Models
UNICHEM LABORATORIES LTDUNICHEMLABPharmaceuticals & Biotechnology
₹322per 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₹322implied FY26 P/E 7.3× · EV/EBITDA 6.3×
Against CMP ₹543.60−40.7%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3173%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
₹247₹472
52-week rangetraded range, a fact not a value
₹278₹687
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 670 |
| PV of terminal value | 1,778 |
| Enterprise value | 2,447 |
| less net debt | (179) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 2,268 |
| ÷ 7.04 crore shares | ₹322 |
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% | 333 | 359 | 389 | 426 | 472 |
| 10.50% | 307 | 328 | 352 | 382 | 418 |
| 11.00% | 284 | 302 | 322 | 346 | 376 |
| 11.50% | 264 | 279 | 297 | 317 | 341 |
| 12.00% | 247 | 260 | 275 | 292 | 312 |
The outlined cell is your model. Green figures sit above the CMP of ₹543.60; 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 | 229 · 320 · 417 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.87 |
| Rank correlation with discount rate | −0.40 |
| Rank correlation with revenue growth | −0.22 |
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 | 1,343 | 1,705 | 2,111 | 2,202 | 2,301 | 2,404 | 2,513 | 2,626 | 2,744 |
| growth % | 5.8 | 26.9 | 23.8 | 4.3 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 |
| EBITDA | (84) | 43 | 265 | 386 | 403 | 421 | 440 | 460 | 480 |
| margin % | (6.3) | 2.5 | 12.5 | 17.5 | 17.5 | 17.5 | 17.5 | 17.5 | 17.5 |
| less depreciation | (113) | (113) | (125) | (125) | (131) | (137) | (143) | (150) | (156) |
| EBIT | (198) | (71) | 140 | 261 | 272 | 284 | 296 | 310 | 324 |
| less tax on EBIT | (35) | (37) | (38) | (40) | (42) | (44) | |||
| NOPAT | 226 | 235 | 245 | 256 | 268 | 280 | |||
| add depreciation | 113 | 113 | 125 | 125 | 131 | 137 | 143 | 150 | 156 |
| less capex | (44) | (23) | (137) | (123) | (129) | (142) | (156) | (171) | (188) |
| less working-capital build | — | (65) | (68) | (71) | (74) | (78) | |||
| Free cash flow to firm | (129) | (6) | (144) | — | 172 | 172 | 172 | 172 | 171 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 163 | 147 | 133 | 119 | 107 |
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 469, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 261 | 272 | 284 | 296 | 310 | 324 |
| Interest at 7% on debt | (33) | (33) | (33) | (33) | (33) | |
| Profit before tax | 239 | 251 | 264 | 277 | 291 | |
| Profit after tax | 0 | 206 | 217 | 228 | 240 | 252 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 289 | 433 | 577 | 721 | 865 | 1,007 |
| Working capital | 1,447 | 1,512 | 1,580 | 1,651 | 1,726 | 1,803 |
| Net block and other assets | 2,001 | 1,998 | 2,004 | 2,017 | 2,038 | 2,070 |
| Debt | 469 | 469 | 469 | 469 | 469 | 469 |
| Equity | 2,717 | 2,924 | 3,141 | 3,369 | 3,609 | 3,860 |
| Balance check | 0 | 0 | 0 | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 273 | 286 | 300 | 315 | 330 | |
| Investing (capex) | (129) | (142) | (156) | (171) | (188) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 144 | 144 | 144 | 144 | 143 | |
| Free cash flow to equity | 144 | 144 | 144 | 144 | 143 | |
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 | 4.5% | 17.5% | 11.00% | 5% | ₹322 | (40.7)% |
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.