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Model Note · QUEST LABORATORIES LTD · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
QUEST LABORATORIES LTD Discounted cash flow · base FY26
QUEST LABORATORIES LTD
Value per share, this model₹103
CMP, 8 Oct 2026₹89.00
Difference15.2%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of QUEST LABORATORIES LTD, built on its filed FY26 standalone 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
7.5% a year
FY26 7.6% · 5-yr CAGR —%
EBITDA margin
16.3%
FY26 16.3% · 5-yr average 15.8%
Depreciation · capex, % of revenue
0.7% · 4.7%, fading to 1.2× depreciation
FY26 0.7% · 4.7%
Working capital, % of added revenue · tax
61.9% · 17.1%
226 working-capital days · effective 17.1%
Discount rate
11.00%
1-yr beta 0.57
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹8 · ₹0 · ₹0 cr
FY26 net debt ₹8 cr
Shares
1.64 crore
1.64 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
112
120
129
139
149
161
growth %
7.6
7.5
7.5
7.5
7.5
7.5
EBITDA
18
20
21
23
24
26
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
14
16
17
18
19
21
less capex
(5)
(6)
(5)
(4)
(3)
(1)
less working-capital build
—
(5)
(6)
(6)
(6)
(7)
Free cash flow to firm
—
6
7
9
11
14
Present value
5
6
7
8
9
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 · QUEST LABORATORIES LTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
35
PV of the terminal value (80% of EV)
141
Enterprise value
176
less net debt
(8)
less non-controlling interest
0
add non-operating investments
0
Equity value
168
÷ 1.64 crore shares
₹103
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
106
115
125
138
153
10.5%
97
104
113
123
135
11.0%
89
96
103
111
121
11.5%
83
88
94
101
109
12.0%
77
81
86
92
99
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
