Models
SYNGENE INTERNATIONAL LTDSYNGENEHealthcare Services
₹96per 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₹96implied FY26 P/E 17.5× · EV/EBITDA 4.4×
Against CMP ₹383.10−74.9%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3165%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
₹79₹131
52-week rangetraded range, a fact not a value
₹375₹679
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,291 |
| PV of terminal value | 2,373 |
| Enterprise value | 3,664 |
| less net debt | 219 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 3,883 |
| ÷ 40.37 crore shares | ₹96 |
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% | 99 | 105 | 112 | 120 | 131 |
| 10.50% | 93 | 98 | 103 | 110 | 119 |
| 11.00% | 87 | 91 | 96 | 102 | 109 |
| 11.50% | 83 | 86 | 90 | 95 | 100 |
| 12.00% | 79 | 82 | 85 | 89 | 94 |
The outlined cell is your model. Green figures sit above the CMP of ₹383.10; 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 | 69 · 95 · 124 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.93 |
| Rank correlation with discount rate | −0.32 |
| Rank correlation with revenue growth | +0.04 |
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 | 3,193 | 3,489 | 3,642 | 3,739 | 3,832 | 3,928 | 4,026 | 4,127 | 4,230 |
| growth % | 22.6 | 9.3 | 4.4 | 2.6 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 |
| EBITDA | 934 | 1,003 | 1,074 | 842 | 862 | 884 | 906 | 929 | 952 |
| margin % | 29.3 | 28.8 | 29.5 | 22.5 | 22.5 | 22.5 | 22.5 | 22.5 | 22.5 |
| less depreciation | (367) | (426) | (433) | (453) | (464) | (475) | (487) | (499) | (512) |
| EBIT | 568 | 577 | 641 | 389 | 399 | 409 | 419 | 429 | 440 |
| less tax on EBIT | (89) | (91) | (94) | (96) | (98) | (101) | |||
| NOPAT | 300 | 307 | 315 | 323 | 331 | 339 | |||
| add depreciation | 367 | 426 | 433 | 453 | 464 | 475 | 487 | 499 | 512 |
| less capex | (507) | (492) | (760) | (344) | (353) | (414) | (478) | (544) | (614) |
| less working-capital build | — | (8) | (8) | (8) | (8) | (8) | |||
| Free cash flow to firm | 317 | 550 | 407 | — | 411 | 369 | 325 | 278 | 228 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 390 | 315 | 250 | 193 | 143 |
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 9, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 389 | 399 | 409 | 419 | 429 | 440 |
| Interest at 8% on debt | (1) | (1) | (1) | (1) | (1) | |
| Profit before tax | 398 | 408 | 418 | 428 | 439 | |
| Profit after tax | 0 | 307 | 314 | 322 | 330 | 339 |
| Dividends | (50) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 229 | 639 | 1,007 | 1,331 | 1,608 | 1,836 |
| Working capital | 302 | 310 | 317 | 325 | 334 | 342 |
| Net block and other assets | 6,524 | 6,413 | 6,351 | 6,341 | 6,386 | 6,489 |
| Debt | 9 | 9 | 9 | 9 | 9 | 9 |
| Equity | 4,839 | 5,146 | 5,460 | 5,782 | 6,113 | 6,451 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 763 | 782 | 801 | 822 | 842 | |
| Investing (capex) | (353) | (414) | (478) | (544) | (614) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 410 | 368 | 324 | 277 | 228 | |
| Free cash flow to equity | 410 | 368 | 324 | 277 | 228 | |
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 | 2.5% | 22.5% | 11.00% | 5% | ₹96 | (74.9)% |
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.