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Model Note · CIPLA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CIPLA LTD Discounted cash flow · base FY26
CIPLA LTD
Value per share, this model₹552
CMP 2026-09-10₹1,366.00
Difference(59.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of CIPLA 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
2% a year
FY26 2.2% · 5-yr CAGR 8.0%
EBITDA margin
19.9%
FY26 19.9% · 5-yr average 22.2%
Depreciation · capex, % of revenue
4.3% · 5.7%, fading to 1.2× depreciation
FY26 4.3% · 5.7%
Working capital, % of added revenue · tax
31.9% · 25.9%
117 working-capital days · effective 25.9%
Discount rate
11.00%
1-yr beta 0.6
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(760) · ₹0 · ₹0 cr
FY26 net debt ₹(760) cr
Shares
80.79 crore
80.79 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
28,163
28,726
29,300
29,886
30,484
31,094
growth %
2.2
2.0
2.0
2.0
2.0
2.0
EBITDA
5,607
5,716
5,831
5,947
6,066
6,188
Depreciation
(1,211)
(1,235)
(1,260)
(1,285)
(1,311)
(1,337)
NOPAT
3,257
3,321
3,387
3,455
3,524
3,594
less capex
(1,599)
(1,637)
(1,631)
(1,623)
(1,614)
(1,604)
less working-capital build
—
(180)
(183)
(187)
(191)
(194)
Free cash flow to firm
—
2,739
2,833
2,930
3,030
3,132
Present value
2,600
2,423
2,257
2,103
1,959
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 · CIPLA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
11,341
PV of the terminal value (74% of EV)
32,531
Enterprise value
43,872
less net debt
760
less non-controlling interest
0
add non-operating investments
0
Equity value
44,632
÷ 80.79 crore shares
₹552
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
570
610
658
717
791
10.5%
528
561
601
648
706
11.0%
492
520
552
591
638
11.5%
460
484
512
544
582
12.0%
433
453
477
504
536
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
