Here are my numbers and logic. Am assuming market values are high level approx. on P/BV and not DCF

1. IDFC's standalone business book value is 2640 crores
2. IDFC Bank's book value is 13,300 crores
3. Today's valuation is approx. 22,600 crores (~162 crore shares * 140 market price) = tomorrow's valuation (ignoring analyst's who are projecting the value and not today's price)
4. Tomorrow's direct ownership of IDFC Bank (A) + IDFC's share of IDFC Bank (B) + Rest of IDFC (C) should be 22,600 to IDFC's today's shareholders.
5. C = Rest of IDFC can be valued at 4000-6000 crores (fee driven business - 1.5 - 2.5 BV, a quick estimate, this can even be higher or lower - need to value the assets separately)
6. A+ B = 16,600 - 18,600 crores
7. B = A *.53 / .47 * .75 (53% is IDFC's share, 47% is direct by share holders, and assume a 25% holding company discount) = ~ .85 A
8. 1.85 A = 16,600 - 18,600 -> A = 9,000 - 10,000 crores & B = 7,600 - 8,600 crores
9. IDFC should be valued = B + C = 11,600 - 14,600 crores, at a per share level 70-90 (162 Crore shares)
10. IDFC Bank shares would be valued at 55 - 60 (again A - 9000 - 10000 cores divided by 162 crore shares). Note am using the direct holding and direct ownership shares to calculate value.

As per the ICICIdirect report dated 28 Sept on Alembic pharma, both Torrent and Alembic have a market share of ~10% each for Abilify. Apotex is still too small.

As per Motilal Oswal latest report and their meeting with management,

IDFC Bank is expecting the growth of 25-30% ( which would be at cost of profits and to gain market share )

Motilal oswal has given fair value for IDFC Ltd as 119 per share and IDFC Bank as 89 per share

• Abilify sales in the Q1FY16 itself would be around USD 100 million. For full year on conservative basis, we can assume Abilify sales of around USD 250 million (considering increased competition from Q3 onwards). FY17 would be very difficult to predict and will depend on the competition coming in. But I still think it will be more than USD 20 million.
• Detrol sales might be in line with what many research reports are predicting.
• Considering Nexium has four players already in the market and Torrent whenever it gets approval, will be a late entrant. In whatever limited knowledge I have regarding pharma and in my interactions with industry experts, whenever a generic biggie like Torrent or Mylan are present in a particular market, they take away a lion's share and players like Torrent have share of around early teens or high single digits. Regarding Nexium market size, although the IMS sales were around USD 5 billion, the innovator, AstraZeneca used to offer discounts upto 50 - 60% on the price to the insurance companies (as per an article I had read about it). We can assume the size to be around USD 2 billion on conservative basis. Nexium sales are difficult to predict for Torrent considering the date on which it gets approval. We can assume it to be in line with what research reports are predicting.