This note states the assumptions and the arithmetic of one model of AAREY DRUGS & PHARM LTD, built on its filed FY26 standalone statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
-0.5% a year
FY26 (0.4)% · 5-yr CAGR 6.3%
EBITDA margin
1.5%
FY26 1.5% · 5-yr average 1.6%
Depreciation · capex, % of revenue
0.6% · 2.6%, fading to 1.2× depreciation
FY26 0.6% · 2.6%
Working capital, % of added revenue · tax
19% · 26.7%
69 working-capital days · effective 26.7%
Discount rate
11.00%
1-yr beta 1.3
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹49 · ₹0 · ₹0 cr
FY26 net debt ₹49 cr
Shares
2.85 crore
2.85 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
472
470
468
465
463
461
growth %
(0.4)
(0.5)
(0.5)
(0.5)
(0.5)
(0.5)
EBITDA
7
7
7
7
7
7
Depreciation
(3)
(3)
(3)
(3)
(3)
(3)
NOPAT
3
3
3
3
3
3
less capex
(12)
(12)
(10)
(8)
(6)
(3)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
(6)
(4)
(1)
1
3
Present value
(6)
(3)
(1)
1
2
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · AAREY DRUGS & PHARM LTD · 30 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(7)
PV of the terminal value (132% of EV)
30
Enterprise value
23
less net debt
(49)
less non-controlling interest
0
add non-operating investments
0
Equity value
(26)
÷ 2.85 crore shares
₹(9)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(9)
(8)
(6)
(5)
(3)
10.5%
(10)
(9)
(8)
(7)
(5)
11.0%
(11)
(10)
(9)
(8)
(7)
11.5%
(12)
(11)
(10)
(9)
(8)
12.0%
(12)
(12)
(11)
(10)
(10)
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
