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Model Note · NATCO PHARMA LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NATCO PHARMA LTD. Discounted cash flow · base FY26
NATCO PHARMA LTD.
Value per share, this model₹697
CMP 2026-09-10₹816.50
Difference(14.7)%
Growth the CMP implies(0.2)%/yr
This note states the assumptions and the arithmetic of one model of NATCO PHARMA 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
-5% a year
FY26 (7.9)% · 5-yr CAGR 14.7%
EBITDA margin
35.2%
FY26 35.2% · 5-yr average 35.3%
Depreciation · capex, % of revenue
5.1% · 9.5%, fading to 1.2× depreciation
FY26 5.1% · 9.5%
Working capital, % of added revenue · tax
33.8% · 8%
124 working-capital days · effective 8.0%
Discount rate
11.00%
1-yr beta 1.06
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹508 · ₹0 · ₹0 cr
FY26 net debt ₹508 cr
Shares
17.90 crore
17.90 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
4,078
3,874
3,681
3,497
3,322
3,156
growth %
(7.9)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
1,437
1,364
1,296
1,231
1,169
1,111
Depreciation
(207)
(198)
(188)
(178)
(169)
(161)
NOPAT
1,132
1,073
1,019
968
920
874
less capex
(388)
(368)
(319)
(273)
(231)
(193)
less working-capital build
—
69
65
62
59
56
Free cash flow to firm
—
971
954
936
917
898
Present value
922
816
721
636
561
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 · NATCO PHARMA LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,656
PV of the terminal value (72% of EV)
9,324
Enterprise value
12,981
less net debt
(508)
less non-controlling interest
0
add non-operating investments
0
Equity value
12,473
÷ 17.90 crore shares
₹697
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
720
772
834
910
1,005
10.5%
665
708
759
820
895
11.0%
618
654
697
747
807
11.5%
577
608
644
686
735
12.0%
542
568
599
634
675
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
