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Model Note · WINDLAS BIOTECH LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
WINDLAS BIOTECH LIMITED Discounted cash flow · base FY26
WINDLAS BIOTECH LIMITED
Value per share, this model₹584
CMP 2026-09-10₹1,129.50
Difference(48.3)%
Growth the CMP implies41.3%/yr
This note states the assumptions and the arithmetic of one model of WINDLAS BIOTECH LIMITED, 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
19% a year
FY26 19.0% · 5-yr CAGR —%
EBITDA margin
11.6%
FY26 11.6% · 5-yr average 11.9%
Depreciation · capex, % of revenue
3.4% · 7.5%, fading to 1.2× depreciation
FY26 3.4% · 7.5%
Working capital, % of added revenue · tax
5.6% · 23.6%
21 working-capital days · effective 23.6%
Discount rate
11.00%
1-yr beta 0.72
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹29 · ₹0 · ₹0 cr
FY26 net debt ₹29 cr
Shares
2.06 crore
2.06 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
904
1,076
1,280
1,524
1,813
2,157
growth %
19.0
19.0
19.0
19.0
19.0
19.0
EBITDA
105
125
149
177
210
250
Depreciation
(31)
(37)
(44)
(52)
(62)
(73)
NOPAT
57
67
80
95
114
135
less capex
(68)
(81)
(85)
(88)
(89)
(88)
less working-capital build
—
(10)
(11)
(14)
(16)
(19)
Free cash flow to firm
—
14
27
45
70
101
Present value
13
23
35
48
63
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 · WINDLAS BIOTECH LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
183
PV of the terminal value (85% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
605
656
717
791
884
10.5%
552
594
644
704
777
11.0%
507
542
584
633
692
11.5%
468
498
533
574
622
12.0%
434
460
489
524
564
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
