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Model Note · ZYDUS LIFESCIENCES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ZYDUS LIFESCIENCES LTD Discounted cash flow · base FY26
ZYDUS LIFESCIENCES LTD
Value per share, this model₹854
CMP 2026-09-10₹1,119.10
Difference(23.7)%
Growth the CMP implies28.7%/yr
This note states the assumptions and the arithmetic of one model of ZYDUS LIFESCIENCES LTD, 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
17% a year
FY26 16.8% · 5-yr CAGR 12.4%
EBITDA margin
29.3%
FY26 29.3% · 5-yr average 25.5%
Depreciation · capex, % of revenue
5.2% · 12.5%, fading to 1.2× depreciation
FY26 5.2% · 12.5%
Working capital, % of added revenue · tax
30.2% · 24.1%
110 working-capital days · effective 24.1%
Discount rate
11.00%
1-yr beta 0.67
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹10,914 · ₹0 · ₹0 cr
FY26 net debt ₹10,914 cr
Shares
99.80 crore
99.80 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
27,148
31,764
37,163
43,481
50,873
59,521
growth %
16.8
17.0
17.0
17.0
17.0
17.0
EBITDA
7,959
9,307
10,889
12,740
14,906
17,440
Depreciation
(1,408)
(1,652)
(1,932)
(2,261)
(2,645)
(3,095)
NOPAT
4,972
5,810
6,798
7,954
9,306
10,888
less capex
(3,394)
(3,970)
(4,064)
(4,074)
(3,971)
(3,714)
less working-capital build
—
(1,394)
(1,631)
(1,908)
(2,232)
(2,612)
Free cash flow to firm
—
2,098
3,036
4,232
5,748
7,657
Present value
1,991
2,596
3,260
3,989
4,787
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 · ZYDUS LIFESCIENCES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
16,624
PV of the terminal value (83% of EV)
79,519
Enterprise value
96,142
less net debt
(10,914)
less non-controlling interest
0
add non-operating investments
0
Equity value
85,228
÷ 99.80 crore shares
₹854
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
887
967
1,062
1,179
1,324
10.5%
805
871
948
1,042
1,156
11.0%
734
789
854
931
1,022
11.5%
672
720
774
838
913
12.0%
619
659
706
760
822
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
