Models
GLOBAL HEALTH LIMITEDMEDANTAHealthcare Services
₹436per 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₹436implied FY26 P/E 21.1× · EV/EBITDA 13.9×
Against CMP ₹1,450.00−69.9%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3190%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
₹310₹689
52-week rangetraded range, a fact not a value
₹956₹1,544
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,256 |
| PV of terminal value | 11,531 |
| Enterprise value | 12,787 |
| less net debt | (1,063) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 11,724 |
| ÷ 26.88 crore shares | ₹436 |
90% 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% | 454 | 496 | 548 | 610 | 689 |
| 10.50% | 409 | 445 | 487 | 537 | 599 |
| 11.00% | 371 | 401 | 436 | 477 | 527 |
| 11.50% | 339 | 364 | 394 | 428 | 468 |
| 12.00% | 310 | 332 | 357 | 386 | 420 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,450.00; 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 | 314 · 432 · 584 |
| Draws below the CMP | 100% |
| Rank correlation with revenue growth | +0.60 |
| Rank correlation with ebitda margin | +0.59 |
| Rank correlation with discount rate | −0.48 |
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 | 2,694 | 3,275 | 3,692 | 4,410 | 5,270 | 6,298 | 7,526 | 8,994 | 10,747 |
| growth % | — | 21.6 | 12.7 | 19.4 | 19.5 | 19.5 | 19.5 | 19.5 | 19.5 |
| EBITDA | 612 | 799 | 827 | 918 | 1,096 | 1,310 | 1,565 | 1,871 | 2,235 |
| margin % | 22.7 | 24.4 | 22.4 | 20.8 | 20.8 | 20.8 | 20.8 | 20.8 | 20.8 |
| less depreciation | (150) | (173) | (194) | (223) | (264) | (315) | (376) | (450) | (537) |
| EBIT | 462 | 626 | 633 | 696 | 833 | 995 | 1,189 | 1,421 | 1,698 |
| less tax on EBIT | (156) | (187) | (224) | (268) | (320) | (382) | |||
| NOPAT | 539 | 645 | 771 | 922 | 1,101 | 1,316 | |||
| add depreciation | 150 | 173 | 194 | 223 | 264 | 315 | 376 | 450 | 537 |
| less capex | (236) | (279) | (517) | (838) | (1,001) | (992) | (941) | (832) | (645) |
| less working-capital build | — | (48) | (58) | (69) | (82) | (98) | |||
| Free cash flow to firm | 409 | 334 | 107 | — | (141) | 37 | 288 | 637 | 1,110 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (134) | 31 | 222 | 442 | 694 |
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 1,190, dividends at 2.4% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 696 | 833 | 995 | 1,189 | 1,421 | 1,698 |
| Interest at 10.4% on debt | (124) | (124) | (124) | (124) | (124) | |
| Profit before tax | 709 | 871 | 1,065 | 1,297 | 1,574 | |
| Profit after tax | 556 | 549 | 675 | 826 | 1,005 | 1,220 |
| Dividends | (13) | (13) | (16) | (20) | (24) | (29) |
| Balance sheet, year end | ||||||
| Cash | 127 | (122) | (198) | (25) | 491 | 1,477 |
| Working capital | 248 | 296 | 353 | 422 | 504 | 603 |
| Net block and other assets | 5,530 | 6,268 | 6,945 | 7,509 | 7,892 | 7,999 |
| Debt | 1,190 | 1,190 | 1,190 | 1,190 | 1,190 | 1,190 |
| Equity | 3,984 | 4,521 | 5,180 | 5,985 | 6,967 | 8,157 |
| Balance check | 0 | 0 | 0 | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 765 | 933 | 1,133 | 1,373 | 1,659 | |
| Investing (capex) | (1,001) | (992) | (941) | (832) | (645) | |
| Financing (dividends) | (13) | (16) | (20) | (24) | (29) | |
| Net change in cash | (250) | (76) | 173 | 517 | 985 | |
| Free cash flow to equity | (237) | (59) | 192 | 541 | 1,014 | |
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 | 19.5% | 20.8% | 11.00% | 5% | ₹436 | (69.9)% |
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.