Models
FDC LIMITEDFDCPharmaceuticals & Biotechnology
₹167per 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₹167implied FY26 P/E 9.3× · EV/EBITDA 8.2×
Against CMP ₹342.00−51.2%close of 2026-09-10
Growth the CMP implies32.5%revenue, a year for 5 years, on your other inputs
Value after FY3181%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
₹127₹245
52-week rangetraded range, a fact not a value
₹313₹528
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 498 |
| PV of terminal value | 2,168 |
| Enterprise value | 2,666 |
| less net debt | 49 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,715 |
| ÷ 16.28 crore shares | ₹167 |
81% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
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% | 172 | 186 | 202 | 221 | 245 |
| 10.50% | 159 | 170 | 183 | 198 | 217 |
| 11.00% | 147 | 156 | 167 | 180 | 195 |
| 11.50% | 136 | 144 | 153 | 164 | 177 |
| 12.00% | 127 | 134 | 142 | 151 | 161 |
The outlined cell is your model. Green figures sit above the CMP of ₹342.00; 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 | 136 · 165 · 201 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.73 |
| Rank correlation with discount rate | −0.63 |
| Rank correlation with revenue growth | +0.09 |
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 | 1,784 | 1,943 | 2,108 | 2,171 | 2,236 | 2,303 | 2,372 | 2,443 | 2,517 |
| growth % | 16.7 | 8.9 | 8.5 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| EBITDA | 251 | 339 | 325 | 325 | 335 | 345 | 356 | 367 | 378 |
| margin % | 14.1 | 17.4 | 15.4 | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 | 15.0 |
| less depreciation | (39) | (40) | (54) | (59) | (60) | (62) | (64) | (66) | (68) |
| EBIT | 212 | 299 | 271 | 266 | 275 | 283 | 292 | 301 | 310 |
| less tax on EBIT | (66) | (68) | (71) | (73) | (75) | (77) | |||
| NOPAT | 200 | 207 | 213 | 219 | 226 | 232 | |||
| add depreciation | 39 | 40 | 54 | 59 | 60 | 62 | 64 | 66 | 68 |
| less capex | (113) | (93) | (97) | (187) | (192) | (167) | (140) | (112) | (82) |
| less working-capital build | — | (9) | (9) | (10) | (10) | (10) | |||
| Free cash flow to firm | 42 | 127 | 221 | — | 66 | 98 | 133 | 170 | 209 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 62 | 84 | 103 | 118 | 131 |
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 0, dividends at 28.8% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 266 | 275 | 283 | 292 | 301 | 310 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 275 | 283 | 292 | 301 | 310 | |
| Profit after tax | 281 | 207 | 213 | 219 | 226 | 232 |
| Dividends | (81) | (59) | (61) | (63) | (65) | (67) |
| Balance sheet, year end | ||||||
| Cash | 49 | 55 | 92 | 162 | 267 | 409 |
| Working capital | 300 | 309 | 319 | 328 | 338 | 348 |
| Net block and other assets | 2,570 | 2,702 | 2,807 | 2,883 | 2,929 | 2,943 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 2,485 | 2,632 | 2,784 | 2,940 | 3,100 | 3,266 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 258 | 266 | 274 | 282 | 290 | |
| Investing (capex) | (192) | (167) | (140) | (112) | (82) | |
| Financing (dividends) | (59) | (61) | (63) | (65) | (67) | |
| Net change in cash | 6 | 37 | 70 | 105 | 142 | |
| Free cash flow to equity | 66 | 98 | 133 | 170 | 209 | |
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% | 15% | 11.00% | 5% | ₹167 | (51.2)% |
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.