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Model Note · UNICHEM LABORATORIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
UNICHEM LABORATORIES LTD Discounted cash flow · base FY26
UNICHEM LABORATORIES LTD
Value per share, this model₹322
CMP 2026-09-10₹543.60
Difference(40.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of UNICHEM LABORATORIES 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
4.5% a year
FY26 4.3% · 5-yr CAGR 12.3%
EBITDA margin
17.5%
FY26 17.5% · 5-yr average 6.4%
Depreciation · capex, % of revenue
5.7% · 5.6%, fading to 1.2× depreciation
FY26 5.7% · 5.6%
Working capital, % of added revenue · tax
65.7% · 13.5%
240 working-capital days · effective 13.5%
Discount rate
11.00%
1-yr beta 0.68
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹179 · ₹0 · ₹0 cr
FY26 net debt ₹179 cr
Shares
7.04 crore
7.04 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
2,202
2,301
2,404
2,513
2,626
2,744
growth %
4.3
4.5
4.5
4.5
4.5
4.5
EBITDA
386
403
421
440
460
480
Depreciation
(125)
(131)
(137)
(143)
(150)
(156)
NOPAT
226
235
245
256
268
280
less capex
(123)
(129)
(142)
(156)
(171)
(188)
less working-capital build
—
(65)
(68)
(71)
(74)
(78)
Free cash flow to firm
—
172
172
172
172
171
Present value
163
147
133
119
107
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 · UNICHEM LABORATORIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
670
PV of the terminal value (73% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
333
359
389
426
472
10.5%
307
328
352
382
418
11.0%
284
302
322
346
376
11.5%
264
279
297
317
341
12.0%
247
260
275
292
312
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
