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Model Note · Harish Textile Engineers Limit · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
Harish Textile Engineers Limit Discounted cash flow · base FY26
Harish Textile Engineers Limit
Value per share, this model₹281
CMP 2026-09-10₹63.00
Difference345.6%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of Harish Textile Engineers Limit, 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
5% a year
FY26 4.9% · 5-yr CAGR 11.1%
EBITDA margin
9.2%
FY26 9.2% · 5-yr average 5.9%
Depreciation · capex, % of revenue
1.3% · 1.2%, fading to 1.2× depreciation
FY26 1.3% · 1.2%
Working capital, % of added revenue · tax
14.2% · 25%
52 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 0.73
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹30 · ₹0 · ₹0 cr
FY26 net debt ₹30 cr
Shares
0.33 crore
0.33 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
138
145
153
160
168
177
growth %
4.9
5.0
5.0
5.0
5.0
5.0
EBITDA
13
13
14
15
15
16
Depreciation
(2)
(2)
(2)
(2)
(2)
(2)
NOPAT
8
9
9
9
10
10
less capex
(2)
(2)
(2)
(2)
(2)
(3)
less working-capital build
—
(1)
(1)
(1)
(1)
(1)
Free cash flow to firm
—
8
8
8
9
9
Present value
7
7
6
6
6
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 · Harish Textile Engineers Limit · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
32
PV of the terminal value (74% of EV)
92
Enterprise value
124
less net debt
(30)
less non-controlling interest
0
add non-operating investments
0
Equity value
94
÷ 0.33 crore shares
₹281
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
293
320
353
393
443
10.5%
264
287
314
346
385
11.0%
239
258
281
307
339
11.5%
218
234
253
275
301
12.0%
199
213
229
248
269
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
