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Model Note · ARVEE LABORATORIES I LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ARVEE LABORATORIES I LTD Discounted cash flow · base FY26
ARVEE LABORATORIES I LTD
Value per share, this model₹22
CMP 2026-09-10₹177.00
Difference(87.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ARVEE LABORATORIES I 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
-5% a year
FY26 (18.1)% · 5-yr CAGR (7.8)%
EBITDA margin
10.1%
FY26 10.1% · 5-yr average 11.4%
Depreciation · capex, % of revenue
3.9% · 9%, fading to 1.2× depreciation
FY26 3.9% · 9.0%
Working capital, % of added revenue · tax
42.1% · -3.9%
154 working-capital days · effective (3.9)%
Discount rate
11.00%
1-yr beta 0.91
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1 · ₹0 · ₹0 cr
FY26 net debt ₹1 cr
Shares
1.10 crore
1.10 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
32
30
28
27
26
24
growth %
(18.1)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
3
3
3
3
3
2
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
2
2
2
2
2
2
less capex
(3)
(3)
(2)
(2)
(1)
(1)
less working-capital build
—
1
1
1
1
1
Free cash flow to firm
—
1
1
2
2
2
Present value
1
1
1
1
1
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 · ARVEE LABORATORIES I LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
6
PV of the terminal value (78% of EV)
20
Enterprise value
26
less net debt
(1)
less non-controlling interest
0
add non-operating investments
0
Equity value
25
÷ 1.10 crore shares
₹22
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
23
25
27
30
33
10.5%
21
23
25
27
29
11.0%
20
21
22
24
26
11.5%
18
19
21
22
24
12.0%
17
18
19
20
22
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
