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Model Note · ASTRAZENECA PHARMA IND LT · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ASTRAZENECA PHARMA IND LT Discounted cash flow · base FY26
ASTRAZENECA PHARMA IND LT
Value per share, this model₹1,317
CMP 2026-09-10₹6,755.00
Difference(80.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ASTRAZENECA PHARMA IND LT, 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
30% a year
FY26 32.6% · 5-yr CAGR 22.8%
EBITDA margin
11.3%
FY26 11.3% · 5-yr average 11.8%
Depreciation · capex, % of revenue
1.3% · 0.2%, fading to 1.2× depreciation
FY26 1.3% · 0.2%
Working capital, % of added revenue · tax
20.1% · 25.6%
74 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta 0.52
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(448) · ₹0 · ₹0 cr
FY26 net debt ₹(448) cr
Shares
2.50 crore
2.50 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
2,276
2,958
3,846
4,999
6,499
8,449
growth %
32.6
30.0
30.0
30.0
30.0
30.0
EBITDA
257
334
435
565
734
955
Depreciation
(29)
(38)
(50)
(65)
(84)
(110)
NOPAT
170
220
286
372
484
629
less capex
(4)
(6)
(21)
(44)
(79)
(132)
less working-capital build
—
(137)
(178)
(232)
(301)
(392)
Free cash flow to firm
—
115
137
161
187
215
Present value
110
117
124
130
134
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 · ASTRAZENECA PHARMA IND LT · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
615
PV of the terminal value (78% of EV)
2,230
Enterprise value
2,845
less net debt
448
less non-controlling interest
0
add non-operating investments
0
Equity value
3,293
÷ 2.50 crore shares
₹1,317
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,356
1,444
1,551
1,681
1,844
10.5%
1,262
1,336
1,423
1,528
1,656
11.0%
1,183
1,245
1,317
1,403
1,506
11.5%
1,113
1,166
1,227
1,299
1,383
12.0%
1,053
1,099
1,151
1,211
1,281
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
