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Model Note · UNIHEALTH HOSPITALS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
UNIHEALTH HOSPITALS LTD Discounted cash flow · base FY26
UNIHEALTH HOSPITALS LTD
Value per share, this model₹339
CMP 2026-09-10₹717.90
Difference(52.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of UNIHEALTH HOSPITALS 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
30% a year
FY26 137.4% · 5-yr CAGR —%
EBITDA margin
40.8%
FY26 40.8% · 5-yr average 40.8%
Depreciation · capex, % of revenue
7.7% · 23.7%, fading to 1.2× depreciation
FY26 7.7% · 23.7%
Working capital, % of added revenue · tax
91.6% · 1.8%
334 working-capital days · effective 1.8%
Discount rate
11.00%
1-yr beta 0.8
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹11 · ₹0 · ₹0 cr
FY26 net debt ₹11 cr
Shares
1.57 crore
1.57 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
132
172
223
290
377
490
growth %
137.4
30.0
30.0
30.0
30.0
30.0
EBITDA
54
70
91
118
154
200
Depreciation
(10)
(13)
(17)
(22)
(29)
(38)
NOPAT
43
56
73
94
123
159
less capex
(31)
(41)
(45)
(48)
(48)
(45)
less working-capital build
—
(36)
(47)
(61)
(80)
(104)
Free cash flow to firm
—
(8)
(2)
8
23
48
Present value
(8)
(2)
6
16
30
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 · UNIHEALTH HOSPITALS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
43
PV of the terminal value (92% of EV)
500
Enterprise value
543
less net debt
(11)
less non-controlling interest
0
add non-operating investments
0
Equity value
532
÷ 1.57 crore shares
₹339
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
351
383
421
468
526
10.5%
319
345
376
414
459
11.0%
291
313
339
369
406
11.5%
266
285
307
333
363
12.0%
245
262
280
302
327
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
