Models
VIJAYA DIAGNOSTIC CEN LTDVIJAYAHealthcare Services
₹490per 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₹490implied FY26 P/E 26.9× · EV/EBITDA 14.9×
Against CMP ₹1,502.10−67.4%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3183%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
₹371₹728
52-week rangetraded range, a fact not a value
₹848₹1,578
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 861 |
| PV of terminal value | 4,143 |
| Enterprise value | 5,004 |
| less net debt | 40 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 5,044 |
| ÷ 10.29 crore shares | ₹490 |
83% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
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% | 507 | 547 | 595 | 654 | 728 |
| 10.50% | 465 | 499 | 538 | 585 | 643 |
| 11.00% | 429 | 457 | 490 | 529 | 575 |
| 11.50% | 398 | 422 | 450 | 482 | 520 |
| 12.00% | 371 | 392 | 415 | 442 | 474 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,502.10; 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 | 369 · 487 · 637 |
| Draws below the CMP | 100% |
| Rank correlation with revenue growth | +0.66 |
| Rank correlation with ebitda margin | +0.54 |
| Rank correlation with discount rate | −0.46 |
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 | 459 | 548 | 681 | 814 | 973 | 1,163 | 1,389 | 1,660 | 1,984 |
| growth % | (0.7) | 19.3 | 24.4 | 19.5 | 19.5 | 19.5 | 19.5 | 19.5 | 19.5 |
| EBITDA | 182 | 219 | 272 | 337 | 403 | 481 | 575 | 687 | 821 |
| margin % | 39.6 | 40.0 | 39.9 | 41.4 | 41.4 | 41.4 | 41.4 | 41.4 | 41.4 |
| less depreciation | (62) | (57) | (71) | (92) | (110) | (131) | (157) | (188) | (224) |
| EBIT | 120 | 162 | 202 | 245 | 293 | 350 | 418 | 500 | 597 |
| less tax on EBIT | (63) | (75) | (90) | (107) | (128) | (153) | |||
| NOPAT | 182 | 218 | 260 | 311 | 371 | 444 | |||
| add depreciation | 62 | 57 | 71 | 92 | 110 | 131 | 157 | 188 | 224 |
| less capex | (125) | (88) | (96) | (183) | (218) | (235) | (250) | (262) | (269) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | 40 | 95 | 129 | — | 110 | 157 | 218 | 297 | 399 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 104 | 134 | 168 | 206 | 249 |
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 0, dividends at 11.9% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 245 | 293 | 350 | 418 | 500 | 597 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 293 | 350 | 418 | 500 | 597 | |
| Profit after tax | 173 | 218 | 260 | 311 | 371 | 444 |
| Dividends | (21) | (26) | (31) | (37) | (44) | (53) |
| Balance sheet, year end | ||||||
| Cash | 40 | 123 | 249 | 430 | 683 | 1,029 |
| Working capital | (12) | (12) | (12) | (12) | (12) | (12) |
| Net block and other assets | 1,479 | 1,587 | 1,691 | 1,783 | 1,858 | 1,902 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 957 | 1,149 | 1,378 | 1,652 | 1,979 | 2,370 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 328 | 391 | 468 | 559 | 668 | |
| Investing (capex) | (218) | (235) | (250) | (262) | (269) | |
| Financing (dividends) | (26) | (31) | (37) | (44) | (53) | |
| Net change in cash | 84 | 126 | 181 | 253 | 346 | |
| Free cash flow to equity | 110 | 157 | 218 | 297 | 399 | |
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 | 19.5% | 41.4% | 11.00% | 5% | ₹490 | (67.4)% |
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.