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Model Note · AJANTA PHARMA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AJANTA PHARMA LIMITED Discounted cash flow · base FY26
AJANTA PHARMA LIMITED
Value per share, this model₹1,291
CMP 2026-09-10₹3,559.90
Difference(63.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of AJANTA PHARMA 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
17.5% a year
FY26 17.3% · 5-yr CAGR 13.5%
EBITDA margin
25.6%
FY26 25.6% · 5-yr average 25.9%
Depreciation · capex, % of revenue
3.2% · 6.7%, fading to 1.2× depreciation
FY26 3.2% · 6.7%
Working capital, % of added revenue · tax
41.2% · 23.3%
151 working-capital days · effective 23.3%
Discount rate
11.00%
1-yr beta 0.51
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹109 · ₹0 · ₹0 cr
FY26 net debt ₹109 cr
Shares
12.54 crore
12.54 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
5,453
6,407
7,528
8,846
10,394
12,213
growth %
17.3
17.5
17.5
17.5
17.5
17.5
EBITDA
1,395
1,640
1,927
2,265
2,661
3,126
Depreciation
(173)
(205)
(241)
(283)
(333)
(391)
NOPAT
937
1,101
1,293
1,520
1,786
2,098
less capex
(365)
(429)
(451)
(466)
(473)
(469)
less working-capital build
—
(393)
(462)
(543)
(638)
(749)
Free cash flow to firm
—
483
622
794
1,007
1,271
Present value
459
532
612
699
794
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 · AJANTA PHARMA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,096
PV of the terminal value (81% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,336
1,440
1,566
1,720
1,913
10.5%
1,226
1,313
1,416
1,540
1,691
11.0%
1,132
1,205
1,291
1,392
1,514
11.5%
1,051
1,113
1,185
1,269
1,369
12.0%
980
1,034
1,095
1,166
1,248
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
