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Model Note · H.G.INFRA ENGINEERING LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
H.G.INFRA ENGINEERING LTD Discounted cash flow · base FY26
H.G.INFRA ENGINEERING LTD
Value per share, this model₹565
CMP 2026-09-10₹489.90
Difference15.4%
Growth the CMP implies2.3%/yr
This note states the assumptions and the arithmetic of one model of H.G.INFRA ENGINEERING LTD, 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
3.5% a year
FY26 3.5% · 5-yr CAGR 15.0%
EBITDA margin
20.3%
FY26 20.3% · 5-yr average 20.0%
Depreciation · capex, % of revenue
3.2% · 18.2%, fading to 1.2× depreciation
FY26 3.2% · 18.2%
Working capital, % of added revenue · tax
0% · 27.4%
-26 working-capital days · effective 27.4%
Discount rate
11.00%
1-yr beta 1.47
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4,839 · ₹0 · ₹0 cr
FY26 net debt ₹4,839 cr
Shares
6.52 crore
6.52 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
5,235
5,418
5,608
5,804
6,007
6,217
growth %
3.5
3.5
3.5
3.5
3.5
3.5
EBITDA
1,063
1,100
1,138
1,178
1,219
1,262
Depreciation
(168)
(173)
(179)
(186)
(192)
(199)
NOPAT
650
673
696
721
746
772
less capex
(953)
(986)
(819)
(640)
(446)
(239)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
(140)
56
267
492
732
Present value
(133)
48
205
341
458
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 · H.G.INFRA ENGINEERING LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
920
PV of the terminal value (89% of EV)
7,603
Enterprise value
8,522
less net debt
(4,839)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,683
÷ 6.52 crore shares
₹565
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
613
729
869
1,039
1,252
10.5%
492
589
703
840
1,007
11.0%
389
470
565
677
812
11.5%
300
369
449
542
652
12.0%
222
282
350
428
520
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
