Models
BILCARE LTD.BIHealthcare Services
₹-163per 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₹(163)implied FY26 P/E —× · EV/EBITDA 5.7×
Against CMP ₹92.87−275.2%close of 8 Oct 2026
Growth the CMP implies—%no growth rate between −20% and 45% a year brings the value to the CMP on your other inputs
Value after FY3163%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
₹(181)₹(126)
52-week rangetraded range, a fact not a value
₹52₹113
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 86 |
| PV of terminal value | 146 |
| Enterprise value | 233 |
| less net debt | (616) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (383) |
| ÷ 2.36 crore shares | ₹(163) |
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% | (160) | (154) | (146) | (137) | (126) |
| 10.50% | (166) | (161) | (155) | (148) | (139) |
| 11.00% | (172) | (168) | (163) | (157) | (150) |
| 11.50% | (177) | (173) | (169) | (164) | (158) |
| 12.00% | (181) | (178) | (175) | (170) | (166) |
The outlined cell is your model. Green figures sit above the CMP of ₹92.87; 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 | (179) · (163) · (144) |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.81 |
| Rank correlation with discount rate | −0.56 |
| Rank correlation with revenue growth | −0.02 |
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 | 982 | 747 | 788 | 734 | 697 | 662 | 629 | 597 | 568 |
| growth % | 16.2 | (23.9) | 5.5 | (6.9) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 284 | 33 | 39 | 41 | 38 | 36 | 35 | 33 | 31 |
| margin % | 28.9 | 4.4 | 4.9 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 |
| less depreciation | (38) | (45) | (46) | (20) | (19) | (18) | (17) | (16) | (15) |
| EBIT | 246 | (12) | (7) | 21 | 20 | 19 | 18 | 17 | 16 |
| less tax on EBIT | (5) | (5) | (5) | (4) | (4) | (4) | |||
| NOPAT | 16 | 15 | 14 | 13 | 13 | 12 | |||
| add depreciation | 38 | 45 | 46 | 20 | 19 | 18 | 17 | 16 | 15 |
| less capex | (626) | (120) | (23) | (11) | (10) | (13) | (15) | (17) | (18) |
| less working-capital build | — | 6 | 6 | 6 | 6 | 5 | |||
| Free cash flow to firm | 2 | (57) | 62 | — | 29 | 25 | 21 | 17 | 14 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 28 | 21 | 16 | 12 | 9 |
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 620, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 21 | 20 | 19 | 18 | 17 | 16 |
| Interest at 11.1% on debt | (69) | (69) | (69) | (69) | (69) | |
| Profit before tax | (49) | (50) | (51) | (52) | (53) | |
| Profit after tax | 2 | (37) | (38) | (38) | (39) | (40) |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 5 | (18) | (44) | (74) | (109) | (146) |
| Working capital | 129 | 123 | 117 | 111 | 105 | 100 |
| Net block and other assets | 709 | 701 | 696 | 693 | 694 | 697 |
| Debt | 620 | 620 | 620 | 620 | 620 | 620 |
| Equity | 74 | 37 | (0) | (39) | (78) | (117) |
| Balance check | 0 | 0 | 0 | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | (12) | (14) | (16) | (17) | (19) | |
| Investing (capex) | (10) | (13) | (15) | (17) | (18) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (22) | (26) | (30) | (34) | (37) | |
| Free cash flow to equity | (22) | (26) | (30) | (34) | (37) | |
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 | -5% | 5.5% | 11.00% | 5% | ₹(163) | (275.2)% |
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.