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Model Note · JYOTHY LABS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JYOTHY LABS LIMITED Discounted cash flow · base FY25
JYOTHY LABS LIMITED
Value per share, this model₹143
CMP 2026-09-10₹195.10
Difference(26.5)%
Growth the CMP implies13.1%/yr
This note states the assumptions and the arithmetic of one model of JYOTHY LABS LIMITED, built on its filed FY25 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
3.5% a year
FY25 3.3% · 5-yr CAGR 10.7%
EBITDA margin
17.4%
FY25 17.4% · 5-yr average 14.9%
Depreciation · capex, % of revenue
2% · 2%, fading to 1.2× depreciation
FY25 2.0% · 2.0%
Working capital, % of added revenue · tax
11% · 24.2%
40 working-capital days · effective 24.2%
Discount rate
11.00%
1-yr beta 1.07
After FY30
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(77) · ₹0 · ₹0 cr
FY25 net debt ₹(77) cr
Shares
36.72 crore
36.72 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY25
FY26
FY27
FY28
FY29
FY30
Revenue
2,847
2,947
3,050
3,156
3,267
3,381
growth %
3.3
3.5
3.5
3.5
3.5
3.5
EBITDA
495
513
531
549
568
588
Depreciation
(56)
(59)
(61)
(63)
(65)
(68)
NOPAT
333
344
356
368
381
395
less capex
(58)
(59)
(64)
(69)
(75)
(81)
less working-capital build
—
(11)
(11)
(12)
(12)
(13)
Free cash flow to firm
—
333
342
350
359
369
Present value
316
292
270
249
230
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 · JYOTHY LABS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,358
PV of the terminal value (74% of EV)
3,828
Enterprise value
5,186
less net debt
77
less non-controlling interest
0
add non-operating investments
0
Equity value
5,263
÷ 36.72 crore shares
₹143
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
148
158
171
186
205
10.5%
137
146
156
168
183
11.0%
128
135
143
153
165
11.5%
119
126
133
141
151
12.0%
112
118
124
131
139
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
