Models
DR. REDDY S LABORATORIESDRREDDYPharmaceuticals & Biotechnology
₹441per 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₹441implied FY26 P/E 11.4× · EV/EBITDA 6.4×
Against CMP ₹1,165.50−62.2%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3173%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
₹332₹657
52-week rangetraded range, a fact not a value
₹1,101₹1,415
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 11,044 |
| PV of terminal value | 30,500 |
| Enterprise value | 41,544 |
| less net debt | (4,757) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 36,787 |
| ÷ 83.50 crore shares | ₹441 |
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% | 457 | 493 | 537 | 590 | 657 |
| 10.50% | 418 | 449 | 484 | 527 | 580 |
| 11.00% | 385 | 411 | 441 | 476 | 518 |
| 11.50% | 357 | 379 | 404 | 433 | 467 |
| 12.00% | 332 | 351 | 372 | 396 | 425 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,165.50; 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 | 330 · 438 · 556 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.85 |
| Rank correlation with discount rate | −0.49 |
| Rank correlation with revenue growth | −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 | 24,670 | 28,011 | 32,644 | 33,700 | 34,711 | 35,753 | 36,825 | 37,930 | 39,068 |
| growth % | 14.5 | 13.5 | 16.5 | 3.2 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| EBITDA | 6,349 | 7,933 | 8,547 | 6,454 | 6,630 | 6,829 | 7,034 | 7,245 | 7,462 |
| margin % | 25.7 | 28.3 | 26.2 | 19.1 | 19.1 | 19.1 | 19.1 | 19.1 | 19.1 |
| less depreciation | (1,250) | (1,470) | (1,704) | (2,059) | (2,117) | (2,181) | (2,246) | (2,314) | (2,383) |
| EBIT | 5,099 | 6,463 | 6,843 | 4,395 | 4,512 | 4,648 | 4,787 | 4,931 | 5,079 |
| less tax on EBIT | (1,011) | (1,038) | (1,069) | (1,101) | (1,134) | (1,168) | |||
| NOPAT | 3,384 | 3,475 | 3,579 | 3,686 | 3,797 | 3,911 | |||
| add depreciation | 1,250 | 1,470 | 1,704 | 2,059 | 2,117 | 2,181 | 2,246 | 2,314 | 2,383 |
| less capex | (1,132) | (1,640) | (2,750) | (2,331) | (2,395) | (2,504) | (2,618) | (2,737) | (2,860) |
| less working-capital build | — | (442) | (455) | (469) | (483) | (497) | |||
| Free cash flow to firm | 4,755 | 2,903 | 1,892 | — | 2,755 | 2,800 | 2,846 | 2,891 | 2,937 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 2,615 | 2,394 | 2,192 | 2,006 | 1,836 |
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 6,294, dividends at 15.9% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 4,395 | 4,512 | 4,648 | 4,787 | 4,931 | 5,079 |
| Interest at 7.1% on debt | (447) | (447) | (447) | (447) | (447) | |
| Profit before tax | 4,066 | 4,201 | 4,340 | 4,484 | 4,632 | |
| Profit after tax | 4,196 | 3,131 | 3,235 | 3,342 | 3,453 | 3,567 |
| Dividends | (666) | (498) | (514) | (531) | (549) | (567) |
| Balance sheet, year end | ||||||
| Cash | 1,537 | 3,450 | 5,392 | 7,362 | 9,360 | 11,386 |
| Working capital | 14,736 | 15,178 | 15,633 | 16,101 | 16,584 | 17,081 |
| Net block and other assets | 41,851 | 42,129 | 42,452 | 42,824 | 43,247 | 43,724 |
| Debt | 6,294 | 6,294 | 6,294 | 6,294 | 6,294 | 6,294 |
| Equity | 38,231 | 40,864 | 43,584 | 46,395 | 49,299 | 52,298 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 4,806 | 4,961 | 5,120 | 5,284 | 5,452 | |
| Investing (capex) | (2,395) | (2,504) | (2,618) | (2,737) | (2,860) | |
| Financing (dividends) | (498) | (514) | (531) | (549) | (567) | |
| Net change in cash | 1,913 | 1,942 | 1,970 | 1,998 | 2,026 | |
| Free cash flow to equity | 2,411 | 2,456 | 2,501 | 2,547 | 2,593 | |
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 | 3% | 19.1% | 11.00% | 5% | ₹441 | (62.2)% |
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.