Models
DISHMAN CARBO AMCIS LTDDCALPharmaceuticals & Biotechnology
₹-67per 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₹(67)implied FY26 P/E (64.8)× · EV/EBITDA 1.7×
Against CMP ₹167.50−139.8%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3147%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
₹(75)₹(50)
52-week rangetraded range, a fact not a value
₹129₹322
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 495 |
| PV of terminal value | 447 |
| Enterprise value | 942 |
| less net debt | (1,988) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (1,046) |
| ÷ 15.68 crore shares | ₹(67) |
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% | (65) | (62) | (59) | (55) | (50) |
| 10.50% | (68) | (66) | (63) | (60) | (56) |
| 11.00% | (71) | (69) | (67) | (64) | (61) |
| 11.50% | (73) | (72) | (70) | (67) | (65) |
| 12.00% | (75) | (74) | (72) | (70) | (68) |
The outlined cell is your model. Green figures sit above the CMP of ₹167.50; 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 | (145) · (67) · 4 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.92 |
| Rank correlation with revenue growth | −0.39 |
| Rank correlation with discount rate | −0.05 |
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 | 2,413 | 2,616 | 2,712 | 2,932 | 3,166 | 3,420 | 3,693 | 3,989 | 4,308 |
| growth % | 12.7 | 8.4 | 3.7 | 8.1 | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 284 | 280 | 451 | 562 | 608 | 657 | 709 | 766 | 827 |
| margin % | 11.8 | 10.7 | 16.6 | 19.2 | 19.2 | 19.2 | 19.2 | 19.2 | 19.2 |
| less depreciation | (281) | (311) | (294) | (339) | (367) | (397) | (428) | (463) | (500) |
| EBIT | 3 | (31) | 157 | 223 | 241 | 260 | 281 | 303 | 327 |
| less tax on EBIT | (16) | (17) | (18) | (20) | (22) | (23) | |||
| NOPAT | 207 | 224 | 241 | 261 | 282 | 304 | |||
| add depreciation | 281 | 311 | 294 | 339 | 367 | 397 | 428 | 463 | 500 |
| less capex | (574) | (303) | (217) | (266) | (288) | (352) | (425) | (507) | (600) |
| less working-capital build | — | (118) | (128) | (138) | (149) | (161) | |||
| Free cash flow to firm | (354) | 81 | 158 | — | 184 | 158 | 126 | 88 | 43 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 175 | 135 | 97 | 61 | 27 |
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 2,775, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 223 | 241 | 260 | 281 | 303 | 327 |
| Interest at 7.2% on debt | (200) | (200) | (200) | (200) | (200) | |
| Profit before tax | 41 | 60 | 81 | 103 | 128 | |
| Profit after tax | 97 | 38 | 56 | 75 | 96 | 119 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 788 | 786 | 759 | 699 | 601 | 459 |
| Working capital | 1,481 | 1,600 | 1,728 | 1,866 | 2,015 | 2,176 |
| Net block and other assets | 9,654 | 9,575 | 9,531 | 9,528 | 9,572 | 9,672 |
| Debt | 2,775 | 2,775 | 2,775 | 2,775 | 2,775 | 2,775 |
| Equity | 6,677 | 6,715 | 6,771 | 6,846 | 6,942 | 7,060 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 287 | 325 | 365 | 409 | 457 | |
| Investing (capex) | (288) | (352) | (425) | (507) | (600) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (1) | (28) | (60) | (98) | (143) | |
| Free cash flow to equity | (1) | (28) | (60) | (98) | (143) | |
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 | 8% | 19.2% | 11.00% | 5% | ₹(67) | (139.8)% |
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.