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Model Note · DIVI S LABORATORIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DIVI S LABORATORIES LTD Discounted cash flow · base FY26
DIVI S LABORATORIES LTD
Value per share, this model₹1,153
CMP 2026-09-10₹9,322.00
Difference(87.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of DIVI S LABORATORIES 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
13% a year
FY26 12.8% · 5-yr CAGR 8.7%
EBITDA margin
31.9%
FY26 31.9% · 5-yr average 33.1%
Depreciation · capex, % of revenue
4.4% · 23.9%, fading to 1.2× depreciation
FY26 4.4% · 23.9%
Working capital, % of added revenue · tax
54.2% · 24.2%
198 working-capital days · effective 24.2%
Discount rate
11.00%
1-yr beta 0.59
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(128) · ₹0 · ₹0 cr
FY26 net debt ₹(128) cr
Shares
26.50 crore
26.50 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
10,560
11,933
13,484
15,237
17,218
19,456
growth %
12.8
13.0
13.0
13.0
13.0
13.0
EBITDA
3,367
3,807
4,301
4,861
5,492
6,207
Depreciation
(463)
(525)
(593)
(670)
(758)
(856)
NOPAT
2,201
2,487
2,811
3,176
3,589
4,056
less capex
(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
—
(584)
(32)
673
1,562
2,671
Present value
(554)
(27)
519
1,084
1,670
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 · DIVI S LABORATORIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,692
PV of the terminal value (91% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,196
1,300
1,425
1,578
1,769
10.5%
1,088
1,174
1,277
1,400
1,550
11.0%
995
1,068
1,153
1,254
1,375
11.5%
915
978
1,049
1,133
1,232
12.0%
846
899
960
1,031
1,113
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
