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Model Note · HAVELLS INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HAVELLS INDIA LIMITED Discounted cash flow · base FY26
HAVELLS INDIA LIMITED
Value per share, this model₹283
CMP 2026-09-10₹1,111.00
Difference(74.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of HAVELLS INDIA 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
3.5% a year
FY26 3.4% · 5-yr CAGR 16.6%
EBITDA margin
9.6%
FY26 9.6% · 5-yr average 10.3%
Depreciation · capex, % of revenue
1.9% · 6.6%, fading to 1.2× depreciation
FY26 1.9% · 6.6%
Working capital, % of added revenue · tax
10.3% · 23.9%
38 working-capital days · effective 23.9%
Discount rate
11.00%
1-yr beta 1.02
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(791) · ₹0 · ₹0 cr
FY26 net debt ₹(791) cr
Shares
62.76 crore
62.76 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
22,528
23,316
24,132
24,977
25,851
26,756
growth %
3.4
3.5
3.5
3.5
3.5
3.5
EBITDA
2,155
2,238
2,317
2,398
2,482
2,569
Depreciation
(432)
(443)
(459)
(475)
(491)
(508)
NOPAT
1,311
1,366
1,414
1,464
1,515
1,568
less capex
(1,484)
(1,539)
(1,332)
(1,109)
(869)
(610)
less working-capital build
—
(81)
(84)
(87)
(90)
(93)
Free cash flow to firm
—
189
456
742
1,047
1,373
Present value
180
390
572
727
858
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 · HAVELLS INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,727
PV of the terminal value (84% of EV)
14,259
Enterprise value
16,986
less net debt
791
less non-controlling interest
0
add non-operating investments
0
Equity value
17,777
÷ 62.76 crore shares
₹283
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
293
315
343
376
417
10.5%
269
288
310
337
369
11.0%
249
265
283
305
331
11.5%
231
245
261
279
300
12.0%
216
228
241
256
274
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
