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Model Note · HCL TECHNOLOGIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HCL TECHNOLOGIES LTD Discounted cash flow · base FY26
HCL TECHNOLOGIES LTD
Value per share, this model₹1,150
CMP 2026-09-10₹1,206.10
Difference(4.7)%
Growth the CMP implies12.9%/yr
This note states the assumptions and the arithmetic of one model of HCL TECHNOLOGIES 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
11% a year
FY26 11.2% · 5-yr CAGR 11.5%
EBITDA margin
19.8%
FY26 19.8% · 5-yr average 22.0%
Depreciation · capex, % of revenue
3.3% · 1.1%, fading to 1.2× depreciation
FY26 3.3% · 1.1%
Working capital, % of added revenue · tax
18.5% · 24.7%
68 working-capital days · effective 24.7%
Discount rate
11.00%
1-yr beta 0.81
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(8,106) · ₹0 · ₹0 cr
FY26 net debt ₹(8,106) cr
Shares
271.50 crore
271.50 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
1,30,144
1,44,460
1,60,350
1,77,989
1,97,568
2,19,300
growth %
11.2
11.0
11.0
11.0
11.0
11.0
EBITDA
25,796
28,603
31,749
35,242
39,118
43,421
Depreciation
(4,355)
(4,767)
(5,292)
(5,874)
(6,520)
(7,237)
NOPAT
16,145
17,948
19,923
22,114
24,547
27,247
less capex
(1,422)
(1,589)
(2,910)
(4,503)
(6,411)
(8,684)
less working-capital build
—
(2,648)
(2,940)
(3,263)
(3,622)
(4,021)
Free cash flow to firm
—
18,478
19,364
20,222
21,033
21,779
Present value
17,539
16,558
15,578
14,598
13,617
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 · HCL TECHNOLOGIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
77,889
PV of the terminal value (74% of EV)
2,26,184
Enterprise value
3,04,074
less net debt
8,106
less non-controlling interest
0
add non-operating investments
0
Equity value
3,12,180
÷ 271.50 crore shares
₹1,150
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,186
1,269
1,369
1,491
1,643
10.5%
1,099
1,168
1,249
1,347
1,467
11.0%
1,024
1,082
1,150
1,230
1,326
11.5%
959
1,009
1,066
1,132
1,211
12.0%
902
945
993
1,050
1,115
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
