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Model Note · MANKIND PHARMA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MANKIND PHARMA LIMITED Discounted cash flow · base FY26
MANKIND PHARMA LIMITED
Value per share, this model₹1,018
CMP 2026-09-10₹2,280.00
Difference(55.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MANKIND PHARMA LIMITED, 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
17% a year
FY26 17.0% · 5-yr CAGR —%
EBITDA margin
24.4%
FY26 24.4% · 5-yr average 23.9%
Depreciation · capex, % of revenue
6.2% · 4.4%, fading to 1.2× depreciation
FY26 6.2% · 4.4%
Working capital, % of added revenue · tax
17.7% · 17%
65 working-capital days · effective 17.0%
Discount rate
11.00%
1-yr beta 0.69
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹5,920 · ₹0 · ₹0 cr
FY26 net debt ₹5,920 cr
Shares
41.30 crore
41.30 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
14,278
16,705
19,545
22,867
26,755
31,303
growth %
17.0
17.0
17.0
17.0
17.0
17.0
EBITDA
3,488
4,076
4,769
5,580
6,528
7,638
Depreciation
(886)
(1,036)
(1,212)
(1,418)
(1,659)
(1,941)
NOPAT
2,159
2,523
2,952
3,454
4,042
4,729
less capex
(626)
(735)
(1,009)
(1,354)
(1,787)
(2,329)
less working-capital build
—
(430)
(503)
(588)
(688)
(805)
Free cash flow to firm
—
2,395
2,653
2,930
3,225
3,535
Present value
2,273
2,269
2,257
2,238
2,210
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 · MANKIND PHARMA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
11,247
PV of the terminal value (77% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,057
1,145
1,251
1,381
1,544
10.5%
963
1,037
1,124
1,228
1,356
11.0%
884
946
1,018
1,103
1,206
11.5%
815
868
928
999
1,083
12.0%
754
800
852
911
981
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
