Models
DIVI S LABORATORIES LTDDIVISLABPharmaceuticals & Biotechnology
₹1,153per share · Base Model Note
Scenario
Value per share, your model₹1,153implied FY26 P/E 10.5× · EV/EBITDA 9.0×
Against CMP ₹9,322.00−87.6%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3191%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
₹846₹1,769
52-week rangetraded range, a fact not a value
₹5,637₹9,615
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 2,692 |
| PV of terminal value | 27,742 |
| Enterprise value | 30,434 |
| less net debt | 128 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 30,562 |
| ÷ 26.50 crore shares | ₹1,153 |
91% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
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% | 1,196 | 1,300 | 1,425 | 1,578 | 1,769 |
| 10.50% | 1,088 | 1,174 | 1,277 | 1,400 | 1,550 |
| 11.00% | 995 | 1,068 | 1,153 | 1,254 | 1,375 |
| 11.50% | 915 | 978 | 1,049 | 1,133 | 1,232 |
| 12.00% | 846 | 899 | 960 | 1,031 | 1,113 |
The outlined cell is your model. Green figures sit above the CMP of ₹9,322.00; 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 | 875 · 1,139 · 1,456 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.81 |
| Rank correlation with discount rate | −0.54 |
| Rank correlation with revenue growth | +0.08 |
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 | 7,768 | 7,845 | 9,360 | 10,560 | 11,933 | 13,484 | 15,237 | 17,218 | 19,456 |
| growth % | (13.3) | 1.0 | 19.3 | 12.8 | 13.0 | 13.0 | 13.0 | 13.0 | 13.0 |
| EBITDA | 2,368 | 2,205 | 2,968 | 3,367 | 3,807 | 4,301 | 4,861 | 5,492 | 6,207 |
| margin % | 30.5 | 28.1 | 31.7 | 31.9 | 31.9 | 31.9 | 31.9 | 31.9 | 31.9 |
| less depreciation | (343) | (378) | (402) | (463) | (525) | (593) | (670) | (758) | (856) |
| EBIT | 2,025 | 1,827 | 2,566 | 2,904 | 3,282 | 3,708 | 4,190 | 4,735 | 5,350 |
| less tax on EBIT | (703) | (794) | (897) | (1,014) | (1,146) | (1,295) | |||
| NOPAT | 2,201 | 2,487 | 2,811 | 3,176 | 3,589 | 4,056 | |||
| add depreciation | 343 | 378 | 402 | 463 | 525 | 593 | 670 | 758 | 856 |
| less capex | (473) | (1,003) | (1,438) | (2,520) | (2,852) | (2,595) | (2,223) | (1,711) | (1,027) |
| less working-capital build | — | (744) | (841) | (950) | (1,074) | (1,213) | |||
| Free cash flow to firm | 1,987 | 258 | 215 | — | (584) | (32) | 673 | 1,562 | 2,671 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (554) | (27) | 519 | 1,084 | 1,670 |
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 0, dividends at 31% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 2,904 | 3,282 | 3,708 | 4,190 | 4,735 | 5,350 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 3,282 | 3,708 | 4,190 | 4,735 | 5,350 | |
| Profit after tax | 2,568 | 2,487 | 2,811 | 3,176 | 3,589 | 4,056 |
| Dividends | (797) | (771) | (871) | (985) | (1,113) | (1,257) |
| Balance sheet, year end | ||||||
| Cash | 128 | (1,227) | (2,130) | (2,441) | (1,991) | (577) |
| Working capital | 5,728 | 6,472 | 7,313 | 8,263 | 9,337 | 10,550 |
| Net block and other assets | 14,177 | 16,503 | 18,505 | 20,058 | 21,011 | 21,182 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 16,761 | 18,477 | 20,417 | 22,608 | 25,085 | 27,883 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 2,268 | 2,563 | 2,896 | 3,273 | 3,699 | |
| Investing (capex) | (2,852) | (2,595) | (2,223) | (1,711) | (1,027) | |
| Financing (dividends) | (771) | (871) | (985) | (1,113) | (1,257) | |
| Net change in cash | (1,355) | (903) | (311) | 450 | 1,414 | |
| Free cash flow to equity | (584) | (32) | 673 | 1,562 | 2,671 | |
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 | 13% | 31.9% | 11.00% | 5% | ₹1,153 | (87.6)% |
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.