IBBI Registered Valuers · 500+ Engagements · Pan India
Expert, court-defensible business valuation for M&A, fundraising, IBC, ESOP, tax compliance, and financial reporting. Conducted by IBBI Registered Valuers and accepted by NCLT, SEBI, RBI, and Income Tax authorities.
✔️ IBBI Registered Valuers ✔️ 30+ years, Mumbai ✔️ Suzlon · IL&FS · ONGC ✔️ 7–15 business days
Business valuation is the professional determination of a company's economic worth — for a specific purpose, at a specific date, using accepted approaches.
Three approaches are used depending on the company type and purpose: the income approach (DCF) for earnings-driven companies, the market approach for comparable transactions, and the asset approach (NAV) for asset-heavy or liquidation scenarios. In India, valuations for regulatory, statutory, or transactional purposes — IBC proceedings, ESOP grants, M&A, FEMA compliance — must be conducted by an IBBI Registered Valuer under the Companies Act 2013 and Companies (Registered Valuers and Valuation) Rules, 2017.
What Do You Need a Valuation For?
RNC conducts business valuations across every regulatory and transactional context in India. Select the purpose closest to your need.
Not sure which type of valuation you need? Tell us your situation and we’ll advise on the right approach.
The Three Approaches RNC Uses
Income Approach
Discounted Cash Flow (DCF)
Values the business based on projected future free cash flows, discounted to present value at a risk-adjusted WACC. Requires detailed financial modelling, growth rate assumptions, and terminal value calculation.
Best for: Profitable companies with predictable earnings; fundraising; M&A
Market Approach
Comparable Companies / Transactions
Values the business using trading multiples (EV/EBITDA, P/E) of listed peer companies, or actual transaction multiples from comparable M&A deals. Provides market-reality anchor.
Best for: Established businesses with listed peers; M&A; SEBI fairness opinions
Asset Approach
Net Asset Value (NAV)
Values the business based on fair value of all assets minus liabilities. Requires revaluation of each asset class to current market value — not book value.
Best for: Asset-heavy companies, holding companies, liquidation (IBC/CIRP)
RNC Valuecon — 30+ Years of Business Valuation Practice
500+
Business valuation engagements across 20+ industry sectors
20+
Industry sectors including power, EPC, FinTech, real estate, pharma, oil & gas
3
IBBI asset classes covered — Securities, Land & Building, Plant & Machinery
About the author:
Sahil Narula
Sahil Narula is the Managing Partner at RNC Valuecon LLP and a Registered Valuer with IBBI. He brings over a decade of experience in Valuation Services, Corporate Finance, and Advisory, having led numerous complex assignments under the Insolvency & Bankruptcy Code, 2016, Mergers & Acquisitions, Insurance, and Financial Reporting.
He is a regular speaker at national forums (ASSOCHAM, CII, ICAI, IBBI, Legal Era) and currently serves as Co-Chairman of ASSOCHAM’s National Council on Insolvency & Valuations and a member of CII’s Task Force on Insolvency & Bankruptcy.
🤝Connect with Sahil on LinkedIn.
Business Valuation Track Record
RNC has conducted lender-appointed, NCLT-filed, and SEBI-facing valuations for institutional clients across infrastructure, energy, and finance.
Get a Quote →Suzlon Energy Limited
Appointed by the lenders for determining enterprise value for the purpose of debt restructuring. Lender-appointed mandates require the highest standard of defensibility — reports that can withstand scrutiny from multiple creditor constituencies.
IL&FS Transportation Networks Limited
Business valuation of 16 SPVs comprising toll road and annuity projects — a complex, multi-entity group assignment requiring consistent methodology across project types and stage of construction.
ONGC Tripura Power Company Limited
Estimation of fair value and liquidation value of IL&FS’s investment in ONGC Tripura Power Company — requiring both going-concern and distressed-scenario valuation of a power sector SPV.
ILFS Engineering and Construction Company
Estimation of enterprise value for the purpose of divestment — a transaction-facing valuation prepared to support price negotiation with prospective acquirers.
John Energy Limited
Valuation of unquoted shares for the purpose of divestment — requiring the market and income approaches to establish a defensible per-share value for unlisted equity.
Flemingo Dutyfree Shop Private Limited
Business valuation for the purpose of stake sale — a commercial transaction valuation requiring fairness-opinion-quality analysis to support shareholder negotiations.
To speak to our Valuation Experts, Schedule an appointment.
Frequently Asked Questions
1. What is business valuation?
Business valuation is the professional process of determining the economic worth of a company at a specific date, for a specific purpose. It uses three recognised approaches — income (DCF), market (comparable companies), and asset (NAV) — chosen based on the company’s stage, industry, and purpose.
2. When is business valuation required in India?
Business valuation is required for: funding rounds, M&A (fairness opinion, swap ratio), ESOP grants under Section 247, income tax compliance (Rule 11UA), FEMA/FDI share transfers, IBC/CIRP proceedings, financial reporting (Ind AS impairment testing, PPA), and litigation/dispute resolution.
3. Who can perform business valuation in India?
For statutory purposes under the Companies Act, only an IBBI Registered Valuer can certify. For FEMA and income tax, a SEBI Merchant Banker or CA may also be acceptable depending on the provision. For IBC/CIRP, only IBBI Registered Valuers are authorised. RNC holds IBBI registration across all three asset classes.
4. What are the three approaches used in business valuation?
Income approach (DCF): projects future cash flows, discounts at WACC. Market approach: compares EV/EBITDA and P/E multiples against peers or actual transactions. Asset approach (NAV): fair value of net assets. Most professional valuations use a combination and reconcile the outcomes.
5. How much does business valuation cost in India?
From approximately ₹40,000 for a straightforward small business valuation to several lakh rupees for complex M&A, multi-entity IBC, or large enterprise valuations. Purpose matters: NCLT or SEBI-facing reports require more extensive documentation than internal strategic valuations.
6. How long does a business valuation take?
Typically 7–15 business days from receipt of complete financial documentation. Complex group company, multi-location, or M&A fairness opinion engagements take longer.
7. Is a business valuation report accepted by Indian courts and regulators?
Yes, provided it is prepared by an IBBI Registered Valuer following IVS (mandatory for IBC proceedings from April 1, 2026; best practice for all statutory valuations). RNC’s reports are accepted by NCLT, SEBI, RBI, and income tax authorities.
RNC Valuecon LLP · IBBI Registered Valuers · 30+ Years · Pan India
Get a Business Valuation You Can Defend
Lender-appointed for Suzlon, trusted by IL&FS, ONGC, and 500+ engagements across India. IBBI Registered Valuers. Reports accepted by NCLT, SEBI, RBI, and Income Tax authorities.