Models
MOREPEN LAB. LTDMOREPENLABPharmaceuticals & Biotechnology
₹17per 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₹17implied FY26 P/E 6.8× · EV/EBITDA 7.4×
Against CMP ₹115.72−84.9%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3178%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
₹13₹27
52-week rangetraded range, a fact not a value
₹33₹123
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 244 |
| PV of terminal value | 875 |
| Enterprise value | 1,119 |
| less net debt | (164) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 955 |
| ÷ 54.79 crore shares | ₹17 |
78% 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% | 18 | 20 | 22 | 24 | 27 |
| 10.50% | 16 | 18 | 19 | 21 | 24 |
| 11.00% | 15 | 16 | 17 | 19 | 21 |
| 11.50% | 14 | 15 | 16 | 17 | 19 |
| 12.00% | 13 | 14 | 14 | 16 | 17 |
The outlined cell is your model. Green figures sit above the CMP of ₹115.72; 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 | 14 · 17 · 22 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.75 |
| Rank correlation with discount rate | −0.63 |
| Rank correlation with revenue growth | −0.03 |
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 | 1,418 | 1,690 | 1,812 | 1,806 | 1,797 | 1,788 | 1,779 | 1,770 | 1,761 |
| growth % | (8.4) | 19.3 | 7.2 | (0.3) | (0.5) | (0.5) | (0.5) | (0.5) | (0.5) |
| EBITDA | 80 | 159 | 174 | 151 | 151 | 150 | 149 | 149 | 148 |
| margin % | 5.6 | 9.4 | 9.6 | 8.4 | 8.4 | 8.4 | 8.4 | 8.4 | 8.4 |
| less depreciation | (28) | (33) | (29) | (36) | (36) | (36) | (36) | (35) | (35) |
| EBIT | 52 | 125 | 145 | 115 | 115 | 114 | 114 | 113 | 113 |
| less tax on EBIT | (23) | (23) | (23) | (23) | (23) | (23) | |||
| NOPAT | 92 | 92 | 91 | 91 | 90 | 90 | |||
| add depreciation | 28 | 33 | 29 | 36 | 36 | 36 | 36 | 35 | 35 |
| less capex | (36) | (71) | (124) | (86) | (84) | (74) | (63) | (53) | (42) |
| less working-capital build | — | 1 | 1 | 1 | 1 | 1 | |||
| Free cash flow to firm | (127) | 2 | (92) | — | 45 | 55 | 65 | 75 | 84 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 42 | 47 | 50 | 52 | 53 |
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 195, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 115 | 115 | 114 | 114 | 113 | 113 |
| Interest at 12% on debt | (23) | (23) | (23) | (23) | (23) | |
| Profit before tax | 92 | 91 | 90 | 90 | 89 | |
| Profit after tax | 0 | 73 | 73 | 72 | 72 | 71 |
| Dividends | (11) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 31 | 57 | 93 | 139 | 195 | 261 |
| Working capital | 288 | 286 | 285 | 284 | 282 | 281 |
| Net block and other assets | 1,617 | 1,666 | 1,704 | 1,731 | 1,748 | 1,755 |
| Debt | 195 | 195 | 195 | 195 | 195 | 195 |
| Equity | 1,247 | 1,320 | 1,393 | 1,465 | 1,537 | 1,608 |
| Balance check | 0 | (0) | (0) | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 110 | 110 | 109 | 109 | 108 | |
| Investing (capex) | (84) | (74) | (63) | (53) | (42) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 26 | 36 | 46 | 56 | 66 | |
| Free cash flow to equity | 26 | 36 | 46 | 56 | 66 | |
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 | -0.5% | 8.4% | 11.00% | 5% | ₹17 | (84.9)% |
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.