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Model Note · BHARAT IMMUNOLOGICALS & BIOLOG · 29 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BHARAT IMMUNOLOGICALS & BIOLOG Discounted cash flow · base FY19
BHARAT IMMUNOLOGICALS & BIOLOG
Value per share, this model₹(47)
CMP, 28 Oct 2026₹8.78
Difference(632.7)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of BHARAT IMMUNOLOGICALS & BIOLOG, built on its filed FY19 standalone 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
8% a year
FY19 —% · 5-yr CAGR —%
EBITDA margin
-10.7%
FY19 (10.7)% · 5-yr average (10.7)%
Depreciation · capex, % of revenue
0.3% · 0%, fading to 1.2× depreciation
FY19 0.3% · 0.0%
Working capital, % of added revenue · tax
50.7% · 25.17%
185 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.03
After FY24
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY19 net debt ₹(0) cr
Shares
4.32 crore
4.32 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY19
FY20
FY21
FY22
FY23
FY24
Revenue
84
90
98
105
114
123
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
(9)
(10)
(10)
(11)
(12)
(13)
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
(7)
(7)
(8)
(9)
(9)
(10)
less capex
0
0
(0)
(0)
(0)
(0)
less working-capital build
—
(3)
(4)
(4)
(4)
(5)
Free cash flow to firm
—
(11)
(11)
(13)
(14)
(15)
Present value
(10)
(10)
(10)
(9)
(9)
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 · BHARAT IMMUNOLOGICALS & BIOLOG · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(48)
PV of the terminal value (—% of EV)
(154)
Enterprise value
(202)
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
(202)
÷ 4.32 crore shares
₹(47)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(48)
(52)
(56)
(61)
(68)
10.5%
(45)
(48)
(51)
(55)
(60)
11.0%
(41)
(44)
(47)
(50)
(54)
11.5%
(39)
(41)
(43)
(46)
(49)
12.0%
(36)
(38)
(40)
(42)
(45)
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
