Models
GLAND PHARMA LIMITEDGLANDPharmaceuticals & Biotechnology
₹812per 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₹812implied FY26 P/E 11.8× · EV/EBITDA 6.4×
Against CMP ₹2,928.00−72.3%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3177%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
₹669₹1,097
52-week rangetraded range, a fact not a value
₹1,574₹3,042
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 2,312 |
| PV of terminal value | 7,961 |
| Enterprise value | 10,273 |
| less net debt | 3,116 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 13,389 |
| ÷ 16.50 crore shares | ₹812 |
77% 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% | 832 | 881 | 938 | 1,009 | 1,097 |
| 10.50% | 782 | 822 | 869 | 926 | 995 |
| 11.00% | 739 | 772 | 812 | 858 | 914 |
| 11.50% | 701 | 730 | 763 | 802 | 847 |
| 12.00% | 669 | 693 | 721 | 754 | 792 |
The outlined cell is your model. Green figures sit above the CMP of ₹2,928.00; 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 | 608 · 804 · 1,008 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.90 |
| Rank correlation with discount rate | −0.35 |
| Rank correlation with revenue growth | −0.18 |
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 | 3,625 | 5,665 | 5,617 | 6,431 | 7,363 | 8,431 | 9,653 | 11,053 | 12,656 |
| growth % | (17.6) | 56.3 | (0.9) | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 |
| EBITDA | 968 | 1,333 | 1,269 | 1,605 | 1,841 | 2,108 | 2,413 | 2,763 | 3,164 |
| margin % | 26.7 | 23.5 | 22.6 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 | 25.0 |
| less depreciation | (147) | (345) | (378) | (424) | (486) | (556) | (637) | (729) | (835) |
| EBIT | 822 | 989 | 891 | 1,182 | 1,355 | 1,551 | 1,776 | 2,034 | 2,329 |
| less tax on EBIT | (353) | (405) | (464) | (531) | (608) | (696) | |||
| NOPAT | 828 | 950 | 1,087 | 1,245 | 1,426 | 1,632 | |||
| add depreciation | 147 | 345 | 378 | 424 | 486 | 556 | 637 | 729 | 835 |
| less capex | (221) | (390) | (385) | (491) | (560) | (647) | (749) | (867) | (1,002) |
| less working-capital build | — | (407) | (465) | (533) | (610) | (699) | |||
| Free cash flow to firm | 143 | 607 | 530 | — | 470 | 531 | 600 | 678 | 767 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 446 | 454 | 462 | 471 | 479 |
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 243, dividends at 28.9% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 1,182 | 1,355 | 1,551 | 1,776 | 2,034 | 2,329 |
| Interest at 13% on debt | (32) | (32) | (32) | (32) | (32) | |
| Profit before tax | 1,323 | 1,520 | 1,745 | 2,002 | 2,297 | |
| Profit after tax | 1,027 | 928 | 1,065 | 1,223 | 1,403 | 1,610 |
| Dividends | (297) | (268) | (308) | (353) | (406) | (465) |
| Balance sheet, year end | ||||||
| Cash | 3,359 | 3,538 | 3,739 | 3,964 | 4,214 | 4,493 |
| Working capital | 2,801 | 3,208 | 3,673 | 4,206 | 4,817 | 5,515 |
| Net block and other assets | 6,350 | 6,424 | 6,515 | 6,627 | 6,764 | 6,931 |
| Debt | 243 | 243 | 243 | 243 | 243 | 243 |
| Equity | 10,358 | 11,017 | 11,775 | 12,644 | 13,642 | 14,787 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 1,007 | 1,156 | 1,327 | 1,523 | 1,747 | |
| Investing (capex) | (560) | (647) | (749) | (867) | (1,002) | |
| Financing (dividends) | (268) | (308) | (353) | (406) | (465) | |
| Net change in cash | 179 | 201 | 225 | 251 | 279 | |
| Free cash flow to equity | 447 | 509 | 578 | 656 | 744 | |
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 | 14.5% | 25% | 11.00% | 5% | ₹812 | (72.3)% |
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.