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Model Note · AUROBINDO PHARMA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
AUROBINDO PHARMA LTD Discounted cash flow · base FY26
AUROBINDO PHARMA LTD
Value per share, this model₹703
CMP 2026-09-10₹1,679.80
Difference(58.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of AUROBINDO PHARMA 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
6% a year
FY26 6.1% · 5-yr CAGR 6.3%
EBITDA margin
20.1%
FY26 20.1% · 5-yr average 18.7%
Depreciation · capex, % of revenue
5.3% · 8%, fading to 1.2× depreciation
FY26 5.3% · 8.0%
Working capital, % of added revenue · tax
40.4% · 31.5%
147 working-capital days · effective 31.5%
Discount rate
11.00%
1-yr beta 0.36
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹485 · ₹0 · ₹0 cr
FY26 net debt ₹485 cr
Shares
57.54 crore
57.54 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
33,653
35,672
37,813
40,081
42,486
45,035
growth %
6.1
6.0
6.0
6.0
6.0
6.0
EBITDA
6,780
7,170
7,600
8,056
8,540
9,052
Depreciation
(1,778)
(1,891)
(2,004)
(2,124)
(2,252)
(2,387)
NOPAT
3,427
3,616
3,833
4,063
4,307
4,566
less capex
(2,686)
(2,854)
(2,870)
(2,878)
(2,876)
(2,864)
less working-capital build
—
(816)
(865)
(917)
(972)
(1,030)
Free cash flow to firm
—
1,838
2,103
2,393
2,711
3,058
Present value
1,744
1,798
1,844
1,882
1,912
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 · AUROBINDO PHARMA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
9,180
PV of the terminal value (78% of EV)
31,763
Enterprise value
40,943
less net debt
(485)
less non-controlling interest
0
add non-operating investments
0
Equity value
40,458
÷ 57.54 crore shares
₹703
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
727
782
848
929
1,029
10.5%
669
715
769
834
913
11.0%
620
658
703
756
820
11.5%
577
610
648
692
744
12.0%
540
568
600
637
680
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
