Business Valuation Services in India

A defensible business valuation is no longer a nice-to-have — it is a regulatory deliverable, a tax shield, and a fundraising weapon. Every Indian company that issues shares, gifts equity, transfers shares, takes ESOPs to the next level, restructures, prepares for M&A, applies for FDI, files for NCLT scheme, or attracts a Section 56(2)(x) inquiry needs a valuation that satisfies a specific statutory framework. By 2026, the architecture has hardened: Registered Valuer (RV) under Section 247 of the Companies Act 2013 and IBBI Valuation Standards, Rule 11UA of the Income Tax Rules (mandatorily by Merchant Banker for unquoted shares post-Budget 2023), FEMA pricing guidelines for FDI / ODI / share transfer with non-residents, and SEBI ICDR for IPO / preferential allotment — each with its own methodology, registered-person requirement, and survivability test.

A valuation that costs ₹50,000 to generate but does not satisfy Rule 11UA can cost the company ₹50 lakh in Section 56(2)(x) deemed-gift tax and another ₹50 lakh in Section 270A penalty. A valuation that ignores DCF supportability under IBBI Standards collapses at NCLT scrutiny. A valuation that misclassifies the asset under FEMA pricing fails RBI compounding. The cost of getting it wrong is structurally larger than the cost of getting it right — and most off-the-shelf templates do not get it right.

We do business and share valuations as Registered Valuers under IBBI, with Merchant Banker valuations under Rule 11UA delivered through empanelled SEBI-registered Cat-I MBs, integrated with the underlying tax / regulatory / commercial outcome you need.

Where Each Valuation Is Used

• Fundraising — Rule 11UA / FEMA Pricing:: Fresh issue to non-residents, FC-GPR pricing floor; fresh issue to residents above FMV (avoiding Section 56(2)(viib) angel tax); pricing for convertible notes, SAFEs, CCDs.

• Share Transfer:: Section 56(2)(x) FMV — recipient pays tax on the difference; Rule 11UA controls; transfer to non-resident — FEMA floor; family transfer — same rules apply.

• ESOP / RSU Valuation:: Black-Scholes / lattice for option valuation; FMV at grant for perquisite tax (Section 17(2)); secondary sale price discovery.

M&A — DCF, Comparable Company, Comparable Transaction:
Buy-side / sell-side; price discovery; fairness opinion for board; SAR (Synergy and Additionality Report).

NCLT Schemes — Mergers, Demergers, Slump Sale, Capital Reduction:
Registered Valuer report under Section 230 / 232 / 66 Companies Act; share-exchange ratio; entitlement of dissenting shareholders.

• SEBI / IPO / Preferential Allotment:: SEBI ICDR pricing; preferential allotment lookback; DRHP support.

Insolvency & Liquidation — Fair Value & Liquidation Value:
Two RV reports under IBBI Code; CIRP / liquidation outcome modelling.

• Internal & Family Settlements:: Cap table updates, family arrangement, HUF partition, will-related valuation.

Why a Valuation Survives or Fails

Method choice (DCF vs NAV vs comparable) anchored to IBBI Standards. Discount rate (CAPM build-up) defended. Terminal value sanity-checked. DLOM / DLOC applied where appropriate. Sensitivity table run. Working assumptions linked to audited financials. Each layer of rigour buys defensibility against the AO, the NCLT bench, the RBI AD bank, the audit committee, and the next investor. We write valuations that hold up across all of these.