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Model Note · AARTI DRUGS LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AARTI DRUGS LTD. Discounted cash flow · base FY26
AARTI DRUGS LTD.
Value per share, this model₹243
CMP 2026-09-10₹428.30
Difference(43.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of AARTI DRUGS LTD., built on its filed FY26 consolidated 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
7.5% a year
FY26 7.5% · 5-yr CAGR 3.5%
EBITDA margin
12.1%
FY26 12.1% · 5-yr average 12.2%
Depreciation · capex, % of revenue
2.6% · 6.8%, fading to 1.2× depreciation
FY26 2.6% · 6.8%
Working capital, % of added revenue · tax
32.8% · 7.6%
120 working-capital days · effective 7.6%
Discount rate
11.00%
1-yr beta 0.88
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹568 · ₹0 · ₹0 cr
FY26 net debt ₹568 cr
Shares
9.13 crore
9.13 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
2,565
2,758
2,965
3,187
3,426
3,683
growth %
7.5
7.5
7.5
7.5
7.5
7.5
EBITDA
309
334
359
386
415
446
Depreciation
(67)
(72)
(77)
(83)
(89)
(96)
NOPAT
224
242
260
280
301
323
less capex
(173)
(188)
(174)
(158)
(138)
(115)
less working-capital build
—
(63)
(68)
(73)
(78)
(84)
Free cash flow to firm
—
63
95
132
173
220
Present value
60
81
101
120
137
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 · AARTI DRUGS LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
500
PV of the terminal value (82% of EV)
2,283
Enterprise value
2,783
less net debt
(568)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,215
÷ 9.13 crore shares
₹243
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
253
278
308
345
390
10.5%
227
248
272
302
338
11.0%
205
222
243
267
296
11.5%
186
201
218
238
261
12.0%
169
182
196
213
233
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
