Valuation Engagement

Commission an independent valuation

The case study shows how a valuation engagement runs. This page is for commissioning one — scoped in writing, documented for counterparty review, and built to survive a motivated buyer's first week of diligence.

Written by CA Pranay Bhansali, Founder & Principal, Volaxi — Chartered Accountant (ICAI), former senior buy-side research analyst.

Last reviewed September 2026 · LinkedIn

What the engagement includes

A documented earnings base
Statutory accounts reconciled to the management P&L, and EBITDA normalized to a maintainable figure — every adjustment evidenced and explained in writing.
Two approaches, triangulated
A discounted cash flow on signed-off assumptions and a comparable-company analysis, built independently and reconciled. Divergence is documented, not averaged away.
A report and a working model
A short report — range, earnings base, assumptions, sensitivities — plus the model behind it, structured so a counterparty's analyst can retrace every input.
Support through review
When the other side's diligence team challenges the normalized base, the working capital, or the discount rate, the answers come from the file — and Volaxi stays engaged through that week.

Engagement or indicative view?

If you are still orienting a decision, the complimentary indicative valuation may be the right first step. If the number is heading into a memorandum, a negotiation or an investment committee, it needs the full engagement.

Complimentary indicative valuation compared with a full engagement
	Indicative valuation	Full engagement
Scope	Desktop-based, from the information you provide	Reconciled accounts, targeted information requests, management discussions
Output	Indicative range with a written note	Full report and working model, documented for diligence
Use	Orienting a decision	Anchoring a memorandum, supporting a negotiation or IC decision
Fee	Complimentary	Scoped and quoted in writing before work begins

Request a complimentary indicative valuation →

How it runs

01
Outline the situation
The form below — the company, what the valuation needs to support, and the timeline. Two minutes.
02
A scoping call
Pranay replies within one business day. A short call establishes scope, information availability and fee — all confirmed in writing before work begins. Confidentiality arrangements can be executed first.
03
The engagement
Typically two to four weeks from complete information: reconciliation, normalization, triangulation, and the deliverable — then support through the counterparty's review.