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Model Note · INDRAYANI BIOTECH LTD. · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDRAYANI BIOTECH LTD. Discounted cash flow · base FY26
INDRAYANI BIOTECH LTD.
Value per share, this model₹92
CMP 2026-09-21₹8.90
Difference929.4%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of INDRAYANI BIOTECH LTD., 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
6% a year
FY26 5.8% · 5-yr CAGR 45.6%
EBITDA margin
7%
FY26 7.0% · 5-yr average 9.4%
Depreciation · capex, % of revenue
3.1% · 5.7%, fading to 1.2× depreciation
FY26 3.1% · 5.7%
Working capital, % of added revenue · tax
59.7% · -553.5%
218 working-capital days · effective (553.5)%
Discount rate
11.00%
1-yr beta 0.56
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹124 · ₹0 · ₹0 cr
FY26 net debt ₹124 cr
Shares
4.55 crore
4.55 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
138
146
155
164
174
184
growth %
5.8
6.0
6.0
6.0
6.0
6.0
EBITDA
10
10
11
11
12
13
Depreciation
(4)
(5)
(5)
(5)
(5)
(6)
NOPAT
35
37
39
42
44
47
less capex
(8)
(8)
(8)
(8)
(7)
(7)
less working-capital build
—
(5)
(5)
(6)
(6)
(6)
Free cash flow to firm
—
29
31
34
37
40
Present value
27
26
26
25
25
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 · INDRAYANI BIOTECH LTD. · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
130
PV of the terminal value (76% of EV)
412
Enterprise value
541
less net debt
(124)
less non-controlling interest
0
add non-operating investments
0
Equity value
417
÷ 4.55 crore shares
₹92
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
96
105
115
129
145
10.5%
86
94
102
113
126
11.0%
78
84
92
100
111
11.5%
71
76
83
90
98
12.0%
65
69
75
81
88
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
