Models
MANKIND PHARMA LIMITEDMANKINDPharmaceuticals & Biotechnology
₹1,018per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹1,018implied FY26 P/E 20.6× · EV/EBITDA 13.8×
Against CMP ₹2,280.00−55.4%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3177%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹754₹1,544
52-week rangetraded range, a fact not a value
₹1,910₹2,674
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 11,247 |
| PV of terminal value | 36,717 |
| Enterprise value | 47,964 |
| less net debt | (5,920) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 42,044 |
| ÷ 41.30 crore shares | ₹1,018 |
77% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 1,057 | 1,145 | 1,251 | 1,381 | 1,544 |
| 10.50% | 963 | 1,037 | 1,124 | 1,228 | 1,356 |
| 11.00% | 884 | 946 | 1,018 | 1,103 | 1,206 |
| 11.50% | 815 | 868 | 928 | 999 | 1,083 |
| 12.00% | 754 | 800 | 852 | 911 | 981 |
The outlined cell is your model. Green figures sit above the CMP of ₹2,280.00; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 760 · 1,005 · 1,311 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.70 |
| Rank correlation with discount rate | −0.49 |
| Rank correlation with revenue growth | +0.45 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 8,749 | 10,335 | 12,207 | 14,278 | 16,705 | 19,545 | 22,867 | 26,755 | 31,303 |
| growth % | — | 18.1 | 18.1 | 17.0 | 17.0 | 17.0 | 17.0 | 17.0 | 17.0 |
| EBITDA | 1,901 | 2,535 | 3,018 | 3,488 | 4,076 | 4,769 | 5,580 | 6,528 | 7,638 |
| margin % | 21.7 | 24.5 | 24.7 | 24.4 | 24.4 | 24.4 | 24.4 | 24.4 | 24.4 |
| less depreciation | (326) | (398) | (621) | (886) | (1,036) | (1,212) | (1,418) | (1,659) | (1,941) |
| EBIT | 1,575 | 2,137 | 2,397 | 2,601 | 3,040 | 3,557 | 4,162 | 4,869 | 5,697 |
| less tax on EBIT | (442) | (517) | (605) | (708) | (828) | (969) | |||
| NOPAT | 2,159 | 2,523 | 2,952 | 3,454 | 4,042 | 4,729 | |||
| add depreciation | 326 | 398 | 621 | 886 | 1,036 | 1,212 | 1,418 | 1,659 | 1,941 |
| less capex | (789) | (315) | (461) | (626) | (735) | (1,009) | (1,354) | (1,787) | (2,329) |
| less working-capital build | — | (430) | (503) | (588) | (688) | (805) | |||
| Free cash flow to firm | 1,024 | 1,837 | 1,953 | — | 2,395 | 2,653 | 2,930 | 3,225 | 3,535 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 2,273 | 2,269 | 2,257 | 2,238 | 2,210 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 6,312, dividends at 2.2% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 2,601 | 3,040 | 3,557 | 4,162 | 4,869 | 5,697 |
| Interest at 8.6% on debt | (543) | (543) | (543) | (543) | (543) | |
| Profit before tax | 2,497 | 3,014 | 3,619 | 4,327 | 5,154 | |
| Profit after tax | 1,913 | 2,073 | 2,502 | 3,004 | 3,591 | 4,278 |
| Dividends | (41) | (46) | (55) | (66) | (79) | (94) |
| Balance sheet, year end | ||||||
| Cash | 392 | 2,290 | 4,438 | 6,851 | 9,547 | 12,538 |
| Working capital | 2,531 | 2,960 | 3,463 | 4,051 | 4,739 | 5,544 |
| Net block and other assets | 25,157 | 24,856 | 24,653 | 24,589 | 24,717 | 25,106 |
| Debt | 6,312 | 6,312 | 6,312 | 6,312 | 6,312 | 6,312 |
| Equity | 16,561 | 18,588 | 21,035 | 23,973 | 27,485 | 31,669 |
| Balance check | 0 | (0) | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 2,679 | 3,211 | 3,833 | 4,562 | 5,414 | |
| Investing (capex) | (735) | (1,009) | (1,354) | (1,787) | (2,329) | |
| Financing (dividends) | (46) | (55) | (66) | (79) | (94) | |
| Net change in cash | 1,898 | 2,147 | 2,414 | 2,696 | 2,991 | |
| Free cash flow to equity | 1,944 | 2,203 | 2,480 | 2,775 | 3,085 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 17% | 24.4% | 11.00% | 5% | ₹1,018 | (55.4)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.