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Model Note · PROCTER & GAMBLE HEALTH L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PROCTER & GAMBLE HEALTH L Discounted cash flow · base FY26
PROCTER & GAMBLE HEALTH L
Value per share, this model₹8,229
CMP 2026-09-10₹5,400.00
Difference52.4%
Growth the CMP implies17.8%/yr
This note states the assumptions and the arithmetic of one model of PROCTER & GAMBLE HEALTH L, 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
30% a year
FY26 50.7% · 5-yr CAGR 14.2%
EBITDA margin
32.4%
FY26 32.4% · 5-yr average 30.3%
Depreciation · capex, % of revenue
1.7% · 1.1%, fading to 1.2× depreciation
FY26 1.7% · 1.1%
Working capital, % of added revenue · tax
7.7% · 27.3%
28 working-capital days · effective 27.3%
Discount rate
11.00%
1-yr beta 0.48
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(177) · ₹0 · ₹0 cr
FY26 net debt ₹(177) cr
Shares
1.66 crore
1.66 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
1,408
1,830
2,379
3,093
4,021
5,228
growth %
50.7
30.0
30.0
30.0
30.0
30.0
EBITDA
457
593
771
1,002
1,303
1,694
Depreciation
(24)
(31)
(40)
(53)
(68)
(89)
NOPAT
315
409
531
690
898
1,167
less capex
(16)
(20)
(32)
(49)
(73)
(107)
less working-capital build
—
(33)
(42)
(55)
(71)
(93)
Free cash flow to firm
—
387
497
639
822
1,056
Present value
367
425
493
570
660
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 · PROCTER & GAMBLE HEALTH L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,516
PV of the terminal value (81% of EV)
10,968
Enterprise value
13,484
less net debt
177
less non-controlling interest
0
add non-operating investments
0
Equity value
13,661
÷ 1.66 crore shares
₹8,229
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
8,508
9,167
9,957
10,922
12,130
10.5%
7,820
8,367
9,014
9,790
10,738
11.0%
7,232
7,692
8,229
8,864
9,626
11.5%
6,723
7,115
7,567
8,095
8,718
12.0%
6,278
6,615
7,000
7,444
7,963
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
