Models
BHARTI HEXACOM LIMITEDBHARTIHEXATelecom - Services
₹684per 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₹684implied FY26 P/E 18.8× · EV/EBITDA 7.6×
Against CMP ₹1,546.10−55.7%close of 2026-09-10
Growth the CMP implies30.4%revenue, a year for 5 years, on your other inputs
Value after FY3170%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
₹531₹990
52-week rangetraded range, a fact not a value
₹1,430₹1,956
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 11,139 |
| PV of terminal value | 25,742 |
| Enterprise value | 36,881 |
| less net debt | (2,661) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 34,220 |
| ÷ 50.00 crore shares | ₹684 |
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% | 708 | 759 | 820 | 896 | 990 |
| 10.50% | 653 | 696 | 746 | 807 | 881 |
| 11.00% | 607 | 643 | 684 | 734 | 793 |
| 11.50% | 566 | 597 | 632 | 673 | 722 |
| 12.00% | 531 | 557 | 587 | 622 | 662 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,546.10; 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 | 504 · 678 · 882 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.82 |
| Rank correlation with discount rate | −0.41 |
| Rank correlation with revenue growth | +0.32 |
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 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,089 | 8,548 | 9,354 | 10,242 | 11,215 | 12,281 | 13,448 | 14,725 |
| growth % | — | 20.6 | 9.4 | 9.5 | 9.5 | 9.5 | 9.5 | 9.5 |
| EBITDA | 3,058 | 4,410 | 4,857 | 5,316 | 5,821 | 6,374 | 6,979 | 7,642 |
| margin % | 43.1 | 51.6 | 51.9 | 51.9 | 51.9 | 51.9 | 51.9 | 51.9 |
| less depreciation | (1,739) | (2,095) | (2,213) | (2,427) | (2,658) | (2,911) | (3,187) | (3,490) |
| EBIT | 1,319 | 2,315 | 2,644 | 2,888 | 3,163 | 3,463 | 3,792 | 4,152 |
| less tax on EBIT | (621) | (679) | (743) | (814) | (891) | (976) | ||
| NOPAT | 2,022 | 2,210 | 2,420 | 2,649 | 2,901 | 3,177 | ||
| add depreciation | 1,739 | 2,095 | 2,213 | 2,427 | 2,658 | 2,911 | 3,187 | 3,490 |
| less capex | (2,058) | (1,469) | (1,421) | (1,557) | (2,076) | (2,680) | (3,379) | (4,188) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow to firm | 1,488 | 3,113 | — | 3,080 | 3,002 | 2,880 | 2,709 | 2,479 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 2,924 | 2,567 | 2,219 | 1,880 | 1,550 |
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 2,694, dividends at 28.8% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 2,644 | 2,888 | 3,163 | 3,463 | 3,792 | 4,152 |
| Interest at 18.6% on debt | (501) | (501) | (501) | (501) | (501) | |
| Profit before tax | 2,387 | 2,662 | 2,962 | 3,291 | 3,651 | |
| Profit after tax | 1,733 | 1,826 | 2,036 | 2,266 | 2,518 | 2,793 |
| Dividends | (500) | (526) | (586) | (653) | (725) | (804) |
| Balance sheet, year end | ||||||
| Cash | 33 | 2,204 | 4,236 | 6,080 | 7,680 | 8,971 |
| Working capital | (1,499) | (1,499) | (1,499) | (1,499) | (1,499) | (1,499) |
| Net block and other assets | 20,517 | 19,646 | 19,064 | 18,833 | 19,026 | 19,723 |
| Debt | 2,694 | 2,694 | 2,694 | 2,694 | 2,694 | 2,694 |
| Equity | 7,165 | 8,465 | 9,915 | 11,529 | 13,321 | 15,310 |
| Balance check | 0 | 0 | (0) | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 4,254 | 4,694 | 5,177 | 5,705 | 6,283 | |
| Investing (capex) | (1,557) | (2,076) | (2,680) | (3,379) | (4,188) | |
| Financing (dividends) | (526) | (586) | (653) | (725) | (804) | |
| Net change in cash | 2,171 | 2,032 | 1,844 | 1,600 | 1,291 | |
| Free cash flow to equity | 2,697 | 2,618 | 2,497 | 2,325 | 2,095 | |
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 | 9.5% | 51.9% | 11.00% | 5% | ₹684 | (55.7)% |
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.