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Model Note · KWALITY PHARMACEUTICALS L · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KWALITY PHARMACEUTICALS L Discounted cash flow · base FY26
KWALITY PHARMACEUTICALS L
Value per share, this model₹271
CMP, 9 Oct 2026₹3,516.10
Difference(92.3)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of KWALITY PHARMACEUTICALS L, 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
30% a year
FY26 35.9% · 5-yr CAGR 13.9%
EBITDA margin
23.3%
FY26 23.3% · 5-yr average 20.4%
Depreciation · capex, % of revenue
3.9% · 8.9%, fading to 1.2× depreciation
FY26 3.9% · 8.9%
Working capital, % of added revenue · tax
51% · 24.7%
186 working-capital days · effective 24.7%
Discount rate
11.00%
1-yr beta 0.55
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹130 · ₹0 · ₹0 cr
FY26 net debt ₹130 cr
Shares
1.04 crore
1.04 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
503
654
850
1,105
1,437
1,868
growth %
35.9
30.0
30.0
30.0
30.0
30.0
EBITDA
117
152
198
258
335
435
Depreciation
(20)
(26)
(33)
(43)
(56)
(73)
NOPAT
73
96
124
161
210
273
less capex
(45)
(58)
(67)
(75)
(82)
(87)
less working-capital build
—
(77)
(100)
(130)
(169)
(220)
Free cash flow to firm
—
(14)
(9)
(1)
14
38
Present value
(13)
(8)
(0)
10
24
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 · KWALITY PHARMACEUTICALS L · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
12
PV of the terminal value (97% of EV)
399
Enterprise value
412
less net debt
(130)
less non-controlling interest
0
add non-operating investments
0
Equity value
282
÷ 1.04 crore shares
₹271
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
286
325
371
427
497
10.5%
247
279
317
362
417
11.0%
213
240
271
308
353
11.5%
184
207
233
264
300
12.0%
159
178
201
227
257
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
