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Model Note · DR AGARWALS HEALTH CARE L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DR AGARWALS HEALTH CARE L Discounted cash flow · base FY26
DR AGARWALS HEALTH CARE L
Value per share, this model₹121
CMP 2026-09-10₹506.10
Difference(76.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of DR AGARWALS HEALTH CARE 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
21.5% a year
FY26 21.6% · 5-yr CAGR —%
EBITDA margin
27.4%
FY26 27.4% · 5-yr average 27.0%
Depreciation · capex, % of revenue
13.3% · 21.5%, fading to 1.2× depreciation
FY26 13.3% · 21.5%
Working capital, % of added revenue · tax
5.1% · 32.4%
19 working-capital days · effective 32.4%
Discount rate
11.00%
1-yr beta 0.26
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹67 · ₹0 · ₹0 cr
FY26 net debt ₹67 cr
Shares
31.70 crore
31.70 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
2,080
2,527
3,071
3,731
4,533
5,508
growth %
21.6
21.5
21.5
21.5
21.5
21.5
EBITDA
571
692
841
1,022
1,242
1,509
Depreciation
(276)
(336)
(408)
(496)
(603)
(733)
NOPAT
199
241
293
356
432
525
less capex
(448)
(543)
(618)
(699)
(786)
(879)
less working-capital build
—
(23)
(28)
(34)
(41)
(50)
Free cash flow to firm
—
11
56
119
208
329
Present value
10
48
92
144
206
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 AGARWALS HEALTH CARE L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
500
PV of the terminal value (87% of EV)
3,414
Enterprise value
3,914
less net debt
(67)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,847
÷ 31.70 crore shares
₹121
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
126
137
149
165
185
10.5%
115
124
134
147
162
11.0%
105
113
121
132
144
11.5%
97
103
111
119
129
12.0%
90
95
101
109
117
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
