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Model Note · AARTI PHARMALABS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AARTI PHARMALABS LIMITED Discounted cash flow · base FY26
AARTI PHARMALABS LIMITED
Value per share, this model₹141
CMP 2026-09-10₹828.30
Difference(82.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of AARTI PHARMALABS LIMITED, 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
-5% a year
FY26 (14.0)% · 5-yr CAGR —%
EBITDA margin
20.1%
FY26 20.1% · 5-yr average 20.1%
Depreciation · capex, % of revenue
5.7% · 22.5%, fading to 1.2× depreciation
FY26 5.7% · 22.5%
Working capital, % of added revenue · tax
48.9% · 25.9%
178 working-capital days · effective 25.9%
Discount rate
11.00%
1-yr beta 1.16
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹677 · ₹0 · ₹0 cr
FY26 net debt ₹677 cr
Shares
9.07 crore
9.07 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
1,819
1,728
1,642
1,560
1,482
1,408
growth %
(14.0)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
366
347
330
314
298
283
Depreciation
(104)
(99)
(94)
(89)
(84)
(80)
NOPAT
194
184
175
166
158
150
less capex
(409)
(389)
(305)
(229)
(159)
(96)
less working-capital build
—
44
42
40
38
36
Free cash flow to firm
—
(61)
6
67
121
170
Present value
(58)
5
51
84
107
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 PHARMALABS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
189
PV of the terminal value (90% of EV)
1,770
Enterprise value
1,959
less net debt
(677)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,282
÷ 9.07 crore shares
₹141
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
149
169
192
221
256
10.5%
129
145
164
187
215
11.0%
112
125
141
160
183
11.5%
97
109
122
137
156
12.0%
84
94
105
118
134
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
