Models
INDEGENE LIMITEDINDGNHealthcare Services
₹312per 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₹312implied FY26 P/E 18.7× · EV/EBITDA 12.0×
Against CMP ₹580.40−46.2%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3176%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
₹244₹448
52-week rangetraded range, a fact not a value
₹414₹616
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,702 |
| PV of terminal value | 5,505 |
| Enterprise value | 7,206 |
| less net debt | 301 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 7,507 |
| ÷ 24.05 crore shares | ₹312 |
76% 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% | 322 | 345 | 372 | 406 | 448 |
| 10.50% | 298 | 317 | 339 | 366 | 399 |
| 11.00% | 278 | 294 | 312 | 334 | 361 |
| 11.50% | 260 | 273 | 289 | 307 | 329 |
| 12.00% | 244 | 256 | 269 | 285 | 303 |
The outlined cell is your model. Green figures sit above the CMP of ₹580.40; 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 | 232 · 306 · 396 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.86 |
| Rank correlation with discount rate | −0.41 |
| Rank correlation with revenue growth | +0.16 |
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 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,590 | 2,839 | 3,511 | 4,335 | 5,354 | 6,613 | 8,167 | 10,086 |
| growth % | — | 9.6 | 23.6 | 23.5 | 23.5 | 23.5 | 23.5 | 23.5 |
| EBITDA | 508 | 534 | 599 | 741 | 916 | 1,131 | 1,396 | 1,725 |
| margin % | 19.6 | 18.8 | 17.1 | 17.1 | 17.1 | 17.1 | 17.1 | 17.1 |
| less depreciation | (76) | (80) | (126) | (156) | (193) | (238) | (294) | (363) |
| EBIT | 432 | 454 | 472 | 585 | 723 | 893 | 1,102 | 1,362 |
| less tax on EBIT | (111) | (138) | (171) | (211) | (260) | (321) | ||
| NOPAT | 361 | 447 | 552 | 682 | 842 | 1,040 | ||
| add depreciation | 76 | 80 | 126 | 156 | 193 | 238 | 294 | 363 |
| less capex | (11) | (30) | (44) | (56) | (110) | (186) | (291) | (436) |
| less working-capital build | — | (188) | (232) | (287) | (354) | (438) | ||
| Free cash flow to firm | 497 | 412 | — | 359 | 403 | 447 | 491 | 530 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 341 | 344 | 345 | 341 | 331 |
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 12% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 472 | 585 | 723 | 893 | 1,102 | 1,362 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 585 | 723 | 893 | 1,102 | 1,362 | |
| Profit after tax | 401 | 447 | 552 | 682 | 842 | 1,040 |
| Dividends | (48) | (54) | (66) | (82) | (101) | (125) |
| Balance sheet, year end | ||||||
| Cash | 301 | 606 | 942 | 1,308 | 1,698 | 2,103 |
| Working capital | 801 | 989 | 1,222 | 1,508 | 1,863 | 2,300 |
| Net block and other assets | 3,518 | 3,419 | 3,336 | 3,284 | 3,281 | 3,353 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 3,139 | 3,532 | 4,018 | 4,618 | 5,360 | 6,275 |
| Balance check | 0 | 0 | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 415 | 513 | 633 | 782 | 966 | |
| Investing (capex) | (56) | (110) | (186) | (291) | (436) | |
| Financing (dividends) | (54) | (66) | (82) | (101) | (125) | |
| Net change in cash | 305 | 336 | 366 | 390 | 405 | |
| Free cash flow to equity | 359 | 403 | 447 | 491 | 530 | |
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 | 23.5% | 17.1% | 11.00% | 5% | ₹312 | (46.2)% |
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.