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Model Note · HALEOS LABS LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HALEOS LABS LIMITED Discounted cash flow · base FY26
HALEOS LABS LIMITED
Value per share, this model₹211
CMP, 8 Oct 2026₹1,574.00
Difference(86.6)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of HALEOS LABS 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
-3% a year
FY26 (3.2)% · 5-yr CAGR 4.7%
EBITDA margin
13.4%
FY26 13.4% · 5-yr average 12.0%
Depreciation · capex, % of revenue
4.6% · 17.3%, fading to 1.2× depreciation
FY26 4.6% · 17.3%
Working capital, % of added revenue · tax
23.9% · 29.4%
87 working-capital days · effective 29.4%
Discount rate
11.00%
1-yr beta 0.54
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹108 · ₹0 · ₹0 cr
FY26 net debt ₹108 cr
Shares
0.30 crore
0.30 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
334
324
314
305
296
287
growth %
(3.2)
(3.0)
(3.0)
(3.0)
(3.0)
(3.0)
EBITDA
45
43
42
41
40
38
Depreciation
(15)
(15)
(14)
(14)
(14)
(13)
NOPAT
21
20
20
19
18
18
less capex
(58)
(56)
(45)
(35)
(25)
(16)
less working-capital build
—
2
2
2
2
2
Free cash flow to firm
—
(19)
(9)
0
9
17
Present value
(18)
(8)
0
6
11
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 · HALEOS LABS LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(8)
PV of the terminal value (104% of EV)
180
Enterprise value
172
less net debt
(108)
less non-controlling interest
0
add non-operating investments
0
Equity value
64
÷ 0.30 crore shares
₹211
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
234
294
365
451
560
10.5%
173
223
281
351
436
11.0%
121
163
211
268
337
11.5%
77
112
153
200
256
12.0%
38
68
103
142
189
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
