Models
BDH INDUSTRIES LTD.BSE 524828Pharmaceuticals & Biotechnology
₹431per 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₹431implied FY26 P/E 21.2× · EV/EBITDA 15.9×
Against CMP ₹487.90−11.7%close of 2026-09-20
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3180%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
₹340₹613
52-week rangetraded range, a fact not a value
₹340₹610
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 44 |
| PV of terminal value | 177 |
| Enterprise value | 221 |
| less net debt | 27 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 248 |
| ÷ 0.58 crore shares | ₹431 |
80% 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% | 444 | 475 | 512 | 557 | 613 |
| 10.50% | 412 | 438 | 468 | 504 | 548 |
| 11.00% | 384 | 406 | 431 | 461 | 496 |
| 11.50% | 361 | 379 | 400 | 425 | 454 |
| 12.00% | 340 | 356 | 374 | 394 | 419 |
The outlined cell is your model. Green figures sit above the CMP of ₹487.90; 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 | 334 · 422 · 535 |
| Draws below the CMP | 78% |
| Rank correlation with ebitda margin | +0.81 |
| Rank correlation with discount rate | −0.46 |
| Rank correlation with revenue growth | +0.27 |
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 | 74 | 86 | 67 | 96 | 125 | 162 | 211 | 274 | 356 |
| growth % | 7.3 | 15.3 | (22.5) | 44.3 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 11 | 12 | 12 | 14 | 18 | 24 | 31 | 40 | 52 |
| margin % | 14.7 | 14.5 | 17.5 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 |
| less depreciation | (1) | (1) | (1) | (1) | (1) | (1) | (2) | (2) | (3) |
| EBIT | 10 | 12 | 11 | 13 | 17 | 22 | 29 | 37 | 48 |
| less tax on EBIT | (4) | (5) | (6) | (8) | (11) | (14) | |||
| NOPAT | 9 | 12 | 16 | 20 | 27 | 34 | |||
| add depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 |
| less capex | (0) | (2) | (0) | (0) | 0 | (0) | (1) | (2) | (4) |
| less working-capital build | — | (6) | (8) | (10) | (13) | (17) | |||
| Free cash flow to firm | 6 | (4) | 15 | — | 7 | 9 | 11 | 14 | 17 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 7 | 8 | 9 | 10 | 11 |
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 2, dividends at 24% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 13 | 17 | 22 | 29 | 37 | 48 |
| Interest at 4.1% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 17 | 22 | 29 | 37 | 48 | |
| Profit after tax | 11 | 12 | 16 | 20 | 26 | 34 |
| Dividends | (3) | (3) | (4) | (5) | (6) | (8) |
| Balance sheet, year end | ||||||
| Cash | 29 | 34 | 39 | 45 | 53 | 62 |
| Working capital | 20 | 25 | 33 | 43 | 56 | 73 |
| Net block and other assets | 50 | 49 | 48 | 47 | 47 | 48 |
| Debt | 2 | 2 | 2 | 2 | 2 | 2 |
| Equity | 77 | 86 | 98 | 114 | 134 | 160 |
| Balance check | 0 | 0 | 0 | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 7 | 9 | 12 | 16 | 21 | |
| Investing (capex) | 0 | (0) | (1) | (2) | (4) | |
| Financing (dividends) | (3) | (4) | (5) | (6) | (8) | |
| Net change in cash | 4 | 5 | 6 | 7 | 9 | |
| Free cash flow to equity | 7 | 9 | 11 | 14 | 17 | |
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 | 30% | 14.5% | 11.00% | 5% | ₹431 | (11.7)% |
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.