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Model Note · WOCKHARDT LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
WOCKHARDT LIMITED Discounted cash flow · base FY26
WOCKHARDT LIMITED
Value per share, this model₹113
CMP 2026-09-10₹2,175.30
Difference(94.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of WOCKHARDT 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
12% a year
FY26 12.0% · 5-yr CAGR 4.5%
EBITDA margin
16.8%
FY26 16.8% · 5-yr average 5.4%
Depreciation · capex, % of revenue
6.7% · 4%, fading to 1.2× depreciation
FY26 6.7% · 4.0%
Working capital, % of added revenue · tax
27% · 16.4%
99 working-capital days · effective 16.4%
Discount rate
11.00%
1-yr beta 0.91
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,908 · ₹0 · ₹0 cr
FY26 net debt ₹1,908 cr
Shares
16.20 crore
16.20 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
3,373
3,778
4,231
4,739
5,307
5,944
growth %
12.0
12.0
12.0
12.0
12.0
12.0
EBITDA
567
635
711
796
892
999
Depreciation
(227)
(253)
(283)
(318)
(356)
(398)
NOPAT
284
319
357
400
448
502
less capex
(136)
(151)
(212)
(285)
(373)
(478)
less working-capital build
—
(109)
(122)
(137)
(154)
(172)
Free cash flow to firm
—
312
306
295
277
250
Present value
296
262
227
192
156
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 · WOCKHARDT LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,134
PV of the terminal value (70% of EV)
2,599
Enterprise value
3,734
less net debt
(1,908)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,826
÷ 16.20 crore shares
₹113
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
120
136
155
179
208
10.5%
103
116
132
151
174
11.0%
88
100
113
128
147
11.5%
76
85
96
109
124
12.0%
65
73
82
93
106
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
