Models
ANTHEM BIOSCIENCES LTDANTHEMPharmaceuticals & Biotechnology
₹148per 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₹148implied FY26 P/E 21.6× · EV/EBITDA 10.1×
Against CMP ₹940.65−84.2%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3177%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
₹115₹214
52-week rangetraded range, a fact not a value
₹579₹978
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,871 |
| PV of terminal value | 6,270 |
| Enterprise value | 8,141 |
| less net debt | 222 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 8,363 |
| ÷ 56.34 crore shares | ₹148 |
77% 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% | 153 | 164 | 178 | 194 | 214 |
| 10.50% | 142 | 151 | 162 | 175 | 191 |
| 11.00% | 132 | 139 | 148 | 159 | 172 |
| 11.50% | 123 | 130 | 137 | 146 | 157 |
| 12.00% | 115 | 121 | 128 | 135 | 144 |
The outlined cell is your model. Green figures sit above the CMP of ₹940.65; 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 | 122 · 147 · 179 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.71 |
| Rank correlation with discount rate | −0.61 |
| Rank correlation with revenue growth | +0.26 |
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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | 2,124 | 2,294 | 2,478 | 2,676 | 2,890 | 3,121 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 809 | 874 | 944 | 1,020 | 1,101 | 1,189 |
| margin % | 38.1 | 38.1 | 38.1 | 38.1 | 38.1 | 38.1 |
| less depreciation | (134) | (145) | (156) | (169) | (182) | (197) |
| EBIT | 675 | 730 | 788 | 851 | 919 | 993 |
| less tax on EBIT | (190) | (206) | (222) | (240) | (259) | (280) |
| NOPAT | 485 | 524 | 566 | 611 | 660 | 713 |
| add depreciation | 134 | 145 | 156 | 169 | 182 | 197 |
| less capex | (211) | (227) | (231) | (234) | (235) | (236) |
| less working-capital build | — | (51) | (55) | (60) | (64) | (70) |
| Free cash flow to firm | — | 390 | 436 | 486 | 542 | 604 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 370 | 373 | 375 | 376 | 377 |
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 51, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 675 | 730 | 788 | 851 | 919 | 993 |
| Interest at 13.5% on debt | (7) | (7) | (7) | (7) | (7) | |
| Profit before tax | 723 | 781 | 844 | 912 | 986 | |
| Profit after tax | 592 | 519 | 561 | 606 | 655 | 708 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 273 | 658 | 1,089 | 1,570 | 2,107 | 2,706 |
| Working capital | 640 | 691 | 746 | 806 | 870 | 940 |
| Net block and other assets | 2,517 | 2,599 | 2,674 | 2,739 | 2,792 | 2,832 |
| Debt | 51 | 51 | 51 | 51 | 51 | 51 |
| Equity | 3,043 | 3,561 | 4,122 | 4,728 | 5,383 | 6,091 |
| Balance check | 0 | 0 | (0) | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 612 | 662 | 715 | 773 | 835 | |
| Investing (capex) | (227) | (231) | (234) | (235) | (236) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 385 | 431 | 481 | 537 | 599 | |
| Free cash flow to equity | 385 | 431 | 481 | 537 | 599 | |
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 | 8% | 38.1% | 11.00% | 5% | ₹148 | (84.2)% |
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.