Models
SOLARA ACTIVE PHA SCI LTDSOLARAPharmaceuticals & Biotechnology
₹-61per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹(61)implied FY26 P/E —× · EV/EBITDA 2.0×
Against CMP ₹753.00−108.1%close of 2026-09-20
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3142%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹(71)₹(41)
52-week rangetraded range, a fact not a value
₹422₹774
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 213 |
| PV of terminal value | 156 |
| Enterprise value | 368 |
| less net debt | (660) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (292) |
| ÷ 4.81 crore shares | ₹(61) |
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | (59) | (56) | (52) | (47) | (41) |
| 10.50% | (62) | (60) | (57) | (53) | (48) |
| 11.00% | (66) | (63) | (61) | (58) | (54) |
| 11.50% | (68) | (66) | (64) | (62) | (59) |
| 12.00% | (71) | (69) | (67) | (65) | (62) |
The outlined cell is your model. Green figures sit above the CMP of ₹753.00; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | (122) · (61) · (5) |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.91 |
| Rank correlation with revenue growth | −0.40 |
| Rank correlation with discount rate | −0.07 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,444 | 1,289 | 1,284 | 1,369 | 1,458 | 1,553 | 1,654 | 1,761 | 1,876 |
| growth % | 13.8 | (10.7) | (0.4) | 6.6 | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 |
| EBITDA | 134 | (285) | 206 | 181 | 192 | 205 | 218 | 232 | 248 |
| margin % | 9.3 | (22.1) | 16.1 | 13.2 | 13.2 | 13.2 | 13.2 | 13.2 | 13.2 |
| less depreciation | (111) | (103) | (99) | (100) | (106) | (113) | (121) | (129) | (137) |
| EBIT | 23 | (389) | 107 | 81 | 86 | 92 | 98 | 104 | 111 |
| less tax on EBIT | (20) | (22) | (23) | (25) | (26) | (28) | |||
| NOPAT | 61 | 64 | 69 | 73 | 78 | 83 | |||
| add depreciation | 111 | 103 | 99 | 100 | 106 | 113 | 121 | 129 | 137 |
| less capex | (111) | (41) | (40) | (53) | (57) | (79) | (105) | (133) | (164) |
| less working-capital build | — | (31) | (33) | (36) | (38) | (40) | |||
| Free cash flow to firm | 45 | 68 | 173 | — | 83 | 69 | 53 | 35 | 15 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 78 | 59 | 41 | 25 | 9 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 665, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 81 | 86 | 92 | 98 | 104 | 111 |
| Interest at 13.2% on debt | (88) | (88) | (88) | (88) | (88) | |
| Profit before tax | (2) | 4 | 10 | 16 | 23 | |
| Profit after tax | (7) | (1) | 3 | 7 | 12 | 17 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 4 | 21 | 25 | 13 | (18) | (68) |
| Working capital | 483 | 514 | 548 | 583 | 621 | 662 |
| Net block and other assets | 1,845 | 1,796 | 1,762 | 1,746 | 1,750 | 1,778 |
| Debt | 665 | 665 | 665 | 665 | 665 | 665 |
| Equity | 1,256 | 1,254 | 1,257 | 1,265 | 1,277 | 1,294 |
| Balance check | 0 | 0 | (0) | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 74 | 83 | 92 | 103 | 114 | |
| Investing (capex) | (57) | (79) | (105) | (133) | (164) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 17 | 3 | (12) | (30) | (51) | |
| Free cash flow to equity | 17 | 3 | (12) | (30) | (51) | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 6.5% | 13.2% | 11.00% | 5% | ₹(61) | (108.1)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.