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Model Note · HEIDELBERGCEMENT (I) LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HEIDELBERGCEMENT (I) LTD Discounted cash flow · base FY26
HEIDELBERGCEMENT (I) LTD
Value per share, this model₹104
CMP 2026-09-10₹150.40
Difference(30.6)%
Growth the CMP implies18.2%/yr
This note states the assumptions and the arithmetic of one model of HEIDELBERGCEMENT (I) 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
8.5% a year
FY26 8.4% · 5-yr CAGR 1.9%
EBITDA margin
12%
FY26 12.0% · 5-yr average 13.3%
Depreciation · capex, % of revenue
4.7% · 2.2%, fading to 1.2× depreciation
FY26 4.7% · 2.2%
Working capital, % of added revenue · tax
0% · 27.1%
-14 working-capital days · effective 27.1%
Discount rate
11.00%
1-yr beta 0.91
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(67) · ₹0 · ₹0 cr
FY26 net debt ₹(67) cr
Shares
22.66 crore
22.66 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
2,330
2,528
2,742
2,976
3,228
3,503
growth %
8.4
8.5
8.5
8.5
8.5
8.5
EBITDA
279
303
329
357
387
420
Depreciation
(109)
(119)
(129)
(140)
(152)
(165)
NOPAT
124
135
146
158
172
186
less capex
(52)
(56)
(84)
(117)
(154)
(198)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
198
191
182
169
153
Present value
188
163
140
117
96
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 · HEIDELBERGCEMENT (I) LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
704
PV of the terminal value (69% of EV)
1,594
Enterprise value
2,298
less net debt
67
less non-controlling interest
0
add non-operating investments
0
Equity value
2,365
÷ 22.66 crore shares
₹104
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
108
115
123
133
146
10.5%
100
106
113
121
131
11.0%
94
99
104
111
119
11.5%
88
92
97
103
109
12.0%
83
87
91
96
101
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
