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Model Note · INDRAPRASTHA MEDICAL CORP · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDRAPRASTHA MEDICAL CORP Discounted cash flow · base FY26
INDRAPRASTHA MEDICAL CORP
Value per share, this model₹368
CMP 2026-09-10₹355.00
Difference3.7%
Growth the CMP implies8.6%/yr
This note states the assumptions and the arithmetic of one model of INDRAPRASTHA MEDICAL CORP, 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
9.5% a year
FY26 9.3% · 5-yr CAGR 19.3%
EBITDA margin
18%
FY26 18.0% · 5-yr average 15.6%
Depreciation · capex, % of revenue
2.9% · 4%, fading to 1.2× depreciation
FY26 2.9% · 4.0%
Working capital, % of added revenue · tax
0% · 25.4%
-2 working-capital days · effective 25.4%
Discount rate
11.00%
1-yr beta 1.2
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(5) · ₹0 · ₹0 cr
FY26 net debt ₹(5) cr
Shares
9.17 crore
9.17 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
1,483
1,623
1,778
1,946
2,131
2,334
growth %
9.3
9.5
9.5
9.5
9.5
9.5
EBITDA
267
292
320
350
384
420
Depreciation
(44)
(47)
(52)
(56)
(62)
(68)
NOPAT
167
183
200
219
240
263
less capex
(60)
(65)
(69)
(73)
(77)
(81)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
165
183
203
225
249
Present value
157
156
156
156
156
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 · INDRAPRASTHA MEDICAL CORP · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
781
PV of the terminal value (77% of EV)
2,590
Enterprise value
3,371
less net debt
5
less non-controlling interest
0
add non-operating investments
0
Equity value
3,376
÷ 9.17 crore shares
₹368
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
381
409
442
484
535
10.5%
351
374
402
435
476
11.0%
326
345
368
395
428
11.5%
304
320
340
362
389
12.0%
285
299
315
334
357
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
