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Model Note · SENORES PHARMACEUTICALS L · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SENORES PHARMACEUTICALS L Discounted cash flow · base FY26
SENORES PHARMACEUTICALS L
Value per share, this model₹364
CMP 2026-09-10₹1,470.50
Difference(75.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SENORES 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 58.9% · 5-yr CAGR —%
EBITDA margin
26.6%
FY26 26.6% · 5-yr average 24.6%
Depreciation · capex, % of revenue
4.9% · 38%, fading to 1.2× depreciation
FY26 4.9% · 38.0%
Working capital, % of added revenue · tax
28.4% · 23.6%
104 working-capital days · effective 23.6%
Discount rate
11.00%
1-yr beta 0.89
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹282 · ₹0 · ₹0 cr
FY26 net debt ₹282 cr
Shares
4.61 crore
4.61 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
633
822
1,069
1,390
1,807
2,349
growth %
58.9
30.0
30.0
30.0
30.0
30.0
EBITDA
168
219
284
370
481
625
Depreciation
(31)
(40)
(52)
(68)
(89)
(115)
NOPAT
105
136
177
230
300
389
less capex
(240)
(313)
(320)
(305)
(251)
(138)
less working-capital build
—
(54)
(70)
(91)
(118)
(154)
Free cash flow to firm
—
(190)
(161)
(98)
18
212
Present value
(180)
(138)
(75)
13
133
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 · SENORES PHARMACEUTICALS L · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(247)
PV of the terminal value (113% of EV)
2,206
Enterprise value
1,959
less net debt
(282)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,677
÷ 4.61 crore shares
₹364
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
382
430
487
557
645
10.5%
333
373
420
476
545
11.0%
292
325
364
410
466
11.5%
256
285
317
356
401
12.0%
225
250
277
310
347
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
