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Model Note · FERMENTA BIOTECH LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
FERMENTA BIOTECH LTD. Discounted cash flow · base FY26
FERMENTA BIOTECH LTD.
Value per share, this model₹283
CMP 2026-09-10₹475.00
Difference(40.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of FERMENTA BIOTECH LTD., 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
12% a year
FY26 11.9% · 5-yr CAGR 6.8%
EBITDA margin
20.3%
FY26 20.3% · 5-yr average 12.5%
Depreciation · capex, % of revenue
4.1% · 5.8%, fading to 1.2× depreciation
FY26 4.1% · 5.8%
Working capital, % of added revenue · tax
35.6% · 26.7%
130 working-capital days · effective 26.7%
Discount rate
11.00%
1-yr beta 0.39
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹77 · ₹0 · ₹0 cr
FY26 net debt ₹77 cr
Shares
2.87 crore
2.87 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
525
588
659
738
827
926
growth %
11.9
12.0
12.0
12.0
12.0
12.0
EBITDA
107
119
134
150
168
188
Depreciation
(22)
(24)
(27)
(30)
(34)
(38)
NOPAT
62
70
78
88
98
110
less capex
(30)
(34)
(37)
(40)
(42)
(46)
less working-capital build
—
(22)
(25)
(28)
(32)
(35)
Free cash flow to firm
—
37
43
50
58
67
Present value
36
37
39
40
42
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 · FERMENTA BIOTECH LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
193
PV of the terminal value (78% of EV)
696
Enterprise value
890
less net debt
(77)
less non-controlling interest
0
add non-operating investments
0
Equity value
813
÷ 2.87 crore shares
₹283
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
294
318
347
383
427
10.5%
268
289
312
341
376
11.0%
247
264
283
307
335
11.5%
228
242
259
278
301
12.0%
212
224
238
254
273
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
