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Model Note · HEALTHCARE GLOB. ENT. LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HEALTHCARE GLOB. ENT. LTD Discounted cash flow · base FY26
HEALTHCARE GLOB. ENT. LTD
Value per share, this model₹119
CMP 2026-09-10₹693.05
Difference(82.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of HEALTHCARE GLOB. ENT. 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
14.5% a year
FY26 14.5% · 5-yr CAGR 20.2%
EBITDA margin
16.5%
FY26 16.5% · 5-yr average 18.6%
Depreciation · capex, % of revenue
9.6% · 11.5%, fading to 1.2× depreciation
FY26 9.6% · 11.5%
Working capital, % of added revenue · tax
5.1% · 16.3%
19 working-capital days · effective 16.3%
Discount rate
11.00%
1-yr beta 0.67
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹374 · ₹0 · ₹0 cr
FY26 net debt ₹374 cr
Shares
14.93 crore
14.93 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
2,545
2,914
3,337
3,821
4,375
5,009
growth %
14.5
14.5
14.5
14.5
14.5
14.5
EBITDA
421
481
551
630
722
827
Depreciation
(244)
(280)
(320)
(367)
(420)
(481)
NOPAT
148
168
193
221
253
289
less capex
(292)
(335)
(384)
(440)
(504)
(577)
less working-capital build
—
(19)
(22)
(25)
(28)
(32)
Free cash flow to firm
—
94
108
123
141
161
Present value
89
92
95
98
101
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 · HEALTHCARE GLOB. ENT. LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
474
PV of the terminal value (78% of EV)
1,670
Enterprise value
2,144
less net debt
(374)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,770
÷ 14.93 crore shares
₹119
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
123
135
148
164
185
10.5%
112
121
132
145
161
11.0%
102
109
119
129
142
11.5%
93
100
107
116
127
12.0%
85
91
98
105
114
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
