NSE · India · Drug Manufacturers - Specialty & Generic

Abbott India Limited ABBOTINDIA.NS

Price ₹25,750Mkt cap 54,717 croreReports in INRData 1 Nov 2026

Value estimate · 50% DCF, 50% peers₹23,670-8.1%-8.1% vs ₹25,750

DCF (base)₹22,982-10.8% vs price · WACC 8.5%

Peers₹24,3568 peers · median EV/EBITDA 22.7x

Price implies11.5%revenue growth a year; your case 8.2%

Chance worth more38%of 2,000 simulated outcomes

Scenario

drives the result

Scenario probabilities (%)

BearBaseBull

Use the probability-weighted DCF instead of the live scenario

Forecast drivers

Base case, %

Driver	FY27E	FY28E	FY29E	FY30E	FY31E
Revenue growthFY23–FY26 avg 9.0%
EBIT marginFY23–FY26 avg 24.4%
Tax rateFY23–FY26 avg 25.4%
D&A % of revenueFY23–FY26 avg 1.2%
Capex % of revenueFY23–FY26 avg 0.7%
Working capital % of revenue changeFY23–FY26 avg 12.5%

Consensus revenue growth (6 analysts): 8.1% this fiscal year, 9.5% next (Yahoo Finance). The base case fades to 7.0% by year five; bear and bull sit 3 points of growth and 1.5 points of margin either side.

Discount rate

WACC build

INR 10-year government bond yield (%)India 10-year government bond, 21 Oct 2026 (World Government Bonds; Trading Economics 7.44%)

Less: country default spread (%)Damodaran; the Indian bond yield carries some default risk

Beta2 years, weekly vs Nifty 50: 0.41 (R² 0.06)

Equity risk premium (%)Damodaran, July 2026 update

Pre-tax cost of debt (%)starter: bond yield + 1.5 points

Terminal growth g (%)must stay below WACC

Risk-free rate: 5.69%
Cost of equity: 8.52%
Weight of equity: 99.7%
After-tax cost of debt: 6.64%
WACC: 8.52%

Result rules

set before you look

DCF weight (%)peers get 50%

Share price (INR)Yahoo, 30 Oct 2026 (delayed)

In plain English

The model's numbers as sentences. Every figure comes from the live data and your inputs, so the story changes when you change an input.

Priced for more growth than it has delivered

Caution
At today's price of ₹25,750, the market is pricing in revenue growth of about 11.5% a year for FY27E–FY31E, holding the rest of your base case. Abbott India Limited's revenue grew 9.0% a year between FY23 and FY26, so the price asks for more than it has delivered.
Caution
Your base case assumes 8.2% revenue growth a year on average, less than the price implies, and values the shares at ₹22,982, 11% below today's price.
Context
If your base case comes true, the whole business would return about 8.1% a year at today's price, about the same as the 8.5% a year the model requires (the WACC).
Caution
About 70% of today's price pays for future growth. The other 30%, ₹7,834 a share, is what FY26 operating profit after tax is worth if it never grows.
Caution
Across 2,000 simulated futures around your base case, the middle 80% of values runs from ₹16,366 to ₹38,466 a share, and 38% of them are worth more than today's price.
Favourable
Business health grade B (66 out of 100): shows a mixed picture, with 5 strengths and 1 red flag (top concern: the accounts share traits with past earnings manipulators).

Educational, not investment advice. “Favourable” means the numbers lean in today's price's favour; “Caution” means the price asks a lot of the future.

Football field

Every valuation range side by side, against today's price and the value estimate. Per share, in INR.

Show as table

Range	Low	Mid	High
DCF scenarios (bear to bull)	₹19,175	₹22,982	₹27,780
DCF sensitivity (WACC and g ±1 point)	₹15,276	₹22,982	₹50,929
Monte Carlo (middle 80% of 2,000 runs)	₹16,366	₹23,137	₹38,466
EV/EBITDA comps (25th to 75th percentile)	₹18,075	₹21,496	₹37,805
P/E comps (25th to 75th percentile)	₹21,100	₹27,216	₹63,938
Analyst targets (8 analysts, low to high)	₹29,900	₹32,467	₹38,100
52-week share price (trading range)	₹24,650	–	₹30,655

Business health

Is this a good, honest business, not just a cheap one? Published screens on the reported annual accounts (FY23–FY26), plus plain ratios. Screens, not verdicts: read the accounts before relying on any of them.

GradeB66 / 100

Grade B (66/100): shows a mixed picture, with 5 strengths and 1 red flag (top concern: the accounts share traits with past earnings manipulators).

Piotroski F-score5 / 9nine tests of strength

Altman Z''8.91Safe zone · safe above 2.60

Beneish M-score−1.66Flag: above −1.78

Red flags 1

The accounts share traits with past earnings manipulators: Beneish M-score is −1.66, above the −1.78 cut-off, driven by more hard-to-value assets and profit not backed by cash.

Strengths 5

Comfortable balance sheet: Altman Z'' is 8.91, in the safe zone (above 2.60).
High return on capital: ROCE was 36.3% in FY26.
High return for shareholders: ROE was 34.5% in FY26.
Net cash: cash exceeds all borrowings by ₹2,060 crore in FY26.
Steady growth: revenue rose in each of the last 3 years.

Cash conversion Fair87%Operating cash flow ÷ net profit, FY23–FY26. 90% or more means profit is backed by cash.

Return on capital (ROCE) Good36.3%EBIT ÷ (total assets − current liabilities), FY26. 15% or more is strong.

Return on equity Good34.5%Net profit ÷ average shareholders' equity, FY26. 15% or more is strong.

Interest cover Good73.0xEBIT ÷ interest cost, FY26. 5x or more is comfortable; below 2x is risky.

Net debt ÷ EBITDA GoodNet cashCash exceeds borrowings (including leases) by ₹2,060 crore.

Receivable days Good19 daysReceivables ÷ revenue × 365. Down from 22 days in FY23; a rise of more than 20 days is a warning.

Share count change Good0.0% a yearWeighted diluted shares, a year, FY23–FY26. Above 2% a year is heavy dilution; shares issued for mergers count too.

Paid out to shareholders Info61.7%Dividends and buybacks ÷ net profit, FY23–FY26. Neither high nor low is good on its own: it depends on how well the company could reinvest.

Stock-based pay Good0.2%Share-based pay ÷ revenue, FY26. Above 5% is a large hidden cost to owners.

Years of revenue growth Good3 of 3Years in which revenue beat the year before, FY23–FY26.

EBIT margin trend Good+4.9 ptsFrom 21.5% in FY23 to 26.3% in FY26.

Piotroski's tests, one by one (5 passed of 9)

PASS
Made a profit Return on assets 26.2% in FY26
A company that loses money on its assets is using up its owners' capital.
PASS
Operations brought in cash Operating cash flow ₹1,319 crore in FY26
Profit has to arrive as cash in the end, and cash flow is harder to dress up than profit.
FAIL
Return on assets improved 26.2% vs FY25's 27.2%
Rising profitability is one of the clearest signs a business is getting stronger.
FAIL
Cash from operations beat profit Cash ₹1,319 crore vs profit ₹1,552 crore
When cash lags profit, earnings may rest on generous accounting or customers who pay late.
PASS
Long-term debt fell relative to assets Long-term debt 2.2% of average assets vs FY25's 2.8%
More debt leaves less room for error when business slows.
FAIL
Short-term liquidity improved Current ratio 2.55 vs FY25's 3.39
More short-term assets per rupee of bills due within a year means less risk of a cash squeeze.
PASS
No new shares issued Diluted shares 0.0% vs FY25
Issuing shares shrinks each owner's slice and can mean the company could not fund itself.
PASS
Gross margin improved Gross margin 46.5% vs FY25's 45.2%
A higher gross margin points to pricing power or falling costs.
FAIL
Assets worked harder (turnover up) Revenue ÷ assets 1.17x vs FY25's 1.23x
More sales from the same assets means the business uses its capital better.

F-score by year: FY24 7/9 · FY25 6/9

How the Altman and Beneish scores are built

Altman Z'' = 8.91 (safe)
Ratio	Value	Weight	Adds
Working capital ÷ total assets	0.353	6.56	2.31
Retained earnings ÷ total assets	0.555	3.26	1.81
Operating profit (EBIT) ÷ total assets	0.281	6.72	1.89
Book equity ÷ total liabilities	2.763	1.05	2.90

FY26 figures. Safe above 2.60, grey zone 1.10 to 2.60, distress below 1.10.

Z'' by year: FY23 8.50 · FY24 8.59 · FY25 10.00

Beneish M = -1.66 (flag)
Index	Value	Manipulators	Others
Receivables growing faster than sales (DSRI)	0.880	1.465	1.031
Gross margin slipping (GMI)	0.972	1.193	1.014
More hard-to-value assets (AQI)	2.716	1.254	1.039
Sales growth (SGI)	1.081	1.607	1.134
Depreciation slowing (DEPI)	0.916	1.077	1.001
Overheads vs sales (SGAI)	0.985	1.041	1.054
Profit not backed by cash, ÷ assets (TATA)	0.036	0.031	0.018
Leverage rising (LVGI)	0.936	1.111	1.037

FY26 against FY25. Above −1.78 the pattern resembles companies later found to have manipulated earnings; some analysts use a stricter −2.22.

How to read this

Piotroski F-score (Joseph Piotroski, 2000): nine pass-or-fail tests of profitability, debt, liquidity and efficiency, each comparing the latest year with the one before. 7 or more is strong; 3 or fewer is weak.

Altman Z'' (Edward Altman, 1995, the version for non-manufacturers and emerging markets): combines working capital, retained earnings, operating profit and book equity relative to the balance sheet. Above 2.60 is the safe zone, below 1.10 the distress zone.

Beneish M-score (Messod Beneish, 1999): eight ratios that, in his study, separated companies later found to have manipulated earnings. Above −1.78 resembles that pattern. It is a prompt to read the notes to the accounts, not an accusation.

Grade: a 0 to 100 blend (Piotroski 40%, Altman 20%, Beneish 15%, the ratios 25%, re-weighted when a part is missing): A from 80, B from 65, C from 50, D from 35, E below.

All three screens were built on US companies and annual accounts from Yahoo Finance, which can be incomplete. Lenders, insurers and holding companies get financial-firm ratios instead of the Altman and Beneish screens.

What analysts expect

Price targets and ratings from the brokers' analysts who cover the stock, as Yahoo collects them. Their opinion, not this app's; set against the model so you can see where you differ.

8 analysts' average 12-month target is ₹32,467, +26.1% against today's ₹25,750 (median ₹31,525). The range runs from ₹29,900 to ₹38,100.

Ratings this month: 6 buy, 1 hold, 1 sell.

Your value estimate of ₹23,670 is 27% below the analysts' average: a big gap is worth explaining, it usually comes down to growth or margin assumptions.

Targets are usually for 12 months ahead and tend to run optimistic; brokers that cover a company often do business with it. Counts and targets come from different updates, so they may not match exactly.

Risk and likely range

How much the shares have swung and how far they have fallen over five years. Risk repeats far more reliably than direction, so this is the honest kind of forecast: how far the price may move, not which way.

Loading five years of prices…

What the price implies

A reverse DCF: the constant revenue growth, or the constant EBIT margin, that makes the DCF equal today's price, holding everything else in your base case.

Implied revenue growth, a year11.5%Your base case averages 8.2%. The market expects more growth than you do.

Implied EBIT margin29.5%Your base case averages 26.3%; the last reported year was 26.3%.

What you'd earn at today's price

The yearly return on the whole business at today's price if your base case comes true, against the return the model requires and what a government bond pays.

Context

If your base case comes true, today's price earns about 8.1% a year, about the same as the 8.5% the model requires.

Expected returnif your base case comes true8.1%
Required return (WACC)what the model discounts at8.5%
Government bondwhat the INR 10-year government bond pays7.4%

What the price pays for

Today's business, no growth30%₹7,834 a share: earnings power value

Future growth70%₹17,916 a share

Earnings yield3.0%₹759.87 trailing EPS ÷ price

Free cash flow yield2.6%FY27E forecast ÷ market value

10-year bond7.4%interest a year

Cost of equity8.5%what shareholders require

Context

Every ₹100 of share price buys ₹2.95 of today's profit a year, less than the ₹7.44 of interest the bond pays: the price counts on profits growing.

How these are worked out

Expected return (an internal rate of return). Imagine buying the whole company at today's price: its shares and its debt, less its cash. The expected return is the yearly rate that makes the free cash flows in your base case, plus the value after FY31E growing at 5.0%, add up to exactly today's price. When it is above the WACC, the price sits below your DCF value. It only comes true if the forecast does.

Earnings power value. What the business is worth if its last reported operating profit never grows or shrinks (a simplified version of Bruce Greenwald's method). It treats depreciation as the spending needed to stand still, and uses reported rather than average profit, so one unusual year moves it.

FY26 operating profit (EBIT), ₹ crore: 1,825
After tax at 25.4%: 1,361
Held flat for ever: ÷ WACC of 8.5%: 15,981
+ Cash − debt, leases, minorities and dividends since the balance sheet: 666
÷ Shares, per share: ₹7,834

Earnings yield is the profit a year you buy with each unit of price (the P/E turned upside down). Free cash flow yield is the same idea with next year's forecast cash flow.

Show as table

Measure	Value
Expected return (IRR), base case	8.1%
Required return (WACC)	8.5%
Expected minus required	−0.4 pts
Cost of equity	8.5%
10-year government bond	7.4%
Earnings power value per share	₹7,834
Share of price paying for growth	70%
Earnings yield	3.0%
Free cash flow yield	2.6%

Three scenarios

Revenue path for each scenario and its value per share with the same WACC and terminal growth.

Bear · 25%₹19,175-25.5% vs price

Base · 50%₹22,982-10.8% vs price

Bull · 25%₹27,780+7.9% vs price

Probability-weighted₹23,229-9.8% vs price

ReportedBearBaseBull

Show as table

Revenue, ₹ crore	FY23	FY24	FY25	FY26	FY27E	FY28E	FY29E	FY30E	FY31E
Reported	5,347	5,847	6,407	6,927
Bear					7,280	7,753	8,195	8,589	8,932
Base					7,488	8,199	8,913	9,608	10,280
Bull					7,696	8,658	9,671	10,715	11,787

Monte Carlo

2,000 simulated futures around your base case. Each run shifts growth, margin, WACC and terminal growth at random using the spreads below (one standard deviation).

Growth spread (± pts)Margin spread (± pts)WACC spread (± pts)Terminal growth spread (± pts)

Worth more than the price38%of runs above ₹25,750

Median outcome₹23,137-10.1% vs price

Downside (10th pct)₹16,3661 run in 10 is lower

Upside (90th pct)₹38,4661 run in 10 is higher

Runs below today's priceRuns above it

Free cash flow, base case

FCF = EBIT × (1 − tax) + D&A − capex − increase in working capital, discounted at the WACC from today to each fiscal year end.

Free cash flowPresent value

₹ crore	FY27E	FY28E	FY29E	FY30E	FY31E
Revenue	7,488	8,199	8,913	9,608	10,280
EBIT	1,969	2,156	2,344	2,527	2,704
NOPAT = EBIT × (1 − tax)	1,469	1,609	1,749	1,885	2,017
+ D&A	89.9	98.4	107	115	123
− Capex	52.4	57.4	62.4	67.3	72.0
− Increase in working capital	72.9	92.5	92.7	90.4	87.4
Free cash flow	1,434	1,557	1,700	1,843	1,981
Present value	1,387	1,388	1,396	1,394	1,381
Years to year end (t)	0.41	1.41	2.41	3.41	4.41

From cash flows to a share price

Enterprise value plus cash, minus debt, leases, minority interests and cash already returned to shareholders since the balance sheet, divided by the shares.

Present value of FCF: 6,946
Present value of terminal value: 41,222
Enterprise value: 48,168
+ Cash and short-term investments (31 Mar 2026): 2,232
− Borrowings: 0.00
− Lease liabilities: 172
− Minority interests: 0.00
− Dividends since the balance sheet: 1,394
Equity value: 48,834
÷ Shares outstanding: 2.12 crore
Value per share: ₹22,982

All amounts in ₹ crore. Dividends with ex-dates after 2026-03-31: 2026-07-24 (656.00 per share).

Terminal value share of enterprise value85.6%Above 75%: most of the value comes after the forecast years.

Sensitivity: WACC against terminal growth

DCF value per share, base case. Blue cells sit above today's price, red cells below; the outlined cell is your current pair.

g ↓ · WACC →	7.52%	8.02%	8.52%	9.02%	9.52%
4.0%	₹23,672	₹20,789	₹18,544	₹16,747	₹15,276
4.5%	₹27,100	₹23,323	₹20,487	₹18,279	₹16,510
5.0%	₹31,889	₹26,697	₹22,982	₹20,191	₹18,018
5.5%	₹39,051	₹31,411	₹26,303	₹22,647	₹19,901
6.0%	₹50,929	₹38,461	₹30,943	₹25,916	₹22,319

Peers

Found from Yahoo's related stocks in the same industry; multiples rebuilt here so currencies match. Untick a peer to drop it, or add your own.

Company	In median	EV/EBITDA	P/E	EV/Sales	P/B	Op. margin	Rev. growth
Alkem Laboratories Limited ALKEM.NS Drug Manufacturers - Specialty & Generic		20.2x	28.3x	3.9x	4.4x	17.8%	10.9%
Torrent Pharmaceuticals Limited TORNTPHARM.NS Drug Manufacturers - Specialty & Generic		32.7x	82.6x	10.7x	9.5x	21.2%	50.8%
AstraZeneca Pharma India Limited ASTRAZEN.NS Drug Manufacturers - Specialty & Generic		68.4x	93.0x	6.4x	18.1x	6.4%	29.7%
Ipca Laboratories Limited IPCALAB.NS Drug Manufacturers - Specialty & Generic		21.5x	37.4x	4.8x	6.1x	20.0%	20.8%
Alembic Pharmaceuticals Limited APLLTD.NS Drug Manufacturers - Specialty & Generic		14.9x	22.6x	2.2x	2.8x	10.9%	25.7%
Aurobindo Pharma Limited AUROPHARMA.NS Drug Manufacturers - Specialty & Generic		13.4x	26.1x	2.7x	2.6x	15.2%	16.3%
Divi's Laboratories Limited DIVISLAB.NS Drug Manufacturers - Specialty & Generic		64.7x	88.8x	22.8x	15.5x	36.7%	27.8%
Ajanta Pharma Limited AJANTPHARM.NS Drug Manufacturers - Specialty & Generic		23.8x	34.3x	6.8x	8.9x	29.3%	35.3%
Median of included	8	22.7x	35.8x	5.6x	7.5x
Abbott India Limited	–	27.4x	33.9x	7.5x	11.5x	26.3%	8.1%

Add a peer

Implied value per share	25th pct	Median	75th pct
EV/EBITDA × EBITDA + net cash	₹18,075 (18.9x)	₹21,496 (22.7x)	₹37,805 (40.7x)
P/E × earnings per share	₹21,100 (27.8x)	₹27,216 (35.8x)	₹63,938 (84.1x)
P/B × book value per share	₹9,008 (4.0x)	₹16,820 (7.5x)	₹24,782 (11.0x)
EV/Sales × revenue + net cash (check only)	₹12,885 (3.6x)	₹19,341 (5.6x)	₹26,740 (7.8x)
Peer value (average of median EV/EBITDA and median P/E prices)		₹24,356

Against its own past

Is today's multiple high or low for this stock? Its P/E (price ÷ earnings per share) or P/B (price ÷ book value per share) month by month, against the range it has traded in.

Loading ten years of monthly prices…

Pitch summary

Three pieces of evidence that lead to a view. The client summary button copies all of this as text.

1 · Margins-4 bpsEBIT margin change from the last reported year (26.3%) to FY31E (26.3%)

2 · Valuation vs peers+20.7%Abbott India Limited EV/EBITDA against the peer median; negative means cheaper

3 · Cash2.6%FCF yield: FY27E free cash flow ÷ market value at today's price

Abbott India Limited (ABBOTINDIA.NS), valuation summary, 1 Nov 2026
Value estimate ₹23,670 (-8.1% vs today's price of ₹25,750).

• DCF (base case): ₹22,982 per share. WACC 8.52%, terminal growth 5.0%; terminal value is 86% of enterprise value.
• Peers: ₹24,356 per share (average of median EV/EBITDA and median P/E prices; 8 peers).
• Scenarios: bear ₹19,175, base ₹22,982, bull ₹27,780; probability-weighted ₹23,229.
• What the price implies: 11.5% revenue growth a year for FY27E–FY31E, against 8.2% in this forecast.
• Monte Carlo: 38% of 2,000 simulated outcomes are above today's price; middle 80% ₹16,366 to ₹38,466.
• Key assumptions (base): revenue growth 8.1% → 9.5% → 8.7% → 7.8% → 7.0%; EBIT margin 26.3% to 26.3%; tax 25.4%.
• Checks: to review: Terminal value is less than 85% of enterprise value.

Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 1 Nov 2026. Educational model, not investment advice.

Model checks

6 pass, 1 to review.

PASSWACC is above terminal growth g
PASSThe DCF gives a positive value per share
PASSShares × price is within 2% of the reported market cap
PASSScenario values are in order: bear ≤ base ≤ bull
PASSAt least three peers are in the medians
CHECKTerminal value is less than 85% of enterprise valueMost of the value sits after year 5: check terminal growth and the year-5 margin.
PASSThe forecast starts after the last reported year

Company data

What the model uses, from Yahoo Finance via yahoo-finance2 (unofficial; delayed prices). Edit any number that looks wrong; your edits stay in this browser and are marked.

₹ crore	FY23	FY24	FY25	FY26	Avg ratio
Revenue					growth 9.0%
EBIT (operating profit)					margin 24.4%
D&A					1.2%
Profit before tax
Tax					rate 25.4%
Capex					0.7%
Increase in working capital					12.5% of Δrev

Cash and short-term investments (₹ crore)
Borrowings (₹ crore)
Lease liabilities (₹ crore)
Minority interests (₹ crore)
Dividends since the balance sheet (₹ crore)

Revenue, trailing 12 months (₹ crore)
EBITDA, trailing 12 months (₹ crore)
Net income, trailing 12 months (₹ crore)
Shares outstanding (crore)

FY labels follow Indian fiscal years ending in March. Shares: 21,249,302. Price ₹25,750 at Fri, 30 Oct 2026 09:59:52 GMT.

Loading prices, five years of statements and peers…

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Driver

FY27E

FY28E

FY29E

FY30E

FY31E

Revenue growthFY23–FY26 avg 9.0%

EBIT marginFY23–FY26 avg 24.4%

Tax rateFY23–FY26 avg 25.4%

D&A % of revenueFY23–FY26 avg 1.2%

Capex % of revenueFY23–FY26 avg 0.7%

Working capital % of revenue changeFY23–FY26 avg 12.5%

Range

Low

Mid

High

DCF scenarios (bear to bull)

₹19,175

₹22,982

₹27,780

DCF sensitivity (WACC and g ±1 point)

₹15,276

₹22,982

₹50,929

Monte Carlo (middle 80% of 2,000 runs)

₹16,366

₹23,137

₹38,466

EV/EBITDA comps (25th to 75th percentile)

₹18,075

₹21,496

₹37,805

P/E comps (25th to 75th percentile)

₹21,100

₹27,216

₹63,938

Analyst targets (8 analysts, low to high)

₹29,900

₹32,467

₹38,100

52-week share price (trading range)

₹24,650

–

₹30,655

Altman Z'' = 8.91 (safe)

Ratio

Value

Weight

Adds

Working capital ÷ total assets

0.353

6.56

2.31

Retained earnings ÷ total assets

0.555

3.26

1.81

Operating profit (EBIT) ÷ total assets

0.281

6.72

1.89

Book equity ÷ total liabilities

2.763

1.05

2.90

Beneish M = -1.66 (flag)

Index

Value

Manipulators

Others

Receivables growing faster than sales (DSRI)

0.880

1.465

1.031

Gross margin slipping (GMI)

0.972

1.193

1.014

More hard-to-value assets (AQI)

2.716

1.254

1.039

Sales growth (SGI)

1.081

1.607

1.134

Depreciation slowing (DEPI)

0.916

1.077

1.001

Overheads vs sales (SGAI)

0.985

1.041

1.054

Profit not backed by cash, ÷ assets (TATA)

0.036

0.031

0.018

Leverage rising (LVGI)

0.936

1.111

1.037

Measure

Value

Expected return (IRR), base case

8.1%

Required return (WACC)

8.5%

Expected minus required

−0.4 pts

Cost of equity

8.5%

10-year government bond

7.4%

Earnings power value per share

₹7,834

Share of price paying for growth

70%

Earnings yield

3.0%

Free cash flow yield

2.6%

Revenue, ₹ crore

FY23

FY24

FY25

FY26

FY27E

FY28E

FY29E

FY30E

FY31E

Reported

5,347

5,847

6,407

6,927

Bear

7,280

7,753

8,195

8,589

8,932

Base

7,488

8,199

8,913

9,608

10,280

Bull

7,696

8,658

9,671

10,715

11,787

₹ crore

FY27E

FY28E

FY29E

FY30E

FY31E

Revenue

7,488

8,199

8,913

9,608

10,280

EBIT

1,969

2,156

2,344

2,527

2,704

NOPAT = EBIT × (1 − tax)

1,469

1,609

1,749

1,885

2,017

+ D&A

89.9

98.4

107

115

123

− Capex

52.4

57.4

62.4

67.3

72.0

− Increase in working capital

72.9

92.5

92.7

90.4

87.4

Free cash flow

1,434

1,557

1,700

1,843

1,981

Present value

1,387

1,388

1,396

1,394

1,381

Years to year end (t)

0.41

1.41

2.41

3.41

4.41

g ↓ · WACC →

7.52%

8.02%

8.52%

9.02%

9.52%

4.0%

₹23,672

₹20,789

₹18,544

₹16,747

₹15,276

4.5%

₹27,100

₹23,323

₹20,487

₹18,279

₹16,510

5.0%

₹31,889

₹26,697

₹22,982

₹20,191

₹18,018

5.5%

₹39,051

₹31,411

₹26,303

₹22,647

₹19,901

6.0%

₹50,929

₹38,461

₹30,943

₹25,916

₹22,319

Company

In median

EV/EBITDA

P/E

EV/Sales

P/B

Op. margin

Rev. growth

Alkem Laboratories Limited ALKEM.NS

Drug Manufacturers - Specialty & Generic

20.2x

28.3x

3.9x

4.4x

17.8%

10.9%

Torrent Pharmaceuticals Limited TORNTPHARM.NS

Drug Manufacturers - Specialty & Generic

32.7x

82.6x

10.7x

9.5x

21.2%

50.8%

AstraZeneca Pharma India Limited ASTRAZEN.NS

Drug Manufacturers - Specialty & Generic

68.4x

93.0x

6.4x

18.1x

6.4%

29.7%

Ipca Laboratories Limited IPCALAB.NS

Drug Manufacturers - Specialty & Generic

21.5x

37.4x

4.8x

6.1x

20.0%

20.8%

Alembic Pharmaceuticals Limited APLLTD.NS

Drug Manufacturers - Specialty & Generic

14.9x

22.6x

2.2x

2.8x

10.9%

25.7%

Aurobindo Pharma Limited AUROPHARMA.NS

Drug Manufacturers - Specialty & Generic

13.4x

26.1x

2.7x

2.6x

15.2%

16.3%

Divi's Laboratories Limited DIVISLAB.NS

Drug Manufacturers - Specialty & Generic

64.7x

88.8x

22.8x

15.5x

36.7%

27.8%

Ajanta Pharma Limited AJANTPHARM.NS

Drug Manufacturers - Specialty & Generic

23.8x

34.3x

6.8x

8.9x

29.3%

35.3%

Median of included

22.7x

35.8x

5.6x

7.5x

Abbott India Limited

–

27.4x

33.9x

7.5x

11.5x

26.3%

8.1%

Implied value per share

25th pct

Median

75th pct

EV/EBITDA × EBITDA + net cash

₹18,075 (18.9x)

₹21,496 (22.7x)

₹37,805 (40.7x)

P/E × earnings per share

₹21,100 (27.8x)

₹27,216 (35.8x)

₹63,938 (84.1x)

P/B × book value per share

₹9,008 (4.0x)

₹16,820 (7.5x)

₹24,782 (11.0x)

EV/Sales × revenue + net cash (check only)

₹12,885 (3.6x)

₹19,341 (5.6x)

₹26,740 (7.8x)

Peer value (average of median EV/EBITDA and median P/E prices)

₹24,356

Abbott India Limited (ABBOTINDIA.NS), valuation summary, 1 Nov 2026 Value estimate ₹23,670 (-8.1% vs today's price of ₹25,750). • DCF (base case): ₹22,982 per share. WACC 8.52%, terminal growth 5.0%; terminal value is 86% of enterprise value. • Peers: ₹24,356 per share (average of median EV/EBITDA and median P/E prices; 8 peers). • Scenarios: bear ₹19,175, base ₹22,982, bull ₹27,780; probability-weighted ₹23,229. • What the price implies: 11.5% revenue growth a year for FY27E–FY31E, against 8.2% in this forecast. • Monte Carlo: 38% of 2,000 simulated outcomes are above today's price; middle 80% ₹16,366 to ₹38,466. • Key assumptions (base): revenue growth 8.1% → 9.5% → 8.7% → 7.8% → 7.0%; EBIT margin 26.3% to 26.3%; tax 25.4%. • Checks: to review: Terminal value is less than 85% of enterprise value. Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 1 Nov 2026. Educational model, not investment advice.

₹ crore

FY23

FY24

FY25

FY26

Avg ratio

Revenue

growth 9.0%

EBIT (operating profit)

margin 24.4%

D&A

1.2%

Profit before tax

Tax

rate 25.4%

Capex

0.7%

Increase in working capital

12.5% of Δrev