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Model Note · TORRENT PHARMACEUTICALS L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TORRENT PHARMACEUTICALS L Discounted cash flow · base FY26
TORRENT PHARMACEUTICALS L
Value per share, this model₹1,285
CMP 2026-09-10₹4,965.50
Difference(74.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of TORRENT PHARMACEUTICALS 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
21.5% a year
FY26 21.4% · 5-yr CAGR 11.8%
EBITDA margin
32%
FY26 32.0% · 5-yr average 29.7%
Depreciation · capex, % of revenue
8% · 4.8%, fading to 1.2× depreciation
FY26 8.0% · 4.8%
Working capital, % of added revenue · tax
27.3% · 25.6%
100 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta 0.23
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹13,681 · ₹0 · ₹0 cr
FY26 net debt ₹13,681 cr
Shares
33.85 crore
33.85 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
13,980
16,986
20,638
25,075
30,466
37,016
growth %
21.4
21.5
21.5
21.5
21.5
21.5
EBITDA
4,470
5,435
6,604
8,024
9,749
11,845
Depreciation
(1,119)
(1,359)
(1,651)
(2,006)
(2,437)
(2,961)
NOPAT
2,493
3,033
3,685
4,477
5,440
6,610
less capex
(677)
(815)
(1,238)
(1,805)
(2,559)
(3,554)
less working-capital build
—
(821)
(997)
(1,211)
(1,472)
(1,788)
Free cash flow to firm
—
2,756
3,101
3,467
3,846
4,229
Present value
2,616
2,652
2,671
2,669
2,644
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 · TORRENT PHARMACEUTICALS L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
13,252
PV of the terminal value (77% of EV)
43,921
Enterprise value
57,173
less net debt
(13,681)
less non-controlling interest
0
add non-operating investments
0
Equity value
43,492
÷ 33.85 crore shares
₹1,285
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,341
1,470
1,626
1,815
2,052
10.5%
1,205
1,313
1,440
1,592
1,778
11.0%
1,089
1,179
1,285
1,410
1,559
11.5%
988
1,065
1,154
1,258
1,380
12.0%
900
967
1,042
1,129
1,231
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
