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Model Note · HEM HOLDINGS & TRADING LTD. · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HEM HOLDINGS & TRADING LTD. Discounted cash flow · base FY26
HEM HOLDINGS & TRADING LTD.
Value per share, this model₹1,451
CMP 2026-05-18₹106.40
Difference1263.9%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of HEM HOLDINGS & TRADING 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 137.4% · 5-yr CAGR 77.3%
EBITDA margin
85.8%
FY26 85.8% · 5-yr average (83.8)%
Depreciation · capex, % of revenue
0% · 0%, fading to 1.2× depreciation
FY26 0.0% · 0.0%
Working capital, % of added revenue · tax
0% · 0%
0 working-capital days · effective 0.0%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(6) · ₹0 · ₹0 cr
FY26 net debt ₹(6) cr
Shares
0.02 crore
0.02 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
1
1
2
2
3
growth %
137.4
30.0
30.0
30.0
30.0
30.0
EBITDA
1
1
1
1
2
2
Depreciation
0
0
0
0
0
0
NOPAT
1
1
1
1
2
2
less capex
0
0
0
0
0
0
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
1
1
1
2
2
Present value
1
1
1
1
1
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 · HEM HOLDINGS & TRADING LTD. · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
5
PV of the terminal value (82% of EV)
24
Enterprise value
29
less net debt
6
less non-controlling interest
0
add non-operating investments
0
Equity value
35
÷ 0.02 crore shares
₹1,451
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,492
1,590
1,707
1,851
2,030
10.5%
1,390
1,472
1,568
1,683
1,823
11.0%
1,303
1,371
1,451
1,545
1,658
11.5%
1,228
1,286
1,353
1,431
1,524
12.0%
1,162
1,212
1,269
1,335
1,412
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
