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Model Note · POLY MEDICURE LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
POLY MEDICURE LIMITED Discounted cash flow · base FY26
POLY MEDICURE LIMITED
Value per share, this model₹216
CMP 2026-09-10₹1,739.00
Difference(87.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of POLY MEDICURE 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
12.5% a year
FY26 12.3% · 5-yr CAGR 19.0%
EBITDA margin
23.2%
FY26 23.2% · 5-yr average 24.7%
Depreciation · capex, % of revenue
6.2% · 16.4%, fading to 1.2× depreciation
FY26 6.2% · 16.4%
Working capital, % of added revenue · tax
44.9% · 25.3%
164 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 0.89
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹290 · ₹0 · ₹0 cr
FY26 net debt ₹290 cr
Shares
10.14 crore
10.14 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
1,875
2,110
2,373
2,670
3,004
3,379
growth %
12.3
12.5
12.5
12.5
12.5
12.5
EBITDA
436
489
551
619
697
784
Depreciation
(116)
(131)
(147)
(166)
(186)
(210)
NOPAT
239
268
301
339
381
429
less capex
(308)
(346)
(336)
(318)
(291)
(251)
less working-capital build
—
(105)
(118)
(133)
(150)
(169)
Free cash flow to firm
—
(53)
(6)
53
127
219
Present value
(50)
(5)
41
88
137
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 · POLY MEDICURE LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
211
PV of the terminal value (92% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
225
248
274
307
348
10.5%
202
221
243
269
301
11.0%
182
198
216
238
264
11.5%
165
179
194
212
233
12.0%
150
162
175
190
208
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
