Models
ARTEMIS MED SERVICE LTDARTEMISMEDHealthcare Services
₹131per 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₹131implied FY26 P/E 18.2× · EV/EBITDA 12.3×
Against CMP ₹345.70−62.1%close of 2026-09-10
Growth the CMP implies41.8%revenue, a year for 5 years, on your other inputs
Value after FY3183%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
₹96₹201
52-week rangetraded range, a fact not a value
₹203₹362
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 388 |
| PV of terminal value | 1,882 |
| Enterprise value | 2,269 |
| less net debt | (193) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,076 |
| ÷ 15.83 crore shares | ₹131 |
83% 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% | 136 | 148 | 162 | 180 | 201 |
| 10.50% | 124 | 134 | 145 | 159 | 176 |
| 11.00% | 113 | 121 | 131 | 143 | 156 |
| 11.50% | 104 | 111 | 119 | 129 | 140 |
| 12.00% | 96 | 102 | 109 | 117 | 126 |
The outlined cell is your model. Green figures sit above the CMP of ₹345.70; 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 | 98 · 130 · 170 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.62 |
| Rank correlation with revenue growth | +0.54 |
| Rank correlation with discount rate | −0.50 |
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 | 737 | 879 | 937 | 1,081 | 1,249 | 1,442 | 1,666 | 1,924 | 2,222 |
| growth % | 32.9 | 19.1 | 6.6 | 15.4 | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 |
| EBITDA | 94 | 133 | 152 | 185 | 214 | 247 | 285 | 329 | 380 |
| margin % | 12.7 | 15.1 | 16.2 | 17.1 | 17.1 | 17.1 | 17.1 | 17.1 | 17.1 |
| less depreciation | (31) | (40) | (45) | (48) | (55) | (63) | (73) | (85) | (98) |
| EBIT | 63 | 92 | 107 | 137 | 159 | 183 | 212 | 244 | 282 |
| less tax on EBIT | (35) | (40) | (47) | (54) | (62) | (72) | |||
| NOPAT | 102 | 118 | 136 | 158 | 182 | 210 | |||
| add depreciation | 31 | 40 | 45 | 48 | 55 | 63 | 73 | 85 | 98 |
| less capex | (146) | (73) | (93) | (105) | (121) | (124) | (125) | (123) | (117) |
| less working-capital build | — | (5) | (6) | (7) | (8) | (10) | |||
| Free cash flow to firm | (19) | 36 | 52 | — | 47 | 70 | 99 | 136 | 181 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 44 | 60 | 76 | 94 | 113 |
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 227, dividends at 5.9% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 137 | 159 | 183 | 212 | 244 | 282 |
| Interest at 11.7% on debt | (27) | (27) | (27) | (27) | (27) | |
| Profit before tax | 132 | 157 | 185 | 218 | 256 | |
| Profit after tax | 104 | 98 | 117 | 138 | 162 | 191 |
| Dividends | (6) | (6) | (7) | (8) | (10) | (11) |
| Balance sheet, year end | ||||||
| Cash | 33 | 54 | 98 | 169 | 275 | 425 |
| Working capital | 35 | 40 | 46 | 53 | 62 | 71 |
| Net block and other assets | 1,361 | 1,427 | 1,487 | 1,539 | 1,577 | 1,597 |
| Debt | 227 | 227 | 227 | 227 | 227 | 227 |
| Equity | 941 | 1,033 | 1,143 | 1,273 | 1,426 | 1,605 |
| Balance check | 0 | (0) | (0) | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 148 | 174 | 204 | 239 | 279 | |
| Investing (capex) | (121) | (124) | (125) | (123) | (117) | |
| Financing (dividends) | (6) | (7) | (8) | (10) | (11) | |
| Net change in cash | 21 | 43 | 71 | 106 | 150 | |
| Free cash flow to equity | 27 | 50 | 79 | 116 | 161 | |
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 | 15.5% | 17.1% | 11.00% | 5% | ₹131 | (62.1)% |
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.