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Debt waterfall and DSCR sandbox

Try sculpted, equal or annuity repayment with a DSRA and a lock-up test, and see DSCR, LLCR and cash to equity year by year.

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Education only. The tool uses only the numbers you type. It is not investment, tax, legal or accounting advice and it does not recommend any security or transaction. Annual periods only; real models use half-yearly or quarterly periods, tax, working capital and the exact terms of the loan agreement.

Your assumptions (₹ crore)

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Minimum DSCR
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Average DSCR
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LLCR at start
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Debt capacity at target DSCR
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Covenant breaches
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Years in lock-up
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Paid to equity
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DSRA funded at start
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CFADS (navy) and debt service (gold) by year.

The waterfall, in order

  1. CFADS pays interest, then scheduled principal.
  2. If CFADS falls short, the DSRA is drawn first. Any shortfall left is shown on the closing debt.
  3. The DSRA is topped up to the required months of next year's debt service, or the excess is released.
  4. If DSCR is at or above the lock-up level, the rest goes to equity, with any cash trapped earlier. Otherwise it is trapped.

Sculpting sets each year's debt service as a fixed share of that year's CFADS, so DSCR is the same every year. Debt capacity is the present value of CFADS at the interest rate divided by the target DSCR. LLCR is the present value of CFADS over the loan life divided by the debt. For covenant tracking on real numbers, use the DSCR and covenant tracker (H).

Last reviewed 25 October 2026. Spotted an error? Tell us and we will correct it.