Models
WINDLAS BIOTECH LIMITEDWINDLASPharmaceuticals & Biotechnology
₹584per 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₹584implied FY26 P/E 18.5× · EV/EBITDA 11.8×
Against CMP ₹1,129.50−48.3%close of 2026-09-10
Growth the CMP implies41.3%revenue, a year for 5 years, on your other inputs
Value after FY3185%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
₹434₹884
52-week rangetraded range, a fact not a value
₹697₹1,182
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 183 |
| PV of terminal value | 1,051 |
| Enterprise value | 1,234 |
| less net debt | (29) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,205 |
| ÷ 2.06 crore shares | ₹584 |
85% 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% | 605 | 656 | 717 | 791 | 884 |
| 10.50% | 552 | 594 | 644 | 704 | 777 |
| 11.00% | 507 | 542 | 584 | 633 | 692 |
| 11.50% | 468 | 498 | 533 | 574 | 622 |
| 12.00% | 434 | 460 | 489 | 524 | 564 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,129.50; 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 | 430 · 575 · 764 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.70 |
| Rank correlation with revenue growth | +0.49 |
| 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 | 513 | 631 | 760 | 904 | 1,076 | 1,280 | 1,524 | 1,813 | 2,157 |
| growth % | 10.1 | 23.0 | 20.4 | 19.0 | 19.0 | 19.0 | 19.0 | 19.0 | 19.0 |
| EBITDA | 60 | 78 | 94 | 105 | 125 | 149 | 177 | 210 | 250 |
| margin % | 11.7 | 12.4 | 12.4 | 11.6 | 11.6 | 11.6 | 11.6 | 11.6 | 11.6 |
| less depreciation | (12) | (13) | (28) | (31) | (37) | (44) | (52) | (62) | (73) |
| EBIT | 48 | 65 | 66 | 74 | 88 | 105 | 125 | 149 | 177 |
| less tax on EBIT | (17) | (21) | (25) | (29) | (35) | (42) | |||
| NOPAT | 57 | 67 | 80 | 95 | 114 | 135 | |||
| add depreciation | 12 | 13 | 28 | 31 | 37 | 44 | 52 | 62 | 73 |
| less capex | (71) | (38) | (52) | (68) | (81) | (85) | (88) | (89) | (88) |
| less working-capital build | — | (10) | (11) | (14) | (16) | (19) | |||
| Free cash flow to firm | (10) | 71 | 16 | — | 14 | 27 | 45 | 70 | 101 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 13 | 23 | 35 | 48 | 63 |
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 30, dividends at 18.3% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 74 | 88 | 105 | 125 | 149 | 177 |
| Interest at 16.9% on debt | (5) | (5) | (5) | (5) | (5) | |
| Profit before tax | 83 | 100 | 120 | 144 | 172 | |
| Profit after tax | 66 | 64 | 76 | 92 | 110 | 131 |
| Dividends | (12) | (12) | (14) | (17) | (20) | (24) |
| Balance sheet, year end | ||||||
| Cash | 1 | (1) | 8 | 33 | 79 | 152 |
| Working capital | 51 | 60 | 72 | 85 | 102 | 121 |
| Net block and other assets | 856 | 900 | 942 | 978 | 1,006 | 1,021 |
| Debt | 30 | 30 | 30 | 30 | 30 | 30 |
| Equity | 581 | 633 | 695 | 770 | 860 | 967 |
| Balance check | 0 | 0 | 0 | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 91 | 108 | 130 | 155 | 185 | |
| Investing (capex) | (81) | (85) | (88) | (89) | (88) | |
| Financing (dividends) | (12) | (14) | (17) | (20) | (24) | |
| Net change in cash | (2) | 9 | 25 | 46 | 73 | |
| Free cash flow to equity | 10 | 23 | 42 | 66 | 97 | |
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% | 11.6% | 11.00% | 5% | ₹584 | (48.3)% |
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.