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Model Note · BHARTI HEXACOM LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BHARTI HEXACOM LIMITED Discounted cash flow · base FY26
BHARTI HEXACOM LIMITED
Value per share, this model₹684
CMP 2026-09-10₹1,546.10
Difference(55.7)%
Growth the CMP implies30.4%/yr
This note states the assumptions and the arithmetic of one model of BHARTI HEXACOM 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
9.5% a year
FY26 9.4% · 5-yr CAGR —%
EBITDA margin
51.9%
FY26 51.9% · 5-yr average 48.9%
Depreciation · capex, % of revenue
23.7% · 15.2%, fading to 1.2× depreciation
FY26 23.7% · 15.2%
Working capital, % of added revenue · tax
0% · 23.5%
-58 working-capital days · effective 23.5%
Discount rate
11.00%
1-yr beta 0.49
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,661 · ₹0 · ₹0 cr
FY26 net debt ₹2,661 cr
Shares
50.00 crore
50.00 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
9,354
10,242
11,215
12,281
13,448
14,725
growth %
9.4
9.5
9.5
9.5
9.5
9.5
EBITDA
4,857
5,316
5,821
6,374
6,979
7,642
Depreciation
(2,213)
(2,427)
(2,658)
(2,911)
(3,187)
(3,490)
NOPAT
2,022
2,210
2,420
2,649
2,901
3,177
less capex
(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
—
3,080
3,002
2,880
2,709
2,479
Present value
2,924
2,567
2,219
1,880
1,550
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 · BHARTI HEXACOM LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
11,139
PV of the terminal value (70% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
708
759
820
896
990
10.5%
653
696
746
807
881
11.0%
607
643
684
734
793
11.5%
566
597
632
673
722
12.0%
531
557
587
622
662
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
