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Model Note · NOVARTIS INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NOVARTIS INDIA LIMITED Discounted cash flow · base FY26
NOVARTIS INDIA LIMITED
Value per share, this model₹396
CMP 2026-09-10₹2,366.00
Difference(83.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of NOVARTIS INDIA LIMITED, 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
-0.5% a year
FY26 (0.5)% · 5-yr CAGR (1.5)%
EBITDA margin
26.6%
FY26 26.6% · 5-yr average 16.6%
Depreciation · capex, % of revenue
0.6% · 0.1%, fading to 1.2× depreciation
FY26 0.6% · 0.1%
Working capital, % of added revenue · tax
10.1% · 28.1%
37 working-capital days · effective 28.1%
Discount rate
11.00%
1-yr beta -0.83
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(52) · ₹0 · ₹0 cr
FY26 net debt ₹(53) cr
Shares
2.47 crore
2.47 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
354
353
351
349
347
346
growth %
(0.5)
(0.5)
(0.5)
(0.5)
(0.5)
(0.5)
EBITDA
94
94
93
93
92
92
Depreciation
(2)
(2)
(2)
(2)
(2)
(2)
NOPAT
66
66
66
65
65
65
less capex
(0)
(0)
(1)
(1)
(2)
(2)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
68
67
66
65
64
Present value
64
57
51
45
40
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 · NOVARTIS INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
258
PV of the terminal value (72% of EV)
668
Enterprise value
926
less net debt
52
less non-controlling interest
0
add non-operating investments
0
Equity value
978
÷ 2.47 crore shares
₹396
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
408
435
468
507
557
10.5%
380
402
429
461
500
11.0%
356
374
396
422
454
11.5%
334
350
369
391
416
12.0%
316
330
346
364
385
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
