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Model Note · BETA DRUGS LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BETA DRUGS LIMITED Discounted cash flow · base FY26
BETA DRUGS LIMITED
Value per share, this model₹495
CMP, 8 Oct 2026₹1,920.00
Difference(74.2)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of BETA DRUGS LIMITED, 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 6.2% · 5-yr CAGR —%
EBITDA margin
19.7%
FY26 19.7% · 5-yr average 19.7%
Depreciation · capex, % of revenue
4.5% · 13.1%, fading to 1.2× depreciation
FY26 4.5% · 13.1%
Working capital, % of added revenue · tax
29.3% · 23.7%
107 working-capital days · effective 23.7%
Discount rate
11.00%
1-yr beta 1.01
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹23 · ₹0 · ₹0 cr
FY26 net debt ₹23 cr
Shares
1.11 crore
1.11 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
385
408
432
458
486
515
growth %
6.2
6.0
6.0
6.0
6.0
6.0
EBITDA
76
80
85
90
96
101
Depreciation
(17)
(18)
(19)
(21)
(22)
(23)
NOPAT
45
47
50
53
56
60
less capex
(50)
(53)
(48)
(42)
(36)
(28)
less working-capital build
—
(7)
(7)
(8)
(8)
(9)
Free cash flow to firm
—
5
14
24
35
47
Present value
5
12
18
24
29
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 · BETA DRUGS LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
89
PV of the terminal value (85% of EV)
483
Enterprise value
572
less net debt
(23)
less non-controlling interest
0
add non-operating investments
0
Equity value
549
÷ 1.11 crore shares
₹495
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
513
557
609
673
752
10.5%
468
504
547
598
661
11.0%
429
460
495
537
588
11.5%
396
422
452
487
528
12.0%
367
389
414
444
478
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
