This note states the assumptions and the arithmetic of one model of ISHITA DRUGS & INDUSTRIES 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
-2% a year
FY26 (2.2)% · 5-yr CAGR 1.0%
EBITDA margin
5.2%
FY26 5.2% · 5-yr average 6.4%
Depreciation · capex, % of revenue
0.7% · 11.9%, fading to 1.2× depreciation
FY26 0.7% · 11.9%
Working capital, % of added revenue · tax
9.3% · 27.9%
34 working-capital days · effective 27.9%
Discount rate
11.00%
1-yr beta 0.48
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY26 net debt ₹(0) cr
Shares
0.30 crore
0.30 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
15
14
14
14
14
13
growth %
(2.2)
(2.0)
(2.0)
(2.0)
(2.0)
(2.0)
EBITDA
1
1
1
1
1
1
Depreciation
(0)
(0)
(0)
(0)
(0)
(0)
NOPAT
0
0
0
0
0
0
less capex
(2)
(2)
(1)
(1)
(0)
(0)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
(1)
(1)
(0)
0
0
Present value
(1)
(1)
(0)
0
0
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 · ISHITA DRUGS & INDUSTRIES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(2)
PV of the terminal value (153% of EV)
5
Enterprise value
3
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
3
÷ 0.30 crore shares
₹10
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
10
12
14
16
19
10.5%
9
10
12
13
16
11.0%
8
9
10
11
13
11.5%
6
7
8
10
11
12.0%
6
6
7
8
9
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
