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Model Note · AMRUTAJAN HEALTH LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AMRUTAJAN HEALTH LTD Discounted cash flow · base FY26
AMRUTAJAN HEALTH LTD
Value per share, this model₹283
CMP 2026-09-10₹490.95
Difference(42.4)%
Growth the CMP implies26.4%/yr
This note states the assumptions and the arithmetic of one model of AMRUTAJAN HEALTH 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
11% a year
FY26 11.2% · 5-yr CAGR 8.6%
EBITDA margin
13.3%
FY26 13.3% · 5-yr average 13.9%
Depreciation · capex, % of revenue
1.3% · 10.9%, fading to 1.2× depreciation
FY26 1.3% · 10.9%
Working capital, % of added revenue · tax
5.4% · 25.6%
20 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta 0.46
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(11) · ₹0 · ₹0 cr
FY26 net debt ₹(11) cr
Shares
2.89 crore
2.89 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
503
558
619
687
763
847
growth %
11.2
11.0
11.0
11.0
11.0
11.0
EBITDA
67
74
82
91
101
113
Depreciation
(6)
(7)
(8)
(9)
(10)
(11)
NOPAT
45
50
55
61
68
76
less capex
(55)
(61)
(53)
(43)
(30)
(13)
less working-capital build
—
(3)
(3)
(4)
(4)
(5)
Free cash flow to firm
—
(7)
7
24
44
69
Present value
(6)
6
18
31
43
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 · AMRUTAJAN HEALTH LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
92
PV of the terminal value (89% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
293
318
347
383
429
10.5%
267
288
312
341
377
11.0%
246
263
283
307
335
11.5%
227
241
258
278
301
12.0%
210
223
237
254
273
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
