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Model Note · ALIVUS LIFE SCIENCES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ALIVUS LIFE SCIENCES LTD Discounted cash flow · base FY26
ALIVUS LIFE SCIENCES LTD
Value per share, this model₹609
CMP 2026-09-10₹1,388.80
Difference(56.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ALIVUS LIFE SCIENCES 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
7% a year
FY26 6.9% · 5-yr CAGR —%
EBITDA margin
30.2%
FY26 30.2% · 5-yr average 29.4%
Depreciation · capex, % of revenue
3% · 12%, fading to 1.2× depreciation
FY26 3.0% · 12.0%
Working capital, % of added revenue · tax
54.6% · 24.9%
199 working-capital days · effective 24.9%
Discount rate
11.00%
1-yr beta 0.58
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(2) · ₹0 · ₹0 cr
FY26 net debt ₹(2) cr
Shares
12.27 crore
12.27 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
2,552
2,730
2,922
3,126
3,345
3,579
growth %
6.9
7.0
7.0
7.0
7.0
7.0
EBITDA
772
825
882
944
1,010
1,081
Depreciation
(75)
(82)
(88)
(94)
(100)
(107)
NOPAT
523
558
597
639
683
731
less capex
(307)
(328)
(289)
(244)
(191)
(129)
less working-capital build
—
(98)
(104)
(112)
(119)
(128)
Free cash flow to firm
—
214
291
377
473
582
Present value
204
249
290
329
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 · ALIVUS LIFE SCIENCES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,435
PV of the terminal value (81% of EV)
6,042
Enterprise value
7,477
less net debt
2
less non-controlling interest
0
add non-operating investments
0
Equity value
7,479
÷ 12.27 crore shares
₹609
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
630
679
738
810
900
10.5%
579
620
668
726
796
11.0%
535
569
609
657
713
11.5%
497
526
560
599
646
12.0%
464
489
518
551
589
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
