Models
POLY MEDICURE LIMITEDPOLYMEDHealthcare Equipment & Supplies
₹216per 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₹216implied FY26 P/E 7.0× · EV/EBITDA 5.7×
Against CMP ₹1,739.00−87.6%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3192%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
₹150₹348
52-week rangetraded range, a fact not a value
₹1,182₹2,108
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 211 |
| PV of terminal value | 2,271 |
| Enterprise value | 2,482 |
| less net debt | (290) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,192 |
| ÷ 10.14 crore shares | ₹216 |
92% 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% | 225 | 248 | 274 | 307 | 348 |
| 10.50% | 202 | 221 | 243 | 269 | 301 |
| 11.00% | 182 | 198 | 216 | 238 | 264 |
| 11.50% | 165 | 179 | 194 | 212 | 233 |
| 12.00% | 150 | 162 | 175 | 190 | 208 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,739.00; 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 | 127 · 213 · 302 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.89 |
| Rank correlation with discount rate | −0.37 |
| Rank correlation with revenue growth | −0.19 |
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 | 1,115 | 1,376 | 1,670 | 1,875 | 2,110 | 2,373 | 2,670 | 3,004 | 3,379 |
| growth % | 20.8 | 23.4 | 21.4 | 12.3 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 |
| EBITDA | 265 | 358 | 453 | 436 | 489 | 551 | 619 | 697 | 784 |
| margin % | 23.8 | 26.0 | 27.1 | 23.2 | 23.2 | 23.2 | 23.2 | 23.2 | 23.2 |
| less depreciation | (57) | (64) | (83) | (116) | (131) | (147) | (166) | (186) | (210) |
| EBIT | 208 | 294 | 370 | 320 | 359 | 403 | 454 | 511 | 574 |
| less tax on EBIT | (81) | (91) | (102) | (115) | (129) | (145) | |||
| NOPAT | 239 | 268 | 301 | 339 | 381 | 429 | |||
| add depreciation | 57 | 64 | 83 | 116 | 131 | 147 | 166 | 186 | 210 |
| less capex | (239) | (277) | (325) | (308) | (346) | (336) | (318) | (291) | (251) |
| less working-capital build | — | (105) | (118) | (133) | (150) | (169) | |||
| Free cash flow to firm | (48) | (11) | (84) | — | (53) | (6) | 53 | 127 | 219 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (50) | (5) | 41 | 88 | 137 |
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 342, dividends at 11% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 320 | 359 | 403 | 454 | 511 | 574 |
| Interest at 7% on debt | (24) | (24) | (24) | (24) | (24) | |
| Profit before tax | 335 | 380 | 430 | 487 | 551 | |
| Profit after tax | 322 | 250 | 284 | 321 | 364 | 411 |
| Dividends | (35) | (28) | (31) | (35) | (40) | (45) |
| Balance sheet, year end | ||||||
| Cash | 51 | (47) | (102) | (102) | (33) | 123 |
| Working capital | 843 | 948 | 1,066 | 1,199 | 1,349 | 1,518 |
| Net block and other assets | 3,025 | 3,240 | 3,429 | 3,582 | 3,686 | 3,728 |
| Debt | 342 | 342 | 342 | 342 | 342 | 342 |
| Equity | 3,149 | 3,372 | 3,624 | 3,910 | 4,234 | 4,600 |
| Balance check | 0 | 0 | 0 | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 276 | 312 | 354 | 400 | 452 | |
| Investing (capex) | (346) | (336) | (318) | (291) | (251) | |
| Financing (dividends) | (28) | (31) | (35) | (40) | (45) | |
| Net change in cash | (98) | (55) | (0) | 69 | 156 | |
| Free cash flow to equity | (70) | (24) | 35 | 109 | 201 | |
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 | 12.5% | 23.2% | 11.00% | 5% | ₹216 | (87.6)% |
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.