ValuationsValuations

Most commonly: a fundraise (to support the share-issue price for FEMA / Income-tax purposes), an ESOP grant (for grant-price determination), a related-party transaction (to demonstrate arm's length), a transaction (M&A fairness or pricing), a restatement (purchase-price allocation under Ind AS 103), or a regulatory ask (RBI / SEBI). Less commonly: dispute / IBC matters, internal management decisions, or shareholder buyouts. The purpose drives the value standard and the methodology — we scope that in week one.

Depends on the purpose.

Fair market value is the default for tax and regulatory contexts. Fair value (Ind AS / IFRS) for financial reporting. Investment value or strategic value for M&A. Liquidation value for IBC. Getting the standard wrong is the most common source of valuation rework — we anchor on the purpose first, the standard second, the methodology third. Most reports have the standard noted on the cover.

Fixed engagement fee per valuation, scoped after the purpose, value standard and complexity are agreed.

Simple fundraise / ESOP valuations are in a defined band; complex transaction valuations, multi-entity valuations, or contested matters are scoped individually. Fees never depend on the conclusion — that would undermine the report's independence.

Two to three weeks for a routine fundraise or ESOP valuation.

Three to four weeks for a transaction valuation with multiple methodologies. Six to eight weeks for a complex multi-entity or cross-border valuation. The timeline is mostly driven by information availability — the actual analytical work is two to three weeks of partner time.

Every report ships with a defence pack: methodology disclosure, assumption schedule, sensitivity analysis, and the alternative views considered.

The same partner who signed the report represents in diligence calls, audit-committee questions, or appellate proceedings. We don't outsource the defence.

Same staffing point as the rest of the firm — partner-led delivery rather than associate-heavy.

For ESOP, fundraise, FEMA and Indian-regulatory valuations Big-4 is typically more expensive and slower without delivering a meaningfully different report. For cross-border fairness opinions where institutional investors specifically require Big-4 brand, we recommend Big-4.

Not for the same company.

SEBI's Listing Obligations, the Companies Act, and ICAI's code all prohibit the auditor of a listed or large company from also providing valuation services to that company. We sometimes pair — value for one company, audit for an unrelated company — but never both for the same.

Disagreement is expected — usually because management's expectations diverge from market-implied multiples or DCF assumptions.

We walk through every assumption, show the sensitivity to the variables in question, and document the disagreement on the workpapers. If the difference is fundamental, we don't issue the report. We never adjust the number to land where the client wants.

Annually as a default for ESOP and fundraise contexts.

Sooner when there's a material event — a closed round at a new price, a significant business development, a regulatory change in valuation methodology. A stale valuation defended against current diligence is harder to support than a fresh one.

Sweet spot is companies with revenue between INR 20 crore and INR 2,000 crore, or transactions in the US $5M to US $500M band.

Smaller engagements work too — a $1M ESOP grant valuation is a routine assignment. Above that band, we sometimes pair with a Big-4 firm where institutional investor preference demands it.