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Model Note · PAR DRUGS AND CHEM LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PAR DRUGS AND CHEM LTD Discounted cash flow · base FY26
PAR DRUGS AND CHEM LTD
Value per share, this model₹157
CMP 2026-09-10₹141.70
Difference11.0%
Growth the CMP implies(1.6)%/yr
This note states the assumptions and the arithmetic of one model of PAR DRUGS AND CHEM 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
2.5% a year
FY26 2.7% · 5-yr CAGR —%
EBITDA margin
16.5%
FY26 16.5% · 5-yr average 20.1%
Depreciation · capex, % of revenue
3.6% · 1.9%, fading to 1.2× depreciation
FY26 3.6% · 1.9%
Working capital, % of added revenue · tax
8.9% · 24.2%
32 working-capital days · effective 24.2%
Discount rate
11.00%
1-yr beta 1.18
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(42) · ₹0 · ₹0 cr
FY26 net debt ₹(42) cr
Shares
1.23 crore
1.23 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
104
106
109
112
114
117
growth %
2.7
2.5
2.5
2.5
2.5
2.5
EBITDA
17
18
18
18
19
19
Depreciation
(4)
(4)
(4)
(4)
(4)
(4)
NOPAT
10
10
11
11
11
11
less capex
(2)
(2)
(3)
(3)
(4)
(5)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
12
12
11
11
10
Present value
11
10
9
8
6
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 · PAR DRUGS AND CHEM LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
44
PV of the terminal value (71% of EV)
108
Enterprise value
152
less net debt
42
less non-controlling interest
0
add non-operating investments
0
Equity value
194
÷ 1.23 crore shares
₹157
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
161
170
180
193
209
10.5%
152
159
168
178
191
11.0%
144
150
157
166
176
11.5%
137
142
148
155
164
12.0%
131
136
141
147
154
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
