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Model Note · METROPOLIS HEALTHCARE LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
METROPOLIS HEALTHCARE LTD Discounted cash flow · base FY26
METROPOLIS HEALTHCARE LTD
Value per share, this model₹285
CMP 2026-09-10₹583.00
Difference(51.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of METROPOLIS HEALTHCARE 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
23.5% a year
FY26 23.6% · 5-yr CAGR 10.5%
EBITDA margin
23.8%
FY26 23.8% · 5-yr average 24.9%
Depreciation · capex, % of revenue
8.1% · 2.6%, fading to 1.2× depreciation
FY26 8.1% · 2.6%
Working capital, % of added revenue · tax
5.3% · 26.2%
19 working-capital days · effective 26.2%
Discount rate
11.00%
1-yr beta 0.37
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(36) · ₹0 · ₹0 cr
FY26 net debt ₹(36) cr
Shares
20.73 crore
20.73 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
1,646
2,033
2,510
3,100
3,829
4,729
growth %
23.6
23.5
23.5
23.5
23.5
23.5
EBITDA
392
484
597
738
911
1,125
Depreciation
(134)
(165)
(203)
(251)
(310)
(383)
NOPAT
191
236
291
359
444
548
less capex
(43)
(53)
(110)
(191)
(304)
(460)
less working-capital build
—
(20)
(25)
(31)
(39)
(48)
Free cash flow to firm
—
327
359
388
411
424
Present value
310
307
299
285
265
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 · METROPOLIS HEALTHCARE LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,466
PV of the terminal value (75% of EV)
4,399
Enterprise value
5,865
less net debt
36
less non-controlling interest
0
add non-operating investments
0
Equity value
5,901
÷ 20.73 crore shares
₹285
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
294
315
340
371
410
10.5%
272
289
310
335
365
11.0%
253
267
285
305
329
11.5%
236
249
263
280
300
12.0%
222
232
245
259
276
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
