Models
INNOVA CAPTAB LIMITEDINNOVACAPPharmaceuticals & Biotechnology
₹309per 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₹309implied FY26 P/E 11.5× · EV/EBITDA 8.7×
Against CMP ₹1,153.00−73.2%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3184%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
₹218₹491
52-week rangetraded range, a fact not a value
₹622₹1,200
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 346 |
| PV of terminal value | 1,762 |
| Enterprise value | 2,108 |
| less net debt | (340) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,768 |
| ÷ 5.72 crore shares | ₹309 |
84% 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 | 352 | 389 | 434 | 491 |
| 10.50% | 290 | 315 | 345 | 382 | 426 |
| 11.00% | 262 | 284 | 309 | 339 | 374 |
| 11.50% | 239 | 257 | 278 | 303 | 332 |
| 12.00% | 218 | 234 | 252 | 273 | 297 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,153.00; 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 | 125 · 300 · 464 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.90 |
| Rank correlation with revenue growth | −0.28 |
| Rank correlation with discount rate | −0.26 |
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 | 1,081 | 1,244 | 1,630 | 2,119 | 2,755 | 3,581 | 4,655 | 6,052 |
| growth % | — | 15.0 | 31.1 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 154 | 186 | 243 | 316 | 410 | 534 | 694 | 902 |
| margin % | 14.3 | 15.0 | 14.9 | 14.9 | 14.9 | 14.9 | 14.9 | 14.9 |
| less depreciation | (16) | (25) | (45) | (59) | (77) | (100) | (130) | (169) |
| EBIT | 138 | 161 | 198 | 256 | 333 | 433 | 563 | 732 |
| less tax on EBIT | (50) | (64) | (84) | (109) | (141) | (184) | ||
| NOPAT | 148 | 192 | 250 | 325 | 422 | 548 | ||
| add depreciation | 16 | 25 | 45 | 59 | 77 | 100 | 130 | 169 |
| less capex | (287) | (172) | (68) | (89) | (110) | (135) | (166) | (203) |
| less working-capital build | — | (121) | (157) | (204) | (265) | (345) | ||
| Free cash flow to firm | (141) | (109) | — | 42 | 60 | 85 | 121 | 170 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 39 | 51 | 66 | 84 | 106 |
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 344, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 198 | 256 | 333 | 433 | 563 | 732 |
| Interest at 5% on debt | (17) | (17) | (17) | (17) | (17) | |
| Profit before tax | 239 | 316 | 416 | 546 | 715 | |
| Profit after tax | 0 | 179 | 237 | 312 | 409 | 536 |
| Dividends | (11) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 3 | 32 | 79 | 151 | 259 | 416 |
| Working capital | 402 | 523 | 680 | 884 | 1,149 | 1,494 |
| Net block and other assets | 1,432 | 1,462 | 1,495 | 1,530 | 1,566 | 1,600 |
| Debt | 344 | 344 | 344 | 344 | 344 | 344 |
| Equity | 1,091 | 1,270 | 1,507 | 1,818 | 2,227 | 2,763 |
| Balance check | 0 | 0 | 0 | 0 | 0 | (0) |
| Cash flow | ||||||
| From operations | 118 | 157 | 208 | 274 | 360 | |
| Investing (capex) | (89) | (110) | (135) | (166) | (203) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 29 | 47 | 72 | 108 | 157 | |
| Free cash flow to equity | 29 | 47 | 72 | 108 | 157 | |
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 | 30% | 14.9% | 11.00% | 5% | ₹309 | (73.2)% |
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.