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Model Note · SUN PHARMA ADV.RES.CO.LTD · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SUN PHARMA ADV.RES.CO.LTD Discounted cash flow · base FY26
SUN PHARMA ADV.RES.CO.LTD
Value per share, this model₹2,274
CMP 2026-09-10₹196.54
Difference1056.8%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of SUN PHARMA ADV.RES.CO.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
30% a year
FY26 2518.3% · 5-yr CAGR —%
EBITDA margin
84.4%
FY26 84.4% · 5-yr average (299.4)%
Depreciation · capex, % of revenue
0.5% · 1.3%, fading to 1.2× depreciation
FY26 0.5% · 1.3%
Working capital, % of added revenue · tax
0% · 0%
-17 working-capital days · effective 0.0%
Discount rate
11.00%
1-yr beta 1.75
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹555 · ₹0 · ₹0 cr
FY26 net debt ₹555 cr
Shares
32.45 crore
32.45 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
1,879
2,443
3,176
4,129
5,367
6,977
growth %
2518.3
30.0
30.0
30.0
30.0
30.0
EBITDA
1,586
2,062
2,680
3,484
4,530
5,889
Depreciation
(10)
(12)
(16)
(21)
(27)
(35)
NOPAT
1,576
2,050
2,664
3,464
4,503
5,854
less capex
(24)
(32)
(36)
(39)
(42)
(42)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
2,030
2,645
3,445
4,488
5,847
Present value
1,927
2,261
2,654
3,115
3,656
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 · SUN PHARMA ADV.RES.CO.LTD · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
13,613
PV of the terminal value (82% of EV)
60,723
Enterprise value
74,336
less net debt
(555)
less non-controlling interest
0
add non-operating investments
0
Equity value
73,781
÷ 32.45 crore shares
₹2,274
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,353
2,539
2,763
3,036
3,378
10.5%
2,158
2,313
2,496
2,716
2,984
11.0%
1,991
2,121
2,274
2,454
2,669
11.5%
1,847
1,958
2,086
2,236
2,412
12.0%
1,721
1,817
1,926
2,051
2,198
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
