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Model Note · GLAND PHARMA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GLAND PHARMA LIMITED Discounted cash flow · base FY26
GLAND PHARMA LIMITED
Value per share, this model₹812
CMP 2026-09-10₹2,928.00
Difference(72.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GLAND PHARMA LIMITED, 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
14.5% a year
FY26 14.5% · 5-yr CAGR 13.2%
EBITDA margin
25%
FY26 25.0% · 5-yr average 26.4%
Depreciation · capex, % of revenue
6.6% · 7.6%, fading to 1.2× depreciation
FY26 6.6% · 7.6%
Working capital, % of added revenue · tax
43.6% · 29.9%
159 working-capital days · effective 29.9%
Discount rate
11.00%
1-yr beta 0.6
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(3,116) · ₹0 · ₹0 cr
FY26 net debt ₹(3,116) cr
Shares
16.50 crore
16.50 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
6,431
7,363
8,431
9,653
11,053
12,656
growth %
14.5
14.5
14.5
14.5
14.5
14.5
EBITDA
1,605
1,841
2,108
2,413
2,763
3,164
Depreciation
(424)
(486)
(556)
(637)
(729)
(835)
NOPAT
828
950
1,087
1,245
1,426
1,632
less capex
(491)
(560)
(647)
(749)
(867)
(1,002)
less working-capital build
—
(407)
(465)
(533)
(610)
(699)
Free cash flow to firm
—
470
531
600
678
767
Present value
446
454
462
471
479
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 · GLAND PHARMA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,312
PV of the terminal value (77% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
832
881
938
1,009
1,097
10.5%
782
822
869
926
995
11.0%
739
772
812
858
914
11.5%
701
730
763
802
847
12.0%
669
693
721
754
792
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
