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Model Note · DR. AGARWAL'S EYE HOSP L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DR. AGARWAL'S EYE HOSP L Discounted cash flow · base FY26
DR. AGARWAL'S EYE HOSP L
Value per share, this model₹3,685
CMP 2026-09-10₹5,325.00
Difference(30.8)%
Growth the CMP implies27.8%/yr
This note states the assumptions and the arithmetic of one model of DR. AGARWAL'S EYE HOSP L, 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
18.5% a year
FY26 18.6% · 5-yr CAGR 27.5%
EBITDA margin
30.9%
FY26 30.9% · 5-yr average 29.2%
Depreciation · capex, % of revenue
9.7% · 20.9%, fading to 1.2× depreciation
FY26 9.7% · 20.9%
Working capital, % of added revenue · tax
1.3% · 25.1%
5 working-capital days · effective 25.1%
Discount rate
11.00%
1-yr beta 0.19
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹75 · ₹0 · ₹0 cr
FY26 net debt ₹75 cr
Shares
0.48 crore
0.48 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
471
558
661
784
928
1,100
growth %
18.6
18.5
18.5
18.5
18.5
18.5
EBITDA
145
172
204
242
287
340
Depreciation
(46)
(54)
(64)
(76)
(90)
(107)
NOPAT
75
89
105
124
147
175
less capex
(98)
(117)
(123)
(127)
(130)
(128)
less working-capital build
—
(1)
(1)
(2)
(2)
(2)
Free cash flow to firm
—
25
45
71
106
151
Present value
24
38
55
74
94
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 · DR. AGARWAL'S EYE HOSP L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
285
PV of the terminal value (85% of EV)
1,570
Enterprise value
1,855
less net debt
(75)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,780
÷ 0.48 crore shares
₹3,685
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
3,820
4,143
4,532
5,007
5,601
10.5%
3,482
3,751
4,069
4,451
4,917
11.0%
3,194
3,420
3,685
3,997
4,372
11.5%
2,945
3,137
3,360
3,619
3,926
12.0%
2,727
2,893
3,082
3,301
3,555
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
