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Model Note · JUBILANT PHARMOVA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JUBILANT PHARMOVA LTD Discounted cash flow · base FY26
JUBILANT PHARMOVA LTD
Value per share, this model₹160
CMP 2026-09-10₹1,025.10
Difference(84.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of JUBILANT PHARMOVA 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
14.5% a year
FY26 14.4% · 5-yr CAGR 6.3%
EBITDA margin
14.5%
FY26 14.5% · 5-yr average 15.2%
Depreciation · capex, % of revenue
5.3% · 17.5%, fading to 1.2× depreciation
FY26 5.3% · 17.5%
Working capital, % of added revenue · tax
12.9% · 35.3%
47 working-capital days · effective 35.3%
Discount rate
11.00%
1-yr beta 0.64
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,952 · ₹0 · ₹0 cr
FY26 net debt ₹1,952 cr
Shares
15.90 crore
15.90 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
8,280
9,480
10,855
12,429
14,231
16,294
growth %
14.4
14.5
14.5
14.5
14.5
14.5
EBITDA
1,201
1,375
1,574
1,802
2,063
2,363
Depreciation
(440)
(502)
(575)
(659)
(754)
(864)
NOPAT
492
564
646
740
847
970
less capex
(1,449)
(1,659)
(1,597)
(1,483)
(1,301)
(1,036)
less working-capital build
—
(155)
(177)
(203)
(232)
(266)
Free cash flow to firm
—
(747)
(553)
(287)
67
531
Present value
(709)
(473)
(221)
47
332
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 · JUBILANT PHARMOVA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(1,025)
PV of the terminal value (123% of EV)
5,515
Enterprise value
4,490
less net debt
(1,952)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,538
÷ 15.90 crore shares
₹160
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
172
207
248
299
362
10.5%
137
166
200
241
290
11.0%
107
131
160
193
233
11.5%
81
102
126
154
186
12.0%
59
77
97
120
148
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
