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Model Note · IPCA LABORATORIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
IPCA LABORATORIES LTD Discounted cash flow · base FY26
IPCA LABORATORIES LTD
Value per share, this model₹571
CMP 2026-09-10₹1,964.20
Difference(70.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of IPCA LABORATORIES 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
8% a year
FY26 7.9% · 5-yr CAGR 12.2%
EBITDA margin
19.6%
FY26 19.6% · 5-yr average 17.9%
Depreciation · capex, % of revenue
4.3% · 6.8%, fading to 1.2× depreciation
FY26 4.3% · 6.8%
Working capital, % of added revenue · tax
39.5% · 24.2%
144 working-capital days · effective 24.2%
Discount rate
11.00%
1-yr beta 0.05
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹267 · ₹0 · ₹0 cr
FY26 net debt ₹267 cr
Shares
25.37 crore
25.37 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
9,646
10,418
11,251
12,152
13,124
14,174
growth %
7.9
8.0
8.0
8.0
8.0
8.0
EBITDA
1,892
2,042
2,205
2,382
2,572
2,778
Depreciation
(418)
(448)
(484)
(523)
(564)
(609)
NOPAT
1,117
1,208
1,305
1,409
1,522
1,644
less capex
(652)
(708)
(719)
(727)
(731)
(731)
less working-capital build
—
(305)
(329)
(356)
(384)
(415)
Free cash flow to firm
—
643
741
850
971
1,107
Present value
610
633
654
674
692
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 · IPCA LABORATORIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,264
PV of the terminal value (78% of EV)
11,498
Enterprise value
14,763
less net debt
(267)
less non-controlling interest
0
add non-operating investments
0
Equity value
14,496
÷ 25.37 crore shares
₹571
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
591
636
690
756
839
10.5%
543
581
625
679
744
11.0%
503
535
571
615
667
11.5%
468
495
526
562
605
12.0%
437
460
487
517
553
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
