Companies |
| Distressed Acquisition | Liquidation Value / Post Restructuring DCF | Asset Approach, Comparable Transactions |
| Startup or Pre Revenue Target | DCF with Scenario Analysis | VC Method, Comparable Funding Rounds |
How Do You Build a DCF Model for an Acquisition in India?
A DCF model for an acquisition has eight components that must each be built carefully. Each feeds into the next, and errors in early components compound through the entire model.
1. Financial Due Diligence and Normalisation
Analyse 3 to 5 years of audited financial history. Remove non-recurring items including one-time gains and losses, restructuring charges, and extraordinary items. Adjust related-party transactions to arm's-length values. Normalise promoter compensation to market-rate equivalents. The resulting normalised earnings and cash flows are the correct starting point for projections. Using reported financials without normalisation produces a DCF built on a distorted baseline.
2. Revenue Projections
Build revenue projections from the bottom up: by product line, geography or customer segment. Ground every growth assumption in observable market data, customer pipeline, capacity and competitive dynamics. Management projections are a starting point, not a conclusion. The acquirer's independent assessment of growth drivers should be documented separately. For synergy-driven acquisitions, standalone revenue projections and synergy revenue projections should be kept in separate model layers so each can be stress-tested independently.
3. EBITDA and Free Cash Flow Build
Project EBITDA margins based on operational leverage analysis, cost structure benchmarking and expected efficiency improvements. Below EBITDA, model depreciation separately from the capital expenditure schedule. Build working capital projections as a percentage of revenue using historical ratios and management commentary on expected changes. The resulting unlevered free cash flow is the cash the business generates for all capital providers before considering how it is financed.
4. WACC Computation
Cost of equity is computed using CAPM: risk-free rate (yield on 10-year Indian Government Securities, typically 6.8 to 7.2 percent in 2026), plus beta from a peer group of listed comparables, multiplied by the Indian equity risk premium (typically 6 to 8 percent for established businesses). Cost of debt is the pre-tax marginal borrowing rate of the target or comparable entities, tax-effected at the effective corporate tax rate. WACC is the weighted average based on target capital structure at market values, not book values.
5. Terminal Value
Terminal value represents the business value beyond the explicit forecast period, typically computed using the Gordon Growth Model at a sustainable long-term growth rate of 4 to 6 percent for Indian businesses. The exit multiple approach, applying an EV/EBITDA multiple to the terminal year EBITDA, is used as a cross-check. Because terminal value typically represents 60 to 70 percent of total enterprise value, the terminal growth rate assumption is the single most important and most scrutinized input in the model. A sensitivity table showing enterprise value at different WACC and terminal growth rate combinations is mandatory for any NCLT or tax authority submission.
6. Enterprise Value to Equity Value Bridge
Deduct net debt from enterprise value to arrive at equity value. Net debt comprises all interest-bearing financial liabilities minus cash and cash equivalents. The bridge must also account for off-balance sheet items including operating lease liabilities under Ind AS 116, earn-out obligations, pension deficits, contingent liabilities with a reasonable probability of crystallisation, and surplus non-operating assets that should be added back. Correctly identifying and classifying bridge items is one of the most common sources of acquisition pricing disputes between buyers and sellers.
7. Control Premium and Minority Discount
If the DCF was built on standalone minority-basis cash flows without synergies, and the acquisition is for a controlling interest, add an appropriate control premium. If the acquisition is for a minority stake, apply a minority discount and, where relevant, an illiquidity discount for the lack of a ready market for the minority position. These adjustments convert the control-neutral DCF output to the correct standard of value for the specific transaction context.
8. Sensitivity and Scenario Analysis
Build three scenarios: base case, optimistic and conservative, with clearly defined and independently justified assumptions for each. Prepare two-way sensitivity tables for enterprise value across WACC and terminal growth rate, and across revenue growth rate and EBITDA margin. Document the rationale for the base case assumption selection. Scenario and sensitivity analysis are not optional additions to an acquisition Valuation: they are mandatory for NCLT review, expected by tax authorities in any query response, and essential for a buyer's investment committee approval.
How Do You Use Comparable Methods for Acquisition Valuation in India?
The second tax event is sale. Once the employee owns the shares, any further appreciation belongs to the capital gains regime, not to salary. Crucially, the cost of acquisition for this calculation is not the exercise price the employee paid. It is the FMV on the allotment date, because that value was already taxed once as a perquisite. This prevents the same gain from being taxed twice.
Comparable Methods: Step-by-Step
To use comparable methods for acquisition Valuation in India: (1) Identify 5 to 10 publicly listed Indian companies in the same sector with comparable business models and financial profiles. (2) Compute each peer's EV/EBITDA, P/E or other relevant multiples using current market cap, net debt and trailing or forward EBITDA. (3) Analyse the distribution of multiples in the peer group and understand why outliers trade where they do. (4) Select an appropriate multiple for the target based on its relative growth profile, margin quality and business risk. (5) Multiply by the target's normalised EBITDA, net profit or revenue to arrive at Enterprise Value or Equity Value as applicable. (6) For controlling interest acquisitions, apply a control premium of 20 to 40 percent to the minority-based result.
How to Select the Right Comparable Companies
Comparable selection is the most judgment-intensive step in the entire multiple analysis. Comparables should be similar to the target on: industry and sub-sector, business model, revenue scale, geographic footprint, growth profile and margin structure.
In practice, true comparables are rare in Indian markets, particularly for mid-sized private targets. Where Indian comparables are scarce, the analysis is supplemented with regional or global comparables with explicit adjustments for country risk and market-specific differences.
Do not select comparables simply because they operate in the same broad sector. A listed FMCG company with 30 percent EBITDA margins and pan-India distribution is not a useful comparable for a regional food business with 10 percent margins, even if both technically operate in consumer staples.
Which Multiples Work Best in Indian M&A?
| Multiple | Formula | Best Used When | Limitation |
|---|---|---|---|
| EV / EBITDA | Enterprise Value / EBITDA | Most acquisition contexts; capital structure neutral | Ignores capex intensity differences across companies |
| EV / EBIT | Enterprise Value / EBIT | Capital-intensive businesses where D&A is meaningful | Sensitive to depreciation policy differences |
| P / E | Market Cap / Net Profit | Financial services, simple business models | Affected by capital structure; not usable for loss-makers |
| EV / Revenue | Enterprise Value / Revenue | Early-stage, high-growth or loss-making targets | Ignores profitability; can overstate value for low-margin businesses |
| Price / Book | Market Cap / Net Book Value | Financial services, banks, NBFCs | Dependent on accounting policies; unreliable for asset-light businesses |
Critical: The Control Premium Adjustment
Every multiple derived from the share prices of listed companies reflects a minority, liquid position. A shareholder buying 0.1 percent of a listed company in the market pays a price that does not include any premium for the ability to control the company's operations, strategy or dividend policy. When you are acquiring a controlling interest through a private negotiation or a scheme of arrangement, you must add a control premium to the minority-based multiple result before applying it as a comparable for your acquisition. In India, control premiums for listed companies typically range from 20 to 40 percent above the undisturbed market price. The exact premium depends on the strategic rationale for the acquisition, synergy potential, competitive dynamics in the bidding process and the target's standalone performance. Omitting this adjustment is the most common technical error in Indian acquisition Valuations submitted to the NCLT and will be challenged.
Need a Defensible Acquisition Valuation Report?
Our IBBI-registered valuers combine DCF, comparable methods and precedent transaction analysis with full regulatory compliance across NCLT, income tax and FEMA requirements.
How Do You Quantify Synergies in an Acquisition Valuation?
Synergy value is the additional value created by combining two businesses that neither could have generated independently. It is the economic justification for paying a premium above standalone value, and it is also the most frequently overestimated component in Indian acquisition Valuations.
Studies of completed acquisitions consistently show that 40 to 60 percent of expected synergies fail to materialise, typically because integration complexity, cultural friction and management distraction were underestimated at the time of deal announcement.
For a detailed discussion of synergy quantification methods, probability weighting, and integration cost analysis, see our dedicated Synergy Valuation Guide.
Categories of Synergy in Indian Acquisitions
Revenue synergies include cross-selling the target's products through the acquirer's distribution network, geographic expansion into markets the target could not reach independently, pricing power improvements from combined scale, and new product development enabled by combining complementary technology or customer access. Revenue synergies are harder to achieve than cost synergies and take longer to materialise. A conservative probability weight should be applied to each revenue synergy item, and they should be discounted at a higher rate than the core business WACC to reflect execution risk.
Cost synergies include elimination of duplicate corporate functions, procurement savings from combined purchasing volumes, shared infrastructure and technology platforms, and optimisation of the combined manufacturing or service delivery footprint. Cost synergies are more predictable than revenue synergies and tend to materialise within 12 to 24 months post-close. However, one-time integration costs, redundancy payments and system migration expenses should be deducted from the gross synergy figure to arrive at net present synergy value.
Financial synergies include improved debt capacity from the combined entity's larger balance sheet, tax benefits from carry-forward loss utilisation, and in some cases an improved cost of capital from enhanced scale and diversification. Financial synergies are typically smaller than operational synergies in most Indian transactions but can be material in specific structures, particularly demergers and amalgamations involving loss-making entities.
What Is the Difference Between Enterprise Value and Equity Value in an Acquisition?
Enterprise Value vs. Equity Value: The Bridge
Enterprise Value represents the total value of the business available to all capital providers: equity holders, debt holders and preferred investors. Equity Value represents the residual value available only to equity shareholders.
The bridge is: Equity Value = Enterprise Value minus Net Debt. Net Debt = Total Financial Debt minus Cash and Cash Equivalents.
Items between Enterprise Value and Equity Value that are frequently missed include: operating lease liabilities under Ind AS 116, earn-out obligations, contingent liabilities with material probability of crystallisation, pension deficits, and non-controlling interests in subsidiaries. Errors in the bridge are one of the most common sources of acquisition pricing disputes.
What Goes Into the Net Debt Bridge
| Item | Treatment |
|---|---|
| Bank Loans and Term Debt | Deduct from EV |
| Cash and Cash Equivalents | Add to EV (Reduces Net Debt) |
| Operating Lease Liabilities (Ind AS 116) | Deduct from EV |
| Earn-out Obligations | Deduct Present Value |
| Non-operating Assets | Add to EV Separately |
| Contingent Liabilities (Material Probability) | Deduct Probability-weighted Amount |
How Does Acquisition Valuation Work for Different Transaction Types?
Strategic Acquisition of a Private Company
For a private company acquisition, the primary Valuation deliverable is typically a fairness opinion or a due diligence Valuation supporting the acquirer's investment committee approval. The methodology combines DCF (standalone and with synergies), comparable company analysis with control premium, and precedent transaction benchmarking.
Open Offer for a Listed Company
Under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, an acquirer crossing the prescribed acquisition thresholds (generally 25% voting rights or certain incremental acquisition limits) is required to make a mandatory open offer to public shareholders.
The open offer price must be determined in accordance with Regulation 8 and should be the highest of the prescribed pricing parameters, including the negotiated acquisition price, the 52-week acquisition VWAP, the highest price paid during the preceding 26 weeks, the 60-trading-day VWAP of the target company's shares (where frequently traded), and other valuation metrics where applicable. The open offer process must be managed by a SEBI-registered merchant banker. The 2025 amendments (effective 3 January 2026) introduced changes relating primarily to valuation requirements, including the use of independent registered valuers in specified cases, while the core pricing framework under Regulation 8 continues to apply.
Slump Sale: Acquisition of a Business Unit
A slump sale transfers a business undertaking as a going concern for a lump-sum consideration without individually assigning values to each asset and liability. Under the new Income Tax Act, 2025, capital gains to the seller are computed under Section 77 (which replaces Section 50B of the 1961 Act) on the net worth of the undertaking.
For the buyer, the acquisition price is the cost of the acquired assets, which must later be allocated under Ind AS 103 if the buyer reports under Indian Accounting Standards. Valuation for a slump sale establishes the fair value of the business as a going concern and also supports the buyer's PPA exercise post-acquisition. The accountant's report for such transactions is required to be filed in Form No. 28 under the Income-tax Rules, 2026.
Case Study: Manufacturing Sector Acquisition
Correcting a DCF That Overstated Value by 35 Percent
A promoter-owned manufacturing business was being acquired by a listed strategic buyer. The seller's advisor had prepared a DCF that projected revenue growth of 22 percent per annum for 10 years with EBITDA margins expanding from 14 percent to 21 percent, discounted at a WACC of 11 percent with a terminal growth rate of 7 percent. The terminal value represented 82 percent of the total enterprise value, and no sensitivity analysis had been provided.
Our IBBI-registered valuers were engaged by the acquirer to independently assess the Valuation. Our revised DCF used a 5-year explicit forecast with base case revenue growth of 12 percent, margins expanding to 17 percent based on benchmarked operational leverage for comparable businesses, a WACC of 13.5 percent reflecting the unlisted, promoter-dependent risk profile of the business, and a terminal growth rate of 5 percent. The resulting enterprise value was 35 percent below the seller's initial claim. The sensitivity table showed that even in the optimistic scenario, the seller's number was not achievable without assumptions that had no empirical support.
The acquisition ultimately completed at a price 28 percent below the original ask, supported by our independent Valuation and detailed comparable analysis. The key learning: management projections are not independent Valuations, and the most dangerous DCF errors are concentrated in terminal value and WACC, not in the explicit forecast period.
Get an Independent Acquisition Valuation
IBBI-registered valuers. SEBI merchant bankers. Chartered accountants. Every acquisition Valuation scenario covered: DCF, comparable methods, NCLT schemes, FEMA, tax compliance and PPA.
Closing Summary: Getting Acquisition Valuation Right in India
Valuing a company for acquisition in India requires rigour across three dimensions simultaneously: methodological soundness in DCF, comparable methods and precedent transaction analysis; regulatory compliance across whichever of the four governing frameworks applies to the transaction; and documentation quality sufficient to withstand scrutiny from the NCLT, Income Tax Department, SEBI or RBI.
The most consequential investment any acquirer can make before signing a term sheet is engaging the right Valuation professionals at the right time with a clearly defined scope that covers every regulatory purpose the transaction requires. Correcting a Valuation after regulatory challenge or post-deal dispute costs multiples of what proper preparation would have required.
At Elite Valuation, our IBBI-registered valuers, SEBI-registered merchant bankers and chartered accountants have supported hundreds of acquisitions across sectors with technically rigorous, regulator-tested Valuation deliverables. Whether your transaction is a domestic acquisition, a cross-border deal, a listed company open offer or a structured business unit transfer, the right Valuation is the foundation on which every other aspect of the deal rests.
Frequently Asked Questions: Acquisition Valuation in India
CA Sagar Shah, Founder
Mr Sagar Shah is the Founder of Elite Valuation and leads the firm’s Valuation and Advisory practice. With over 15+ years of professional experience.
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