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Model Note · THYROCARE TECH LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
THYROCARE TECH LTD Discounted cash flow · base FY26
THYROCARE TECH LTD
Value per share, this model₹281
CMP 2026-09-10₹552.65
Difference(49.1)%
Growth the CMP implies41.3%/yr
This note states the assumptions and the arithmetic of one model of THYROCARE TECH 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
20.5% a year
FY26 20.6% · 5-yr CAGR 10.9%
EBITDA margin
30.9%
FY26 30.9% · 5-yr average 29.1%
Depreciation · capex, % of revenue
7.1% · 2.5%, fading to 1.2× depreciation
FY26 7.1% · 2.5%
Working capital, % of added revenue · tax
6.9% · 23.7%
25 working-capital days · effective 23.7%
Discount rate
11.00%
1-yr beta 0.51
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(38) · ₹0 · ₹0 cr
FY26 net debt ₹(38) cr
Shares
15.92 crore
15.92 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
829
999
1,204
1,451
1,748
2,106
growth %
20.6
20.5
20.5
20.5
20.5
20.5
EBITDA
256
309
372
448
540
651
Depreciation
(59)
(71)
(85)
(103)
(124)
(150)
NOPAT
151
181
219
263
317
382
less capex
(21)
(25)
(48)
(80)
(123)
(179)
less working-capital build
—
(12)
(14)
(17)
(21)
(25)
Free cash flow to firm
—
216
242
269
298
328
Present value
205
207
208
207
205
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 · THYROCARE TECH LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,031
PV of the terminal value (77% of EV)
3,405
Enterprise value
4,436
less net debt
38
less non-controlling interest
0
add non-operating investments
0
Equity value
4,474
÷ 15.92 crore shares
₹281
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
290
312
337
368
408
10.5%
268
286
307
332
362
11.0%
249
264
281
302
326
11.5%
232
245
260
277
297
12.0%
218
229
241
255
272
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
