Models
GLENMARK PHARMACEUTICALSGLENMARKPharmaceuticals & Biotechnology
₹65per 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₹65implied FY26 P/E 1.0× · EV/EBITDA 0.3×
Against CMP ₹2,419.20−97.3%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY31374%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
₹40₹114
52-week rangetraded range, a fact not a value
₹1,793₹2,538
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | (1,773) |
| PV of terminal value | 2,421 |
| Enterprise value | 648 |
| less net debt | 1,175 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,823 |
| ÷ 28.22 crore shares | ₹65 |
374% 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% | 67 | 76 | 86 | 98 | 114 |
| 10.50% | 59 | 66 | 74 | 84 | 97 |
| 11.00% | 52 | 58 | 65 | 73 | 83 |
| 11.50% | 46 | 51 | 57 | 63 | 72 |
| 12.00% | 40 | 45 | 50 | 56 | 62 |
The outlined cell is your model. Green figures sit above the CMP of ₹2,419.20; 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 | (383) · 67 · 373 |
| Draws below the CMP | 100% |
| Rank correlation with revenue growth | −0.75 |
| Rank correlation with ebitda margin | +0.64 |
| Rank correlation with discount rate | −0.03 |
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 | 12,990 | 11,813 | 13,322 | 16,983 | 21,653 | 27,607 | 35,199 | 44,879 | 57,221 |
| growth % | 5.6 | (9.1) | 12.8 | 27.5 | 27.5 | 27.5 | 27.5 | 27.5 | 27.5 |
| EBITDA | 1,513 | 294 | 1,979 | 2,306 | 2,945 | 3,755 | 4,787 | 6,104 | 7,782 |
| margin % | 11.6 | 2.5 | 14.9 | 13.6 | 13.6 | 13.6 | 13.6 | 13.6 | 13.6 |
| less depreciation | (611) | (582) | (486) | (573) | (736) | (939) | (1,197) | (1,526) | (1,946) |
| EBIT | 901 | (288) | 1,493 | 1,733 | 2,209 | 2,816 | 3,590 | 4,578 | 5,837 |
| less tax on EBIT | (544) | (693) | (884) | (1,127) | (1,437) | (1,833) | |||
| NOPAT | 1,189 | 1,515 | 1,932 | 2,463 | 3,140 | 4,004 | |||
| add depreciation | 611 | 582 | 486 | 573 | 736 | 939 | 1,197 | 1,526 | 1,946 |
| less capex | (608) | (898) | (750) | (1,358) | (1,732) | (1,938) | (2,126) | (2,271) | (2,335) |
| less working-capital build | — | (1,280) | (1,632) | (2,080) | (2,652) | (3,382) | |||
| Free cash flow to firm | 18 | (1,164) | (1,577) | — | (761) | (699) | (547) | (257) | 233 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (722) | (598) | (421) | (178) | 146 |
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 100% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 1,733 | 2,209 | 2,816 | 3,590 | 4,578 | 5,837 |
| Interest at 19% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 2,209 | 2,816 | 3,590 | 4,578 | 5,837 | |
| Profit after tax | 0 | 1,515 | 1,932 | 2,463 | 3,140 | 4,004 |
| Dividends | (141) | (1,515) | (1,932) | (2,463) | (3,140) | (4,004) |
| Balance sheet, year end | ||||||
| Cash | 1,175 | (1,101) | (3,732) | (6,741) | (10,139) | (13,909) |
| Working capital | 4,648 | 5,928 | 7,559 | 9,639 | 12,292 | 15,673 |
| Net block and other assets | 14,085 | 15,081 | 16,080 | 17,010 | 17,755 | 18,144 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 10,512 | 10,512 | 10,512 | 10,512 | 10,512 | 10,512 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 972 | 1,239 | 1,580 | 2,014 | 2,568 | |
| Investing (capex) | (1,732) | (1,938) | (2,126) | (2,271) | (2,335) | |
| Financing (dividends) | (1,515) | (1,932) | (2,463) | (3,140) | (4,004) | |
| Net change in cash | (2,276) | (2,631) | (3,009) | (3,397) | (3,771) | |
| Free cash flow to equity | (761) | (699) | (547) | (257) | 233 | |
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 | 27.5% | 13.6% | 11.00% | 5% | ₹65 | (97.3)% |
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.