Models
ZYDUS WELLNESS LIMITEDZYDUSWELLFood Products
₹41per 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₹41implied FY26 P/E 7.0× · EV/EBITDA 9.4×
Against CMP ₹548.80−92.5%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3177%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
₹10₹104
52-week rangetraded range, a fact not a value
₹368₹612
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,023 |
| PV of terminal value | 3,362 |
| Enterprise value | 4,385 |
| less net debt | (3,076) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,309 |
| ÷ 31.80 crore shares | ₹41 |
77% 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% | 46 | 56 | 69 | 84 | 104 |
| 10.50% | 35 | 43 | 54 | 66 | 81 |
| 11.00% | 25 | 33 | 41 | 51 | 64 |
| 11.50% | 17 | 23 | 31 | 39 | 49 |
| 12.00% | 10 | 15 | 21 | 28 | 37 |
The outlined cell is your model. Green figures sit above the CMP of ₹548.80; 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 | (28) · 38 · 101 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.94 |
| Rank correlation with discount rate | −0.23 |
| Rank correlation with revenue growth | −0.16 |
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 | 2,255 | 2,328 | 2,709 | 3,961 | 5,149 | 6,694 | 8,702 | 11,313 | 14,707 |
| growth % | 12.2 | 3.2 | 16.4 | 46.2 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 327 | 294 | 386 | 469 | 608 | 790 | 1,027 | 1,335 | 1,735 |
| margin % | 14.5 | 12.6 | 14.2 | 11.8 | 11.8 | 11.8 | 11.8 | 11.8 | 11.8 |
| less depreciation | (25) | (24) | (28) | (147) | (191) | (248) | (322) | (419) | (544) |
| EBIT | 302 | 270 | 357 | 322 | 417 | 542 | 705 | 916 | 1,191 |
| less tax on EBIT | (46) | (60) | (78) | (102) | (132) | (172) | |||
| NOPAT | 276 | 357 | 464 | 603 | 784 | 1,020 | |||
| add depreciation | 25 | 24 | 28 | 147 | 191 | 248 | 322 | 419 | 544 |
| less capex | (45) | (29) | (66) | (102) | (134) | (205) | (306) | (450) | (653) |
| less working-capital build | — | (206) | (267) | (347) | (452) | (587) | |||
| Free cash flow to firm | 47 | 218 | 314 | — | 208 | 240 | 272 | 301 | 324 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 198 | 205 | 209 | 209 | 202 |
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 3,186, dividends at 19.4% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 322 | 417 | 542 | 705 | 916 | 1,191 |
| Interest at 5.8% on debt | (185) | (185) | (185) | (185) | (185) | |
| Profit before tax | 232 | 357 | 520 | 732 | 1,006 | |
| Profit after tax | 197 | 199 | 306 | 445 | 626 | 862 |
| Dividends | (38) | (39) | (59) | (86) | (121) | (167) |
| Balance sheet, year end | ||||||
| Cash | 111 | 122 | 144 | 171 | 193 | 191 |
| Working capital | 686 | 891 | 1,159 | 1,506 | 1,958 | 2,545 |
| Net block and other assets | 9,511 | 9,455 | 9,412 | 9,396 | 9,428 | 9,537 |
| Debt | 3,186 | 3,186 | 3,186 | 3,186 | 3,186 | 3,186 |
| Equity | 5,826 | 5,986 | 6,233 | 6,592 | 7,096 | 7,791 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 184 | 286 | 420 | 593 | 819 | |
| Investing (capex) | (134) | (205) | (306) | (450) | (653) | |
| Financing (dividends) | (39) | (59) | (86) | (121) | (167) | |
| Net change in cash | 11 | 22 | 27 | 21 | (2) | |
| Free cash flow to equity | 50 | 82 | 113 | 143 | 166 | |
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 | 30% | 11.8% | 11.00% | 5% | ₹41 | (92.5)% |
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.