The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · ALEMBIC PHARMA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ALEMBIC PHARMA LTD Discounted cash flow · base FY26
ALEMBIC PHARMA LTD
Value per share, this model₹335
CMP 2026-09-10₹807.00
Difference(58.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ALEMBIC PHARMA 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
10% a year
FY26 10.1% · 5-yr CAGR 6.4%
EBITDA margin
14.3%
FY26 14.3% · 5-yr average 14.7%
Depreciation · capex, % of revenue
4.3% · 5.9%, fading to 1.2× depreciation
FY26 4.3% · 5.9%
Working capital, % of added revenue · tax
42.8% · 3.3%
156 working-capital days · effective 3.3%
Discount rate
11.00%
1-yr beta 0.88
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,164 · ₹0 · ₹0 cr
FY26 net debt ₹1,164 cr
Shares
19.66 crore
19.66 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
7,345
8,079
8,887
9,776
10,754
11,829
growth %
10.1
10.0
10.0
10.0
10.0
10.0
EBITDA
1,051
1,155
1,271
1,398
1,538
1,692
Depreciation
(319)
(347)
(382)
(420)
(462)
(509)
NOPAT
709
781
859
945
1,040
1,144
less capex
(435)
(477)
(508)
(541)
(575)
(610)
less working-capital build
—
(314)
(346)
(380)
(418)
(460)
Free cash flow to firm
—
338
388
445
509
582
Present value
320
332
343
353
364
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 · ALEMBIC PHARMA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,712
PV of the terminal value (78% of EV)
6,043
Enterprise value
7,755
less net debt
(1,164)
less non-controlling interest
0
add non-operating investments
0
Equity value
6,591
÷ 19.66 crore shares
₹335
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
349
379
416
461
517
10.5%
316
342
372
408
452
11.0%
289
310
335
365
400
11.5%
265
283
304
329
358
12.0%
244
260
278
299
323
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
