Models
AJANTA PHARMA LIMITEDAJANTPHARMPharmaceuticals & Biotechnology
₹1,291per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹1,291implied FY26 P/E 14.2× · EV/EBITDA 11.7×
Against CMP ₹3,559.90−63.7%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3181%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹980₹1,913
52-week rangetraded range, a fact not a value
₹2,330₹3,796
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 3,096 |
| PV of terminal value | 13,197 |
| Enterprise value | 16,292 |
| less net debt | (109) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 16,183 |
| ÷ 12.54 crore shares | ₹1,291 |
81% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 1,336 | 1,440 | 1,566 | 1,720 | 1,913 |
| 10.50% | 1,226 | 1,313 | 1,416 | 1,540 | 1,691 |
| 11.00% | 1,132 | 1,205 | 1,291 | 1,392 | 1,514 |
| 11.50% | 1,051 | 1,113 | 1,185 | 1,269 | 1,369 |
| 12.00% | 980 | 1,034 | 1,095 | 1,166 | 1,248 |
The outlined cell is your model. Green figures sit above the CMP of ₹3,559.90; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 994 · 1,271 · 1,609 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.81 |
| Rank correlation with discount rate | −0.51 |
| Rank correlation with revenue growth | +0.16 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,743 | 4,209 | 4,648 | 5,453 | 6,407 | 7,528 | 8,846 | 10,394 | 12,213 |
| growth % | 12.0 | 12.5 | 10.4 | 17.3 | 17.5 | 17.5 | 17.5 | 17.5 | 17.5 |
| EBITDA | 783 | 1,172 | 1,260 | 1,395 | 1,640 | 1,927 | 2,265 | 2,661 | 3,126 |
| margin % | 20.9 | 27.8 | 27.1 | 25.6 | 25.6 | 25.6 | 25.6 | 25.6 | 25.6 |
| less depreciation | (131) | (135) | (144) | (173) | (205) | (241) | (283) | (333) | (391) |
| EBIT | 652 | 1,037 | 1,115 | 1,222 | 1,435 | 1,686 | 1,981 | 2,328 | 2,736 |
| less tax on EBIT | (285) | (334) | (393) | (462) | (542) | (637) | |||
| NOPAT | 937 | 1,101 | 1,293 | 1,520 | 1,786 | 2,098 | |||
| add depreciation | 131 | 135 | 144 | 173 | 205 | 241 | 283 | 333 | 391 |
| less capex | (174) | (152) | (318) | (365) | (429) | (451) | (466) | (473) | (469) |
| less working-capital build | — | (393) | (462) | (543) | (638) | (749) | |||
| Free cash flow to firm | 617 | 633 | 839 | — | 483 | 622 | 794 | 1,007 | 1,271 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 459 | 532 | 612 | 699 | 794 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 212, dividends at 33.1% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 1,222 | 1,435 | 1,686 | 1,981 | 2,328 | 2,736 |
| Interest at 15% on debt | (32) | (32) | (32) | (32) | (32) | |
| Profit before tax | 1,403 | 1,655 | 1,950 | 2,296 | 2,704 | |
| Profit after tax | 1,056 | 1,076 | 1,269 | 1,495 | 1,761 | 2,074 |
| Dividends | (350) | (356) | (420) | (495) | (583) | (686) |
| Balance sheet, year end | ||||||
| Cash | 103 | 206 | 383 | 658 | 1,058 | 1,617 |
| Working capital | 2,248 | 2,642 | 3,103 | 3,646 | 4,284 | 5,033 |
| Net block and other assets | 3,803 | 4,027 | 4,237 | 4,420 | 4,561 | 4,639 |
| Debt | 212 | 212 | 212 | 212 | 212 | 212 |
| Equity | 4,527 | 5,247 | 6,096 | 7,097 | 8,275 | 9,662 |
| Balance check | 0 | 0 | 0 | (0) | (0) | 0 |
| Cash flow | ||||||
| From operations | 888 | 1,048 | 1,236 | 1,456 | 1,715 | |
| Investing (capex) | (429) | (451) | (466) | (473) | (469) | |
| Financing (dividends) | (356) | (420) | (495) | (583) | (686) | |
| Net change in cash | 103 | 177 | 275 | 400 | 560 | |
| Free cash flow to equity | 459 | 597 | 769 | 983 | 1,246 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 17.5% | 25.6% | 11.00% | 5% | ₹1,291 | (63.7)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.