Models
MARKSANS PHARMA LIMITEDMARKSANSPharmaceuticals & Biotechnology
₹78per 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₹78implied FY26 P/E 6.8× · EV/EBITDA 4.9×
Against CMP ₹329.95−76.4%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3183%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
₹62₹109
52-week rangetraded range, a fact not a value
₹155₹350
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 498 |
| PV of terminal value | 2,427 |
| Enterprise value | 2,925 |
| less net debt | 605 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 3,530 |
| ÷ 45.32 crore shares | ₹78 |
83% 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% | 80 | 85 | 92 | 100 | 109 |
| 10.50% | 75 | 79 | 84 | 91 | 98 |
| 11.00% | 70 | 74 | 78 | 83 | 89 |
| 11.50% | 66 | 69 | 73 | 77 | 82 |
| 12.00% | 62 | 65 | 68 | 72 | 76 |
The outlined cell is your model. Green figures sit above the CMP of ₹329.95; 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 | 0 · 78 · 131 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.74 |
| Rank correlation with revenue growth | −0.64 |
| Rank correlation with discount rate | −0.12 |
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 | 1,852 | 2,177 | 262 | 2,951 | 3,836 | 4,987 | 6,483 | 8,428 | 10,957 |
| growth % | 24.2 | 17.6 | (88.0) | 1025.1 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 339 | 459 | 53 | 601 | 783 | 1,017 | 1,323 | 1,719 | 2,235 |
| margin % | 18.3 | 21.1 | 20.2 | 20.4 | 20.4 | 20.4 | 20.4 | 20.4 | 20.4 |
| less depreciation | (52) | (74) | (8) | (99) | (127) | (165) | (214) | (278) | (362) |
| EBIT | 287 | 384 | 45 | 502 | 656 | 853 | 1,109 | 1,441 | 1,874 |
| less tax on EBIT | (126) | (165) | (214) | (278) | (362) | (470) | |||
| NOPAT | 376 | 491 | 639 | 830 | 1,079 | 1,403 | |||
| add depreciation | 52 | 74 | 8 | 99 | 127 | 165 | 214 | 278 | 362 |
| less capex | (54) | (209) | (17) | (131) | (169) | (214) | (271) | (343) | (434) |
| less working-capital build | — | (384) | (499) | (649) | (844) | (1,097) | |||
| Free cash flow to firm | 184 | 22 | 3 | — | 65 | 90 | 124 | 170 | 234 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 62 | 77 | 96 | 118 | 146 |
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 30, dividends at 8.7% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 502 | 656 | 853 | 1,109 | 1,441 | 1,874 |
| Interest at 8% on debt | (2) | (2) | (2) | (2) | (2) | |
| Profit before tax | 654 | 850 | 1,106 | 1,439 | 1,871 | |
| Profit after tax | 418 | 490 | 637 | 829 | 1,078 | 1,402 |
| Dividends | (36) | (43) | (55) | (72) | (94) | (122) |
| Balance sheet, year end | ||||||
| Cash | 634 | 655 | 687 | 738 | 812 | 922 |
| Working capital | 1,280 | 1,664 | 2,164 | 2,813 | 3,657 | 4,754 |
| Net block and other assets | 1,947 | 1,989 | 2,039 | 2,096 | 2,160 | 2,233 |
| Debt | 30 | 30 | 30 | 30 | 30 | 30 |
| Equity | 3,053 | 3,500 | 4,081 | 4,838 | 5,822 | 7,101 |
| Balance check | 0 | 0 | 0 | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | 232 | 302 | 393 | 512 | 666 | |
| Investing (capex) | (169) | (214) | (271) | (343) | (434) | |
| Financing (dividends) | (43) | (55) | (72) | (94) | (122) | |
| Net change in cash | 21 | 33 | 50 | 75 | 110 | |
| Free cash flow to equity | 63 | 88 | 122 | 169 | 232 | |
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 | 30% | 20.4% | 11.00% | 5% | ₹78 | (76.4)% |
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.