Models
Mercury Laboratories LimitedBSE 538964Pharmaceuticals & Biotechnology
₹315per 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₹315implied FY26 P/E 9.1× · EV/EBITDA 5.2×
Against CMP ₹750.00−58.0%close of 27 Oct 2026
Growth the CMP implies—%no growth rate between −20% and 45% a year brings the value to the CMP on your other inputs
Value after FY3170%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
₹237₹469
52-week rangetraded range, a fact not a value
₹621₹929
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 13 |
| PV of terminal value | 31 |
| Enterprise value | 45 |
| less net debt | (7) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 38 |
| ÷ 0.12 crore shares | ₹315 |
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% | 326 | 352 | 384 | 422 | 469 |
| 10.50% | 299 | 320 | 346 | 377 | 414 |
| 11.00% | 275 | 293 | 315 | 340 | 370 |
| 11.50% | 255 | 270 | 288 | 309 | 334 |
| 12.00% | 237 | 250 | 265 | 283 | 303 |
The outlined cell is your model. Green figures sit above the CMP of ₹750.00; 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 | 228 · 313 · 406 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.87 |
| Rank correlation with discount rate | −0.44 |
| Rank correlation with revenue growth | −0.06 |
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 | 75 | 76 | 75 | 76 | 77 | 77 | 78 | 79 | 80 |
| growth % | 30.1 | 0.3 | (0.6) | 1.1 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 |
| EBITDA | 9 | 9 | 7 | 9 | 9 | 9 | 9 | 9 | 9 |
| margin % | 11.4 | 12.0 | 9.3 | 11.4 | 11.4 | 11.4 | 11.4 | 11.4 | 11.4 |
| less depreciation | (2) | (3) | (3) | (3) | (3) | (3) | (4) | (4) | (4) |
| EBIT | 6 | 6 | 4 | 5 | 5 | 5 | 5 | 5 | 6 |
| less tax on EBIT | (1) | (1) | (1) | (1) | (1) | (1) | |||
| NOPAT | 4 | 4 | 4 | 4 | 4 | 4 | |||
| add depreciation | 2 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 |
| less capex | (1) | (6) | (9) | (3) | (3) | (3) | (4) | (4) | (4) |
| less working-capital build | — | (0) | (0) | (0) | (0) | (0) | |||
| Free cash flow to firm | 1 | 2 | (5) | — | 4 | 4 | 3 | 3 | 3 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 4 | 3 | 3 | 2 | 2 |
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 7, dividends at 8.7% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 5 | 5 | 5 | 5 | 5 | 6 |
| Interest at 9.5% on debt | (1) | (1) | (1) | (1) | (1) | |
| Profit before tax | 5 | 5 | 5 | 5 | 5 | |
| Profit after tax | 5 | 3 | 3 | 3 | 3 | 3 |
| Dividends | (0) | (0) | (0) | (0) | (0) | (0) |
| Balance sheet, year end | ||||||
| Cash | 1 | 4 | 7 | 9 | 12 | 14 |
| Working capital | 27 | 27 | 27 | 28 | 28 | 28 |
| Net block and other assets | 52 | 51 | 51 | 52 | 52 | 53 |
| Debt | 7 | 7 | 7 | 7 | 7 | 7 |
| Equity | 58 | 61 | 64 | 67 | 70 | 74 |
| Balance check | 0 | (0) | (0) | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 7 | 7 | 7 | 7 | 7 | |
| Investing (capex) | (3) | (3) | (4) | (4) | (4) | |
| Financing (dividends) | (0) | (0) | (0) | (0) | (0) | |
| Net change in cash | 3 | 3 | 3 | 2 | 2 | |
| Free cash flow to equity | 3 | 3 | 3 | 3 | 3 | |
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 | 1% | 11.4% | 11.00% | 5% | ₹315 | (58.0)% |
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.