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Model Note · ARTEMIS MED SERVICE LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ARTEMIS MED SERVICE LTD Discounted cash flow · base FY26
ARTEMIS MED SERVICE LTD
Value per share, this model₹131
CMP 2026-09-10₹345.70
Difference(62.1)%
Growth the CMP implies41.8%/yr
This note states the assumptions and the arithmetic of one model of ARTEMIS MED SERVICE 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
15.5% a year
FY26 15.4% · 5-yr CAGR 21.5%
EBITDA margin
17.1%
FY26 17.1% · 5-yr average 14.7%
Depreciation · capex, % of revenue
4.4% · 9.7%, fading to 1.2× depreciation
FY26 4.4% · 9.7%
Working capital, % of added revenue · tax
3.2% · 25.5%
12 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 0.81
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹193 · ₹0 · ₹0 cr
FY26 net debt ₹193 cr
Shares
15.83 crore
15.83 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
1,081
1,249
1,442
1,666
1,924
2,222
growth %
15.4
15.5
15.5
15.5
15.5
15.5
EBITDA
185
214
247
285
329
380
Depreciation
(48)
(55)
(63)
(73)
(85)
(98)
NOPAT
102
118
136
158
182
210
less capex
(105)
(121)
(124)
(125)
(123)
(117)
less working-capital build
—
(5)
(6)
(7)
(8)
(10)
Free cash flow to firm
—
47
70
99
136
181
Present value
44
60
76
94
113
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 · ARTEMIS MED SERVICE LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
388
PV of the terminal value (83% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
136
148
162
180
201
10.5%
124
134
145
159
176
11.0%
113
121
131
143
156
11.5%
104
111
119
129
140
12.0%
96
102
109
117
126
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
