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Model Note · HATSUN AGRO PRODUCT LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HATSUN AGRO PRODUCT LTD. Discounted cash flow · base FY25
HATSUN AGRO PRODUCT LTD.
Value per share, this model₹123
CMP 2026-09-10₹1,229.90
Difference(90.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of HATSUN AGRO PRODUCT LTD., 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
8% a year
FY25 —% · 5-yr CAGR —%
EBITDA margin
11.6%
FY25 11.6% · 5-yr average 11.6%
Depreciation · capex, % of revenue
5.4% · 7.6%, fading to 1.2× depreciation
FY25 5.4% · 7.6%
Working capital, % of added revenue · tax
8.6% · 26.1%
32 working-capital days · effective 26.1%
Discount rate
11.00%
1-yr beta 0.64
After FY30
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,039 · ₹0 · ₹0 cr
FY25 net debt ₹2,039 cr
Shares
22.28 crore
22.28 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
8,700
9,396
10,147
10,959
11,836
12,783
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
1,010
1,090
1,177
1,271
1,373
1,483
Depreciation
(470)
(507)
(548)
(592)
(639)
(690)
NOPAT
399
430
465
502
542
586
less capex
(658)
(714)
(743)
(772)
(800)
(828)
less working-capital build
—
(60)
(65)
(70)
(75)
(81)
Free cash flow to firm
—
164
205
253
306
366
Present value
156
176
195
212
229
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 · HATSUN AGRO PRODUCT LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
967
PV of the terminal value (80% of EV)
3,803
Enterprise value
4,770
less net debt
(2,039)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,731
÷ 22.28 crore shares
₹123
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
130
147
167
192
223
10.5%
112
126
143
163
187
11.0%
97
109
123
139
159
11.5%
84
94
105
119
135
12.0%
72
81
91
102
116
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
