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Model Note · CONCORD BIOTECH LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
CONCORD BIOTECH LIMITED Discounted cash flow · base FY26
CONCORD BIOTECH LIMITED
Value per share, this model₹260
CMP 2026-09-10₹1,510.00
Difference(82.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of CONCORD BIOTECH 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
-5% a year
FY26 (12.1)% · 5-yr CAGR —%
EBITDA margin
34.5%
FY26 34.5% · 5-yr average 39.7%
Depreciation · capex, % of revenue
7.1% · 9%, fading to 1.2× depreciation
FY26 7.1% · 9.0%
Working capital, % of added revenue · tax
64.9% · 25%
237 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 0.93
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(12) · ₹0 · ₹0 cr
FY26 net debt ₹(12) cr
Shares
10.46 crore
10.46 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
1,055
1,002
952
904
859
816
growth %
(12.1)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
364
346
328
312
296
282
Depreciation
(74)
(71)
(68)
(64)
(61)
(58)
NOPAT
217
206
196
186
177
168
less capex
(95)
(90)
(85)
(79)
(74)
(70)
less working-capital build
—
34
33
31
29
28
Free cash flow to firm
—
221
211
202
193
184
Present value
210
181
155
134
115
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 · CONCORD BIOTECH LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
795
PV of the terminal value (71% of EV)
1,911
Enterprise value
2,706
less net debt
12
less non-controlling interest
0
add non-operating investments
0
Equity value
2,718
÷ 10.46 crore shares
₹260
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
268
286
308
335
368
10.5%
249
264
282
303
329
11.0%
232
245
260
277
298
11.5%
218
229
241
256
273
12.0%
205
215
225
238
252
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
