| Intrinsic Valuation of: UPL | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 10 | Market Cap | ₹536B | |||||
| 2021 | - | - (-) | P/E Ratio | 69 | Total Asset | ₹880B | |||||
| 2022 | ₹38B | - (-) | Net Income | ₹9B | Total Debt | ₹183B | |||||
| 2023 | ₹54B | 41.6% (22.5%) | EBITDA | ₹72B | Total Liab | ₹502B | |||||
| 2024 | ₹3B | -94.0% (-92.5%) | Opr Margin | 0.12 | Debt/Equity | 0.48 | |||||
| 2025 | ₹85B | 2493.9% (2297.0%) | PreTax Margin | 4.25 | BV/Share | 8 | |||||
| 5Y Average FCF | ₹45B | 813.8% (742.3%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (25.0%) | ||||||||||
| 2026 | ₹106B | MBG Intrinsic Value | ₹87 | ||||||||
| 2027 | ₹132B | ||||||||||
| 2028 | ₹165B | ||||||||||
| 2029 | ₹206B | ||||||||||
| 2030 | ₹258B | ||||||||||
| 2031 | ₹323B | ||||||||||
| Terminal Value | ₹6,707B | Net Worth/Share | ₹504 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | ₹5,254B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | ₹95B | ₹6,882 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | ₹183B | WACC | 7.3% | 5,969 | 6,454 | 7,040 | 7,762 | 8,671 | |||
| Equity Value | ₹5,166B | 7.4% | 5,912 | 6,387 | 6,961 | 7,665 | 8,550 | ||||
| Shares Outstanding | 750,608,000 | 7.4% | 5,855 | 6,322 | 6,882 | 7,570 | 8,432 | ||||
| 7.9% | 5,340 | 5,725 | 6,181 | 6,729 | 7,401 | ||||||
| DCF Intrinsic Value | ₹6,882 | 8.4% | 4,901 | 5,223 | 5,599 | 6,044 | 6,579 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||