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Model Note · HARDCASTLE & WAUD MFG.CO.LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HARDCASTLE & WAUD MFG.CO.LTD. Discounted cash flow · base FY26
HARDCASTLE & WAUD MFG.CO.LTD.
Value per share, this model₹3,074
CMP 2026-09-10₹838.90
Difference266.4%
Growth the CMP implies(3.0)%/yr
This note states the assumptions and the arithmetic of one model of HARDCASTLE & WAUD MFG.CO.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
30% a year
FY26 80.2% · 5-yr CAGR 27.2%
EBITDA margin
53.7%
FY26 53.7% · 5-yr average 52.9%
Depreciation · capex, % of revenue
7.4% · 0%, fading to 1.2× depreciation
FY26 7.4% · 0.0%
Working capital, % of added revenue · tax
0% · 8.8%
-16 working-capital days · effective 8.8%
Discount rate
11.00%
1-yr beta 0.21
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1) · ₹0 · ₹0 cr
FY26 net debt ₹(1) cr
Shares
0.07 crore
0.07 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
11
14
18
23
30
39
growth %
80.2
30.0
30.0
30.0
30.0
30.0
EBITDA
6
7
10
13
16
21
Depreciation
(1)
(1)
(1)
(2)
(2)
(3)
NOPAT
4
6
8
10
13
17
less capex
0
0
(0)
(1)
(2)
(3)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
7
9
11
13
16
Present value
6
7
8
9
10
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 · HARDCASTLE & WAUD MFG.CO.LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
41
PV of the terminal value (80% of EV)
167
Enterprise value
208
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
209
÷ 0.07 crore shares
₹3,074
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
3,178
3,423
3,717
4,076
4,524
10.5%
2,922
3,126
3,366
3,654
4,007
11.0%
2,703
2,874
3,074
3,310
3,593
11.5%
2,514
2,659
2,828
3,024
3,256
12.0%
2,348
2,473
2,616
2,782
2,974
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
