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Model Note · SAI LIFE SCIENCES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SAI LIFE SCIENCES LIMITED Discounted cash flow · base FY26
SAI LIFE SCIENCES LIMITED
Value per share, this model₹486
CMP 2026-09-10₹1,585.00
Difference(69.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SAI LIFE SCIENCES 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
29.5% a year
FY26 29.4% · 5-yr CAGR —%
EBITDA margin
28.4%
FY26 28.4% · 5-yr average 26.2%
Depreciation · capex, % of revenue
7.6% · 27%, fading to 1.2× depreciation
FY26 7.6% · 27.0%
Working capital, % of added revenue · tax
10.9% · 25.2%
40 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.76
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹13 · ₹0 · ₹0 cr
FY26 net debt ₹13 cr
Shares
21.23 crore
21.23 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
2,192
2,839
3,677
4,762
6,166
7,985
growth %
29.4
29.5
29.5
29.5
29.5
29.5
EBITDA
623
806
1,044
1,352
1,751
2,268
Depreciation
(167)
(216)
(279)
(362)
(469)
(607)
NOPAT
341
442
572
741
959
1,242
less capex
(593)
(767)
(828)
(860)
(838)
(728)
less working-capital build
—
(70)
(91)
(118)
(153)
(198)
Free cash flow to firm
—
(180)
(68)
125
437
923
Present value
(170)
(58)
96
303
577
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 · SAI LIFE SCIENCES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
747
PV of the terminal value (93% of EV)
9,583
Enterprise value
10,330
less net debt
(13)
less non-controlling interest
0
add non-operating investments
0
Equity value
10,317
÷ 21.23 crore shares
₹486
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
504
549
603
669
751
10.5%
458
495
539
592
657
11.0%
418
449
486
529
581
11.5%
384
410
441
477
520
12.0%
354
377
403
433
469
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
