Models
H.P.COTTON TEXTILE MILLS LTD.BSE 502873Textiles & Apparels
₹107per 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₹107implied FY26 P/E 13.4× · EV/EBITDA 6.6×
Against CMP ₹93.10+14.9%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3167%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
₹68₹185
52-week rangetraded range, a fact not a value
₹91₹132
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 25 |
| PV of terminal value | 52 |
| Enterprise value | 77 |
| less net debt | (35) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 42 |
| ÷ 0.39 crore shares | ₹107 |
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% | 113 | 126 | 142 | 161 | 185 |
| 10.50% | 99 | 110 | 123 | 138 | 157 |
| 11.00% | 87 | 96 | 107 | 120 | 135 |
| 11.50% | 77 | 85 | 94 | 104 | 117 |
| 12.00% | 68 | 74 | 82 | 91 | 101 |
The outlined cell is your model. Green figures sit above the CMP of ₹93.10; 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 | 70 · 106 · 146 |
| Draws below the CMP | 33% |
| Rank correlation with ebitda margin | +0.82 |
| Rank correlation with discount rate | −0.53 |
| Rank correlation with revenue growth | −0.03 |
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 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 84 | 94 | 128 | 132 | 135 | 138 | 142 | 145 | 149 |
| growth % | — | 11.4 | 36.9 | 2.6 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 |
| EBITDA | (12) | 4 | 12 | 12 | 12 | 12 | 13 | 13 | 13 |
| margin % | (13.8) | 4.5 | 9.7 | 8.9 | 8.9 | 8.9 | 8.9 | 8.9 | 8.9 |
| less depreciation | (4) | (4) | (3) | (3) | (3) | (3) | (4) | (4) | (4) |
| EBIT | (16) | 1 | 9 | 8 | 9 | 9 | 9 | 9 | 10 |
| less tax on EBIT | (3) | (3) | (3) | (3) | (3) | (3) | |||
| NOPAT | 6 | 6 | 6 | 6 | 6 | 6 | |||
| add depreciation | 4 | 4 | 3 | 3 | 3 | 3 | 4 | 4 | 4 |
| less capex | (1) | (0) | (2) | (1) | (1) | (2) | (3) | (4) | (4) |
| less working-capital build | — | (1) | (1) | (1) | (1) | (1) | |||
| Free cash flow to firm | (1) | 12 | 6 | — | 8 | 7 | 6 | 6 | 5 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 7 | 6 | 5 | 4 | 3 |
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 35, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 8 | 9 | 9 | 9 | 9 | 10 |
| Interest at 18.4% on debt | (6) | (6) | (6) | (6) | (6) | |
| Profit before tax | 2 | 2 | 3 | 3 | 3 | |
| Profit after tax | 3 | 1 | 2 | 2 | 2 | 2 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 0 | 3 | 6 | 8 | 9 | 10 |
| Working capital | 24 | 24 | 25 | 26 | 26 | 27 |
| Net block and other assets | 70 | 67 | 66 | 65 | 65 | 65 |
| Debt | 35 | 35 | 35 | 35 | 35 | 35 |
| Equity | 19 | 21 | 22 | 24 | 26 | 28 |
| Balance check | 0 | 0 | 0 | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 4 | 4 | 5 | 5 | 5 | |
| Investing (capex) | (1) | (2) | (3) | (4) | (4) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 3 | 3 | 2 | 1 | 1 | |
| Free cash flow to equity | 3 | 3 | 2 | 1 | 1 | |
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 | 2.5% | 8.9% | 11.00% | 5% | ₹107 | 14.9% |
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.