Models
AMRUTAJAN HEALTH LTDAMRUTANJANPharmaceuticals & Biotechnology
₹283per 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₹283implied FY26 P/E 15.2× · EV/EBITDA 12.1×
Against CMP ₹490.95−42.4%close of 2026-09-10
Growth the CMP implies26.4%revenue, a year for 5 years, on your other inputs
Value after FY3189%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
₹210₹429
52-week rangetraded range, a fact not a value
₹483₹774
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 92 |
| PV of terminal value | 715 |
| Enterprise value | 807 |
| less net debt | 11 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 818 |
| ÷ 2.89 crore shares | ₹283 |
89% 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% | 293 | 318 | 347 | 383 | 429 |
| 10.50% | 267 | 288 | 312 | 341 | 377 |
| 11.00% | 246 | 263 | 283 | 307 | 335 |
| 11.50% | 227 | 241 | 258 | 278 | 301 |
| 12.00% | 210 | 223 | 237 | 254 | 273 |
The outlined cell is your model. Green figures sit above the CMP of ₹490.95; 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 | 225 · 281 · 349 |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.62 |
| Rank correlation with ebitda margin | +0.60 |
| Rank correlation with revenue growth | +0.44 |
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 | 380 | 421 | 452 | 503 | 558 | 619 | 687 | 763 | 847 |
| growth % | (6.5) | 11.0 | 7.3 | 11.2 | 11.0 | 11.0 | 11.0 | 11.0 | 11.0 |
| EBITDA | 44 | 51 | 58 | 67 | 74 | 82 | 91 | 101 | 113 |
| margin % | 11.7 | 12.2 | 12.9 | 13.3 | 13.3 | 13.3 | 13.3 | 13.3 | 13.3 |
| less depreciation | (5) | (6) | (7) | (6) | (7) | (8) | (9) | (10) | (11) |
| EBIT | 39 | 45 | 52 | 61 | 67 | 74 | 82 | 92 | 102 |
| less tax on EBIT | (15) | (17) | (19) | (21) | (23) | (26) | |||
| NOPAT | 45 | 50 | 55 | 61 | 68 | 76 | |||
| add depreciation | 5 | 6 | 7 | 6 | 7 | 8 | 9 | 10 | 11 |
| less capex | (9) | (7) | (36) | (55) | (61) | (53) | (43) | (30) | (13) |
| less working-capital build | — | (3) | (3) | (4) | (4) | (5) | |||
| Free cash flow to firm | 10 | 21 | 15 | — | (7) | 7 | 24 | 44 | 69 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (6) | 6 | 18 | 31 | 43 |
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 0, dividends at 22.8% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 61 | 67 | 74 | 82 | 92 | 102 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 67 | 74 | 82 | 92 | 102 | |
| Profit after tax | 58 | 50 | 55 | 61 | 68 | 76 |
| Dividends | (13) | (11) | (13) | (14) | (16) | (17) |
| Balance sheet, year end | ||||||
| Cash | 11 | (7) | (12) | (3) | 26 | 78 |
| Working capital | 27 | 30 | 33 | 37 | 41 | 46 |
| Net block and other assets | 470 | 524 | 569 | 603 | 623 | 625 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 370 | 409 | 451 | 499 | 551 | 610 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 54 | 60 | 67 | 74 | 82 | |
| Investing (capex) | (61) | (53) | (43) | (30) | (13) | |
| Financing (dividends) | (11) | (13) | (14) | (16) | (17) | |
| Net change in cash | (18) | (6) | 10 | 29 | 52 | |
| Free cash flow to equity | (7) | 7 | 24 | 44 | 69 | |
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 | 11% | 13.3% | 11.00% | 5% | ₹283 | (42.4)% |
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.