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Model Note · ANTHEM BIOSCIENCES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ANTHEM BIOSCIENCES LTD Discounted cash flow · base FY26
ANTHEM BIOSCIENCES LTD
Value per share, this model₹148
CMP 2026-09-10₹940.65
Difference(84.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ANTHEM BIOSCIENCES 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
38.1%
FY26 38.1% · 5-yr average 38.1%
Depreciation · capex, % of revenue
6.3% · 9.9%, fading to 1.2× depreciation
FY26 6.3% · 9.9%
Working capital, % of added revenue · tax
30.1% · 28.2%
110 working-capital days · effective 28.2%
Discount rate
11.00%
1-yr beta 0.59
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(222) · ₹0 · ₹0 cr
FY26 net debt ₹(222) cr
Shares
56.34 crore
56.34 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
2,124
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
Depreciation
(134)
(145)
(156)
(169)
(182)
(197)
NOPAT
485
524
566
611
660
713
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
Present value
370
373
375
376
377
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 · ANTHEM BIOSCIENCES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,871
PV of the terminal value (77% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
153
164
178
194
214
10.5%
142
151
162
175
191
11.0%
132
139
148
159
172
11.5%
123
130
137
146
157
12.0%
115
121
128
135
144
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
