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Model Note · REMUS PHARMACEUTICALS L · 30 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
REMUS PHARMACEUTICALS L Discounted cash flow · base FY26
REMUS PHARMACEUTICALS L
Value per share, this model₹361
CMP, 29 Oct 2026₹875.00
Difference(58.8)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of REMUS PHARMACEUTICALS 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 37.6% · 5-yr CAGR —%
EBITDA margin
6.6%
FY26 6.6% · 5-yr average 7.0%
Depreciation · capex, % of revenue
0.3% · 1.7%, fading to 1.2× depreciation
FY26 0.3% · 1.7%
Working capital, % of added revenue · tax
15.9% · 22%
58 working-capital days · effective 22.0%
Discount rate
11.00%
1-yr beta 0.8
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹11 · ₹0 · ₹0 cr
FY26 net debt ₹11 cr
Shares
1.18 crore
1.18 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
854
1,110
1,443
1,875
2,438
3,169
growth %
37.6
30.0
30.0
30.0
30.0
30.0
EBITDA
57
73
95
124
161
209
Depreciation
(3)
(3)
(4)
(6)
(7)
(10)
NOPAT
42
55
71
92
120
156
less capex
(15)
(19)
(20)
(19)
(17)
(11)
less working-capital build
—
(41)
(53)
(69)
(89)
(116)
Free cash flow to firm
—
(2)
3
10
21
38
Present value
(2)
2
7
14
23
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 · REMUS PHARMACEUTICALS L · 30 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
46
PV of the terminal value (89% of EV)
390
Enterprise value
436
less net debt
(11)
less non-controlling interest
0
add non-operating investments
0
Equity value
425
÷ 1.18 crore shares
₹361
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
374
407
447
495
556
10.5%
340
367
400
439
486
11.0%
311
334
361
392
431
11.5%
285
305
328
354
385
12.0%
263
280
300
322
348
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
