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Model Note · WELCURE DRUGS & PHARMACEUTICAL · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
WELCURE DRUGS & PHARMACEUTICAL Discounted cash flow · base FY26
WELCURE DRUGS & PHARMACEUTICAL
Value per share, this model₹(33)
CMP 2026-09-10₹0.23
Difference(14640.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of WELCURE DRUGS & PHARMACEUTICAL, 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 1389.0% · 5-yr CAGR 387.1%
EBITDA margin
-1.9%
FY26 (1.9)% · 5-yr average 8.1%
Depreciation · capex, % of revenue
0% · 0%, fading to 1.2× depreciation
FY26 0.0% · 0.0%
Working capital, % of added revenue · tax
97.6% · 25.17%
356 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.18
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1) · ₹0 · ₹0 cr
FY26 net debt ₹(1) cr
Shares
123.59 crore
123.59 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
366
475
618
803
1,044
1,357
growth %
1389.0
30.0
30.0
30.0
30.0
30.0
EBITDA
(7)
(9)
(12)
(15)
(20)
(26)
Depreciation
(0)
0
0
0
0
0
NOPAT
(5)
(7)
(9)
(11)
(15)
(19)
less capex
0
0
0
0
0
0
less working-capital build
—
(107)
(139)
(181)
(235)
(306)
Free cash flow to firm
—
(114)
(148)
(192)
(250)
(325)
Present value
(108)
(126)
(148)
(173)
(203)
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 · WELCURE DRUGS & PHARMACEUTICAL · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(759)
PV of the terminal value (—% of EV)
(3,375)
Enterprise value
(4,134)
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
(4,133)
÷ 123.59 crore shares
₹(33)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(35)
(37)
(41)
(45)
(50)
10.5%
(32)
(34)
(37)
(40)
(44)
11.0%
(29)
(31)
(33)
(36)
(39)
11.5%
(27)
(29)
(31)
(33)
(35)
12.0%
(25)
(27)
(28)
(30)
(32)
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
