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Model Note · EMCURE PHARMACEUTICALS L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EMCURE PHARMACEUTICALS L Discounted cash flow · base FY26
EMCURE PHARMACEUTICALS L
Value per share, this model₹724
CMP 2026-09-10₹1,975.10
Difference(63.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of EMCURE PHARMACEUTICALS 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
16.5% a year
FY26 16.6% · 5-yr CAGR —%
EBITDA margin
19.9%
FY26 19.9% · 5-yr average 19.2%
Depreciation · capex, % of revenue
4.5% · 3.9%, fading to 1.2× depreciation
FY26 4.5% · 3.9%
Working capital, % of added revenue · tax
34.2% · 26.9%
125 working-capital days · effective 26.9%
Discount rate
11.00%
1-yr beta 0.48
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,067 · ₹0 · ₹0 cr
FY26 net debt ₹1,067 cr
Shares
18.97 crore
18.97 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
9,204
10,722
12,491
14,552
16,953
19,751
growth %
16.6
16.5
16.5
16.5
16.5
16.5
EBITDA
1,833
2,134
2,486
2,896
3,374
3,930
Depreciation
(415)
(482)
(562)
(655)
(763)
(889)
NOPAT
1,037
1,207
1,406
1,638
1,909
2,223
less capex
(361)
(418)
(534)
(677)
(852)
(1,067)
less working-capital build
—
(519)
(605)
(705)
(821)
(957)
Free cash flow to firm
—
752
829
912
998
1,089
Present value
714
709
702
693
681
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 · EMCURE PHARMACEUTICALS L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,499
PV of the terminal value (76% of EV)
11,310
Enterprise value
14,808
less net debt
(1,067)
less non-controlling interest
0
add non-operating investments
0
Equity value
13,741
÷ 18.97 crore shares
₹724
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
750
810
881
968
1,077
10.5%
688
737
796
866
951
11.0%
634
676
724
782
851
11.5%
588
623
664
712
768
12.0%
548
578
613
653
700
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
