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Model Note · AKUMS DRUGS AND PHARMA L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AKUMS DRUGS AND PHARMA L Discounted cash flow · base FY26
AKUMS DRUGS AND PHARMA L
Value per share, this model₹194
CMP 2026-09-10₹774.90
Difference(75.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of AKUMS DRUGS AND PHARMA L, 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
6% a year
FY26 5.8% · 5-yr CAGR —%
EBITDA margin
11.5%
FY26 11.5% · 5-yr average 11.6%
Depreciation · capex, % of revenue
3.5% · 5.3%, fading to 1.2× depreciation
FY26 3.5% · 5.3%
Working capital, % of added revenue · tax
21.8% · 32.9%
80 working-capital days · effective 32.9%
Discount rate
11.00%
1-yr beta 0.92
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(313) · ₹0 · ₹0 cr
FY26 net debt ₹(313) cr
Shares
15.31 crore
15.31 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
4,359
4,621
4,898
5,192
5,503
5,833
growth %
5.8
6.0
6.0
6.0
6.0
6.0
EBITDA
502
531
563
597
633
671
Depreciation
(155)
(162)
(171)
(182)
(193)
(204)
NOPAT
233
248
263
279
295
313
less capex
(231)
(245)
(246)
(247)
(246)
(245)
less working-capital build
—
(57)
(60)
(64)
(68)
(72)
Free cash flow to firm
—
108
128
150
174
200
Present value
102
109
115
121
125
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 · AKUMS DRUGS AND PHARMA L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
573
PV of the terminal value (78% of EV)
2,080
Enterprise value
2,653
less net debt
313
less non-controlling interest
0
add non-operating investments
0
Equity value
2,966
÷ 15.31 crore shares
₹194
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
200
213
229
249
274
10.5%
185
197
210
226
245
11.0%
173
183
194
207
222
11.5%
163
171
180
191
204
12.0%
154
160
168
178
188
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
