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Model Note · SHILPA MEDICARE LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SHILPA MEDICARE LTD Discounted cash flow · base FY26
SHILPA MEDICARE LTD
Value per share, this model₹159
CMP 2026-09-10₹959.05
Difference(83.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SHILPA MEDICARE LTD, 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
19.5% a year
FY26 19.6% · 5-yr CAGR 11.3%
EBITDA margin
30.2%
FY26 30.2% · 5-yr average 20.5%
Depreciation · capex, % of revenue
7.8% · 24.1%, fading to 1.2× depreciation
FY26 7.8% · 24.1%
Working capital, % of added revenue · tax
48.3% · 17.6%
176 working-capital days · effective 17.6%
Discount rate
11.00%
1-yr beta 0.86
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹617 · ₹0 · ₹0 cr
FY26 net debt ₹617 cr
Shares
19.55 crore
19.55 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
1,539
1,839
2,198
2,626
3,138
3,750
growth %
19.6
19.5
19.5
19.5
19.5
19.5
EBITDA
464
555
664
793
948
1,133
Depreciation
(120)
(143)
(171)
(205)
(245)
(293)
NOPAT
284
339
406
485
579
692
less capex
(371)
(443)
(449)
(439)
(409)
(351)
less working-capital build
—
(145)
(173)
(207)
(247)
(296)
Free cash flow to firm
—
(105)
(45)
43
167
338
Present value
(100)
(38)
33
116
211
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 · SHILPA MEDICARE LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
223
PV of the terminal value (94% of EV)
3,511
Enterprise value
3,734
less net debt
(617)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,117
÷ 19.55 crore shares
₹159
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
167
184
206
232
265
10.5%
148
163
181
202
227
11.0%
132
145
159
177
197
11.5%
119
129
142
156
173
12.0%
107
116
126
138
153
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
