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Model Note · HARSHIL AGROTECH LIMITED · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HARSHIL AGROTECH LIMITED Discounted cash flow · base FY25
HARSHIL AGROTECH LIMITED
Value per share, this model₹(1)
CMP 2026-09-21₹0.26
Difference(395.5)%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of HARSHIL AGROTECH LIMITED, built on its filed FY25 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
FY25 391.5% · 5-yr CAGR 340.1%
EBITDA margin
17.3%
FY25 17.3% · 5-yr average (14.5)%
Depreciation · capex, % of revenue
0% · 0%, fading to 1.2× depreciation
FY25 0.0% · 0.0%
Working capital, % of added revenue · tax
87.9% · 6%
321 working-capital days · effective 6.0%
Discount rate
11.00%
1-yr beta 1.62
After FY30
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(49) · ₹0 · ₹0 cr
FY25 net debt ₹(49) cr
Shares
93.35 crore
93.35 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY25
FY26
FY27
FY28
FY29
FY30
Revenue
64
83
107
140
181
236
growth %
391.5
30.0
30.0
30.0
30.0
30.0
EBITDA
11
14
19
24
31
41
Depreciation
(0)
0
0
0
0
0
NOPAT
10
13
17
23
30
38
less capex
0
0
0
0
0
0
less working-capital build
—
(17)
(22)
(28)
(37)
(48)
Free cash flow to firm
—
(3)
(4)
(6)
(7)
(9)
Present value
(3)
(4)
(4)
(5)
(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 · HARSHIL AGROTECH LIMITED · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(22)
PV of the terminal value (—% of EV)
(99)
Enterprise value
(121)
less net debt
49
less non-controlling interest
0
add non-operating investments
0
Equity value
(72)
÷ 93.35 crore shares
₹(1)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(1)
(1)
(1)
(1)
(1)
10.5%
(1)
(1)
(1)
(1)
(1)
11.0%
(1)
(1)
(1)
(1)
(1)
11.5%
(1)
(1)
(1)
(1)
(1)
12.0%
(0)
(1)
(1)
(1)
(1)
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
