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Model Note · SUN PHARMACEUTICAL IND L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
SUN PHARMACEUTICAL IND L Discounted cash flow · base FY26
SUN PHARMACEUTICAL IND L
Value per share, this model₹763
CMP 2026-09-10₹1,840.00
Difference(58.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of SUN PHARMACEUTICAL IND 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
11% a year
FY26 11.2% · 5-yr CAGR 11.8%
EBITDA margin
28.1%
FY26 28.1% · 5-yr average 24.6%
Depreciation · capex, % of revenue
5% · 6.2%, fading to 1.2× depreciation
FY26 5.0% · 6.2%
Working capital, % of added revenue · tax
33.6% · 23.5%
123 working-capital days · effective 23.5%
Discount rate
11.00%
1-yr beta 0.48
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(5,689) · ₹0 · ₹0 cr
FY26 net debt ₹(5,689) cr
Shares
239.93 crore
239.93 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
58,462
64,893
72,031
79,954
88,749
98,512
growth %
11.2
11.0
11.0
11.0
11.0
11.0
EBITDA
16,424
18,235
20,241
22,467
24,939
27,682
Depreciation
(2,938)
(3,245)
(3,602)
(3,998)
(4,437)
(4,926)
NOPAT
10,317
11,468
12,729
14,129
15,683
17,409
less capex
(3,609)
(4,023)
(4,430)
(4,877)
(5,369)
(5,911)
less working-capital build
—
(2,161)
(2,398)
(2,662)
(2,955)
(3,280)
Free cash flow to firm
—
8,528
9,502
10,587
11,796
13,143
Present value
8,094
8,125
8,156
8,187
8,218
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 PHARMACEUTICAL IND L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
40,780
PV of the terminal value (77% of EV)
1,36,498
Enterprise value
1,77,278
less net debt
5,689
less non-controlling interest
0
add non-operating investments
0
Equity value
1,82,967
÷ 239.93 crore shares
₹763
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
787
844
912
995
1,099
10.5%
728
775
830
897
979
11.0%
677
716
763
817
883
11.5%
633
666
705
751
804
12.0%
594
623
656
694
739
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
