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Model Note · MEDPLUS HEALTH SERV LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MEDPLUS HEALTH SERV LTD Discounted cash flow · base FY26
MEDPLUS HEALTH SERV LTD
Value per share, this model₹225
CMP 2026-09-10₹660.45
Difference(65.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MEDPLUS HEALTH SERV 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
12.5% a year
FY26 12.3% · 5-yr CAGR —%
EBITDA margin
8.8%
FY26 8.8% · 5-yr average 7.2%
Depreciation · capex, % of revenue
4.1% · 1.8%, fading to 1.2× depreciation
FY26 4.1% · 1.8%
Working capital, % of added revenue · tax
16% · 20.2%
58 working-capital days · effective 20.2%
Discount rate
11.00%
1-yr beta 0.5
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(198) · ₹0 · ₹0 cr
FY26 net debt ₹(198) cr
Shares
12.01 crore
12.01 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
6,892
7,754
8,723
9,814
11,040
12,420
growth %
12.3
12.5
12.5
12.5
12.5
12.5
EBITDA
607
682
768
864
972
1,093
Depreciation
(283)
(318)
(358)
(402)
(453)
(509)
NOPAT
259
291
327
368
414
466
less capex
(123)
(140)
(225)
(330)
(457)
(611)
less working-capital build
—
(138)
(155)
(174)
(196)
(221)
Free cash flow to firm
—
331
305
266
213
143
Present value
314
261
205
148
90
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 · MEDPLUS HEALTH SERV LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,018
PV of the terminal value (59% of EV)
1,487
Enterprise value
2,505
less net debt
198
less non-controlling interest
0
add non-operating investments
0
Equity value
2,703
÷ 12.01 crore shares
₹225
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
231
243
258
276
299
10.5%
218
228
240
255
272
11.0%
206
215
225
237
251
11.5%
196
204
212
222
234
12.0%
188
194
201
210
219
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
