{"id":286,"date":"2026-04-08T14:23:50","date_gmt":"2026-04-08T14:23:50","guid":{"rendered":"https:\/\/adwaniandco.com\/wpblogs\/?p=286"},"modified":"2026-05-18T13:47:20","modified_gmt":"2026-05-18T13:47:20","slug":"financial-modeling-for-business-valuation","status":"publish","type":"post","link":"https:\/\/adwaniandco.com\/wpblogs\/financial-modeling-for-business-valuation\/","title":{"rendered":"Ultimate Financial Modeling to Normalize Business Valuation in India"},"content":{"rendered":"\n<p>CA Manish Mata  May  2026  10 min read<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"723\" src=\"https:\/\/adwaniandco.com\/wpblogs\/wp-content\/uploads\/2026\/04\/image-2.png\" alt=\"\" class=\"wp-image-736\" srcset=\"https:\/\/adwaniandco.com\/wpblogs\/wp-content\/uploads\/2026\/04\/image-2.png 1024w, https:\/\/adwaniandco.com\/wpblogs\/wp-content\/uploads\/2026\/04\/image-2-300x212.png 300w, https:\/\/adwaniandco.com\/wpblogs\/wp-content\/uploads\/2026\/04\/image-2-768x542.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>An experienced founder sat across prospective investors for his business fundraising exercise. <\/strong>On paper, his company&#8217;s earnings per share (EPS) was \u20b963 impressive, but not spectacular. Yet the founder believed the true earning capacity was closer to \u20b982. The investors were skeptical. Financial modeling for business valuation plays a critical role in how investors assess a company&#8217;s true earning potential.<\/p>\n\n\n\n<p>That changed the moment he presented <strong>a financial model.<\/strong> Through scenario-based analysis and transparent normalisation of non-recurring costs, the team arrived at a <strong>normalised EPS of \u20b979.<\/strong> Nobody challenged the number  not because it was high, but because <strong>the logic behind it was airtight.<\/strong><\/p>\n\n\n\n<p>This is the central insight of modern business valuation: investors care far more about the <strong>story and rigour behind the numbers<\/strong> than the numbers themselves. It is a principle that CA <a href=\"https:\/\/www.adwaniandco.com\/about\/leadership\/dr-haresh-adwani\"><strong>Dr. Haresh Adwani<\/strong> <\/a>and the team at <a href=\"https:\/\/www.adwaniandco.com\/\"><strong>Adwani and Company<\/strong> <\/a>have applied across hundreds of fundraising in India.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Key takeaway<\/strong> A well-structured financial model can lift your business valuation by 30 to 40%  not by inflating numbers, but by making the true earning power visible and defensible to investors.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Benefits of Financial Modeling for Business Valuation<\/strong><\/h2>\n\n\n\n<p><br>\u2022 Improves investor confidence<br>\u2022 Makes valuation assumptions transparent<br>\u2022 Highlights true earning potential<br>\u2022 Increases chances of higher valuation<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">What Is Financial Modeling for Business Valuation in India?<\/h2>\n\n\n\n<p>Financial modeling is the process of creating a structured representation of a business\u2019s financial performance, usually in Excel or specialized software. It helps founders, investors, and analysts understand a company\u2019s earning potential, cash flows, and valuation under different scenarios. By clearly modeling assumptions, revenues, and costs, investors can make informed decisions rather than relying solely on past financial statements.<\/p>\n\n\n\n<p>Financial modeling for business valuation in India can significantly improve valuation through normalized EPS adjustments and scenario analysis<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">How to Calculate Normalized EPS (Step-by-Step)<\/h2>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Start with reported net income<\/strong>:  Take the net profit from your financial statements.<\/li>\n\n\n\n<li><strong>Identify non-recurring items<\/strong>:  Include one-time costs, extraordinary gains, or temporary losses.<\/li>\n\n\n\n<li><strong>Adjust for these items<\/strong>:  Add back non-recurring expenses or subtract non-recurring income.<\/li>\n\n\n\n<li><strong>Divide by total shares outstanding<\/strong>:  This gives the normalized earnings per share.<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Formula for Normalized EPS<\/h2>\n\n\n\n<pre class=\"wp-block-preformatted\">Normalized EPS = Adjusted Net Income <\/pre>\n\n\n\n<pre class=\"wp-block-preformatted\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Total Shares Outstanding<\/pre>\n\n\n\n<p>Example: If adjusted net income is \u20b95.52 crore and shares outstanding are 6,70,000, Normalized EPS = \u20b982.39.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Example of a Financial Model for Business Valuation (India)<\/h2>\n\n\n\n<p>Imagine a mid sized Indian manufacturing company projecting its revenue for the next 3 years:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Historical revenue: 10\u201312 crore<\/li>\n\n\n\n<li>Adjustments for non recurring expenses: 1.5 crore<\/li>\n\n\n\n<li>Normalized EBITDA: 3.8 crore<\/li>\n\n\n\n<li>Scenario analysis: Base, Upside, Downside<br>The model shows investors exactly how the company arrives at a normalized EPS of Rs.79, making valuation credible and defensible.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">1. How Business Valuation Has Changed: From Multiples to Models<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The old approach vs. the modern standard<\/strong><\/h3>\n\n\n\n<p>Until roughly a decade ago, Indian business valuations were largely mechanical: take the last three years&#8217; profits, apply an industry multiple, arrive at a figure. A company with 10 crore profit valued at 10\u00d7 equals 100 crore. Simple.<\/p>\n\n\n\n<p>The 2008 global financial crisis changed this permanently. Companies with impressive reported earnings collapsed because those earnings were not sustainable. Sophisticated investors  especially institutional funds and PE firms  learnt to <strong>demand transparency in the assumptions<\/strong> that drive valuations, not just headline figures.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Why founders who model well get better valuations<\/strong><\/h3>\n\n\n\n<p>Consider two founders approaching the same investor with the same underlying business. Founder A presents raw historical financials. Founder B presents a normalised model with documented adjustments, three growth scenarios, and sensitivity tables.<\/p>\n\n\n\n<p>Founder B almost always gets a higher valuation  and closes faster. The model does not change the business; it makes the business understandable to the person writing the cheque.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. What Is a Financial Model? Core Components Explained<\/h2>\n\n\n\n<p>A financial model is a <strong>structured hypothesis<\/strong> about how your business creates value. It is not a prediction   predictions are always wrong. It is a framework that makes <strong>the assumptions visible<\/strong>, so investors can agree or disagree with specific inputs rather than rejecting the entire valuation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The four layers of a credible valuation model<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Historical analysis (3\u20135 years)<\/strong>: Revenue trends, cost structure, margin evolution, and cash conversion efficiency. This anchors the model in reality.<\/li>\n\n\n\n<li><strong>Normalisation layer<\/strong>: Adjustments that remove one time, non recurring, or distorting items from reported earnings. This reveals the true earning power of the business.<\/li>\n\n\n\n<li><strong>Forward projections<\/strong>: Revenue and cost forecasts tied explicitly to operational drivers  not just a straight line trend.<\/li>\n\n\n\n<li><strong>Scenario and sensitivity analysis<\/strong>: At minimum, a base case, a downside case, and an upside case, with clear articulation of the key variables in each.<\/li>\n<\/ul>\n\n\n\n<p>Also Read:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.adwaniandco.com\/blog\/itr-filing-below-%e2%82%b92-5-lakh-is-it-mandatory-complete-2026-guide\">https:\/\/www.adwaniandco.com\/blog\/itr-filing-below-%e2%82%b92-5-lakh-is-it-mandatory-complete-2026-guide<\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Common Business Valuation Methods in India<\/h2>\n\n\n\n<p>There are several approaches to valuing businesses in India, each suitable for different types of companies:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Market Multiples Method<\/strong> : Valuation based on industry P\/E or EBITDA multiples.<\/li>\n\n\n\n<li><strong>Discounted Cash Flow (DCF) Method<\/strong> :Projected cash flows discounted to present value.<\/li>\n\n\n\n<li><strong>Asset-Based Valuation<\/strong> : Total assets minus liabilities.<\/li>\n\n\n\n<li><strong>Comparable Transactions<\/strong> : Benchmarking against similar business deals in India.<\/li>\n<\/ol>\n\n\n\n<p>Using financial modeling with normalized EPS complements these methods by making projections transparent and credible.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">3. Case Study: From Reported Rs.63 EPS to Normalised Rs.79 EPS<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The situation<\/strong><\/h3>\n\n\n\n<p>A mid-sized manufacturing business approached investors for growth capital. The reported financials showed:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Reported net income: 4.21 crore<\/li>\n\n\n\n<li>Shares outstanding: 6,70,000<\/li>\n\n\n\n<li>Reported EPS: 63<\/li>\n\n\n\n<li>Founder&#8217;s assessment of true earning capacity: 82 per share<\/li>\n\n\n\n<li>Investor challenge: Unwilling to value on the higher figure without proof<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The normalised EPS calculation<\/strong><\/h3>\n\n\n\n<p>The financial model identified four documented, non recurring cost items that had depressed reported earnings in that year:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td><strong>Earnings Adjustment Item<\/strong><\/td><td><strong>Amount (\u20b9 lakh)<\/strong><\/td><\/tr><\/thead><tbody><tr><td>Reported net income<\/td><td>\u20b94.21 crore (base)<\/td><\/tr><tr><td>+ Pandemic margin impact (documented, non-recurring)<\/td><td>+ \u20b942 lakh<\/td><\/tr><tr><td>+ Operational efficiency gains (one-time restructuring)<\/td><td>+ \u20b928 lakh<\/td><\/tr><tr><td>+ Restructuring costs (non-recurring, with board approval)<\/td><td>+ \u20b942 lakh<\/td><\/tr><tr><td>+ Supply chain losses (temporary, COVID-linked)<\/td><td>+ \u20b919 lakh<\/td><\/tr><tr><td><strong>= Normalised net income<\/strong><\/td><td>\u20b95.52 crore<\/td><\/tr><tr><td>\u00f7 Shares outstanding<\/td><td>6,70,000<\/td><\/tr><tr><td><strong>= Normalised EPS<\/strong><\/td><td>\u20b982.39 (rounded to \u20b979 for conservatism)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Why \u20b979 and not \u20b982?<\/strong> The model deliberately rounded down to \u20b979  slightly below the founder&#8217;s own estimate  to signal conservatism and credibility. In investor negotiations, a number that is lower than what the management claims is always more trusted than a number that conveniently matches it.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">4. The Valuation Impact: A 36.4% Uplift Explained<\/h2>\n\n\n\n<p>Using the standard 12\u00d7 EBITDA multiple common in <a href=\"http:\/\/www.msme.gov.in\" target=\"_blank\" rel=\"noopener\">Indian SME and mid market business <\/a>valuations, here is the direct financial impact of having a credible model:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><td>&nbsp;<\/td><td><strong>Without model (reported)<\/strong><\/td><td><strong>With credible model (normalized)<\/strong><\/td><\/tr><\/thead><tbody><tr><td><strong>EBITDA used<\/strong><\/td><td>\u20b92.83 crore<\/td><td>\u20b93.86 crore<br><br>( Normalized Net Income \u20b9 5.52 crore * EBITDA Margin = 70% (typical for this business))<\/td><\/tr><tr><td><strong>Multiple applied<\/strong><\/td><td>12\u00d7<\/td><td>12\u00d7<\/td><\/tr><tr><td><strong>Business valuation<\/strong><\/td><td>\u20b933.96 crore<\/td><td><strong>\u20b946.32 crore<\/strong><\/td><\/tr><tr><td>Valuation Increase from Financial Modeling<\/td><td>\u2014<\/td><td><strong>+\u20b912.36 crore (+36.40%)<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>This 12.36 crore difference did not come from cooking the books. It came entirely from <strong>making visible what was already there<\/strong>  non-recurring costs that had temporarily suppressed earnings, documented in detail so investors could verify them independently.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. Common Mistakes Founders Make in Financial Modeling<\/h2>\n\n\n\n<p>Based on deal experience, these are the most frequent errors that undermine credibility with investors:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Normalising without documentation<\/strong><\/h3>\n\n\n\n<p>Adjusting reported earnings upward without a paper trail  board resolutions, auditor notes, or third party invoices confirming the non-recurring nature of costs  is the fastest way to lose investor trust. Every adjustment needs a corresponding document.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Presenting only the upside scenario<\/strong><\/h3>\n\n\n\n<p>A model with no downside case signals that the founder has not stress-tested their own assumptions. Sophisticated investors will immediately ask: what does this look like if revenue grows at 8% instead of 20% Have that answer ready.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Hockey stick projections without operational justification<\/strong><\/h3>\n\n\n\n<p>Revenue projections that suddenly accelerate in Year 3 without a documented operational reason  a new plant coming online, a signed distribution contract, a regulatory approval  are dismissed immediately. Growth assumptions must be grounded in real operational milestones.<\/p>\n\n\n\n<p>In these contexts, a professionally built model does more than present numbers  it demonstrates that the business is being run with institutional grade financial discipline.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion: Credibility Is Built Before the Meeting<\/h2>\n\n\n\n<p>The most important thing a founder can bring to an investor meeting is not the highest number  it is the <strong>most defensible number.<\/strong> A normalised EPS of Rs.79 backed by documented evidence and transparent methodology will outperform an unsupported claim of Rs.100 every time.<\/p>\n\n\n\n<p>Financial modeling for business valuation is not an accounting exercise. It is a <strong>credibility building process<\/strong> that tells the story of your business&#8217;s true earning power in a language investors are trained to trust.<\/p>\n\n\n\n<p>Whether you are raising your first round, preparing for acquisition, or simply want to understand what your business is genuinely worth, the investment in a rigorous financial model pays for itself many times over.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Benefits of Financial Modeling for Business Valuation<\/strong><\/h2>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1775655062536\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">1. What is the difference between reported EPS and normalised EPS?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Reported EPS reflects actual earnings for a specific period, including one-time events, disruptions, and non-recurring costs. Normalised EPS adjusts for those items to show what the business would consistently earn under typical operating conditions. In the case study above, reported EPS was Rs.63 while normalised EPS was \u20b979   a 25% difference that directly affects what multiple an investor is willing to apply.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1775655108368\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">2. Should I always present a normalised EPS to investors?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Only if every adjustment is supported by documented evidence that the cost or revenue impact is genuinely non-recurring. Investors will verify each item in due diligence. An unsupported upward adjustment damages credibility more than presenting the lower reported number.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1775655122769\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">3. What is financial modeling in simple terms?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Financial modeling is creating a structured representation of a company\u2019s financial performance to help decision-making, plan scenarios, and communicate valuation transparently to investors.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1775655136608\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">4. Why do investors prefer normalized EPS?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Investors prefer normalized EPS because it removes one-time or non-recurring items, showing the company\u2019s true earning potential, making valuations more reliable and defensible<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n<ul class=\"wp-block-social-links is-layout-flex wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-linkedin  wp-block-social-link\"><a href=\"https:\/\/www.linkedin.com\/posts\/manishmata_virtualcfo-strategicfinance-businessvaluation-activity-7447244379032940544-6DqN?\" class=\"wp-block-social-link-anchor\" target=\"_blank\" rel=\"noopener\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M19.7,3H4.3C3.582,3,3,3.582,3,4.3v15.4C3,20.418,3.582,21,4.3,21h15.4c0.718,0,1.3-0.582,1.3-1.3V4.3 C21,3.582,20.418,3,19.7,3z M8.339,18.338H5.667v-8.59h2.672V18.338z M7.004,8.574c-0.857,0-1.549-0.694-1.549-1.548 c0-0.855,0.691-1.548,1.549-1.548c0.854,0,1.547,0.694,1.547,1.548C8.551,7.881,7.858,8.574,7.004,8.574z M18.339,18.338h-2.669 v-4.177c0-0.996-0.017-2.278-1.387-2.278c-1.389,0-1.601,1.086-1.601,2.206v4.249h-2.667v-8.59h2.559v1.174h0.037 c0.356-0.675,1.227-1.387,2.526-1.387c2.703,0,3.203,1.779,3.203,4.092V18.338z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">LinkedIn<\/span><\/a><\/li><\/ul>\n\n\n\n<p>Author<\/p>\n\n\n\n<p><a href=\"https:\/\/www.adwaniandco.com\/about\/leadership\/ca-manish-r-mata\">CA. Manish R. Mata<\/a> Practising In India\u00a0was associated with PwC, \u00a0At Adwani &amp; Co LLP leads the International Accounting &amp; Tax Support vertical, delivering structured execution assistance to US CPA firms and overseas businesses.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CA Manish Mata May 2026 10 min read An experienced founder sat across prospective investors for his business fundraising exercise. On paper, his company&#8217;s earnings per share (EPS) was \u20b963 impressive, but not spectacular. Yet the founder believed the true earning capacity was closer to \u20b982. The investors were skeptical. Financial modeling for business valuation [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[122,123,127,120,126,124,125,121,128],"class_list":["post-286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-business-valuation-india","tag-earnings-per-share-calculation","tag-eps-normalization-example","tag-financial-modeling-for-business-valuation","tag-financial-modeling-for-startups-india","tag-financial-modeling-india","tag-how-to-calculate-normalized-eps","tag-normalized-eps","tag-startup-valuation-pune"],"_links":{"self":[{"href":"https:\/\/adwaniandco.com\/wpblogs\/wp-json\/wp\/v2\/posts\/286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/adwaniandco.com\/wpblogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/adwaniandco.com\/wpblogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/adwaniandco.com\/wpblogs\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/adwaniandco.com\/wpblogs\/wp-json\/wp\/v2\/comments?post=286"}],"version-history":[{"count":8,"href":"https:\/\/adwaniandco.com\/wpblogs\/wp-json\/wp\/v2\/posts\/286\/revisions"}],"predecessor-version":[{"id":741,"href":"https:\/\/adwaniandco.com\/wpblogs\/wp-json\/wp\/v2\/posts\/286\/revisions\/741"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/adwaniandco.com\/wpblogs\/wp-json\/wp\/v2\/media\/412"}],"wp:attachment":[{"href":"https:\/\/adwaniandco.com\/wpblogs\/wp-json\/wp\/v2\/media?parent=286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adwaniandco.com\/wpblogs\/wp-json\/wp\/v2\/categories?post=286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adwaniandco.com\/wpblogs\/wp-json\/wp\/v2\/tags?post=286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}