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Model Note · ZYDUS WELLNESS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ZYDUS WELLNESS LIMITED Discounted cash flow · base FY26
ZYDUS WELLNESS LIMITED
Value per share, this model₹41
CMP 2026-09-10₹548.80
Difference(92.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of ZYDUS WELLNESS 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
30% a year
FY26 46.2% · 5-yr CAGR 16.2%
EBITDA margin
11.8%
FY26 11.8% · 5-yr average 14.1%
Depreciation · capex, % of revenue
3.7% · 2.6%, fading to 1.2× depreciation
FY26 3.7% · 2.6%
Working capital, % of added revenue · tax
17.3% · 14.4%
63 working-capital days · effective 14.4%
Discount rate
11.00%
1-yr beta 0.56
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹3,076 · ₹0 · ₹0 cr
FY26 net debt ₹3,076 cr
Shares
31.80 crore
31.80 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
3,961
5,149
6,694
8,702
11,313
14,707
growth %
46.2
30.0
30.0
30.0
30.0
30.0
EBITDA
469
608
790
1,027
1,335
1,735
Depreciation
(147)
(191)
(248)
(322)
(419)
(544)
NOPAT
276
357
464
603
784
1,020
less capex
(102)
(134)
(205)
(306)
(450)
(653)
less working-capital build
—
(206)
(267)
(347)
(452)
(587)
Free cash flow to firm
—
208
240
272
301
324
Present value
198
205
209
209
202
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 WELLNESS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,023
PV of the terminal value (77% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
46
56
69
84
104
10.5%
35
43
54
66
81
11.0%
25
33
41
51
64
11.5%
17
23
31
39
49
12.0%
10
15
21
28
37
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
