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Model Note · LINCOLN PHARMA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
LINCOLN PHARMA LTD Discounted cash flow · base FY26
LINCOLN PHARMA LTD
Value per share, this model₹485
CMP 2026-09-10₹621.00
Difference(22.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of LINCOLN PHARMA 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
7.5% a year
FY26 7.7% · 5-yr CAGR —%
EBITDA margin
14.6%
FY26 14.6% · 5-yr average 17.2%
Depreciation · capex, % of revenue
2.2% · 3.8%, fading to 1.2× depreciation
FY26 2.2% · 3.8%
Working capital, % of added revenue · tax
23.3% · 24%
85 working-capital days · effective 24.0%
Discount rate
11.00%
1-yr beta 0.62
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(17) · ₹0 · ₹0 cr
FY26 net debt ₹(17) cr
Shares
2.00 crore
2.00 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
671
721
775
834
896
963
growth %
7.7
7.5
7.5
7.5
7.5
7.5
EBITDA
98
105
113
122
131
141
Depreciation
(14)
(16)
(17)
(18)
(20)
(21)
NOPAT
63
68
73
79
84
91
less capex
(25)
(27)
(27)
(27)
(26)
(25)
less working-capital build
—
(12)
(13)
(14)
(15)
(16)
Free cash flow to firm
—
45
50
57
63
71
Present value
42
43
44
44
44
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 · LINCOLN PHARMA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
217
PV of the terminal value (77% of EV)
736
Enterprise value
953
less net debt
17
less non-controlling interest
0
add non-operating investments
0
Equity value
970
÷ 2.00 crore shares
₹485
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
500
537
581
635
702
10.5%
462
492
528
571
624
11.0%
429
455
485
520
562
11.5%
401
422
447
477
512
12.0%
376
394
416
440
469
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
