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Model Note · HBL ENGINEERING LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HBL ENGINEERING LTD Discounted cash flow · base FY26
HBL ENGINEERING LTD
Value per share, this model₹893
CMP 2026-09-10₹717.55
Difference24.4%
Growth the CMP implies21.2%/yr
This note states the assumptions and the arithmetic of one model of HBL ENGINEERING 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 67.9% · 5-yr CAGR 29.4%
EBITDA margin
32.8%
FY26 32.8% · 5-yr average 18.7%
Depreciation · capex, % of revenue
1.5% · 4.6%, fading to 1.2× depreciation
FY26 1.5% · 4.6%
Working capital, % of added revenue · tax
31% · 25.8%
113 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.41
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(484) · ₹0 · ₹0 cr
FY26 net debt ₹(484) cr
Shares
27.72 crore
27.72 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
3,303
4,294
5,582
7,256
9,433
12,263
growth %
67.9
30.0
30.0
30.0
30.0
30.0
EBITDA
1,082
1,408
1,831
2,380
3,094
4,022
Depreciation
(51)
(64)
(84)
(109)
(141)
(184)
NOPAT
765
997
1,296
1,685
2,191
2,848
less capex
(150)
(198)
(218)
(232)
(236)
(221)
less working-capital build
—
(307)
(399)
(519)
(675)
(877)
Free cash flow to firm
—
557
763
1,043
1,422
1,934
Present value
529
653
803
987
1,209
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 · HBL ENGINEERING LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
4,180
PV of the terminal value (83% of EV)
20,085
Enterprise value
24,266
less net debt
484
less non-controlling interest
0
add non-operating investments
0
Equity value
24,750
÷ 27.72 crore shares
₹893
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
923
995
1,082
1,188
1,320
10.5%
848
908
979
1,064
1,168
11.0%
783
834
893
962
1,046
11.5%
728
771
820
878
947
12.0%
679
716
758
807
864
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
