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Model Note · Hercules Investments Limited · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
Hercules Investments Limited Discounted cash flow · base FY24
Hercules Investments Limited
Value per share, this model₹154
CMP 2026-09-10₹118.80
Difference30.0%
Growth the CMP implies10.1%/yr
This note states the assumptions and the arithmetic of one model of Hercules Investments Limited, built on its filed FY24 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
19% a year
FY24 19.1% · 5-yr CAGR —%
EBITDA margin
16.2%
FY24 16.2% · 5-yr average 42.2%
Depreciation · capex, % of revenue
2.4% · 1.7%, fading to 1.2× depreciation
FY24 2.4% · 1.7%
Working capital, % of added revenue · tax
10.7% · 22.8%
39 working-capital days · effective 22.8%
Discount rate
11.00%
1-yr beta 1.49
After FY29
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(12) · ₹0 · ₹0 cr
FY24 net debt ₹(12) cr
Shares
3.20 crore
3.20 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY24
FY25
FY26
FY27
FY28
FY29
Revenue
180
214
254
303
360
428
growth %
19.1
19.0
19.0
19.0
19.0
19.0
EBITDA
29
35
41
49
58
69
Depreciation
(4)
(5)
(6)
(7)
(9)
(10)
NOPAT
19
23
27
32
38
46
less capex
(3)
(4)
(5)
(7)
(9)
(12)
less working-capital build
—
(4)
(4)
(5)
(6)
(7)
Free cash flow to firm
—
21
24
27
32
36
Present value
20
20
21
22
23
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 · Hercules Investments Limited · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
106
PV of the terminal value (78% of EV)
377
Enterprise value
482
less net debt
12
less non-controlling interest
0
add non-operating investments
0
Equity value
494
÷ 3.20 crore shares
₹154
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
159
171
185
202
224
10.5%
147
157
168
182
199
11.0%
137
145
154
166
179
11.5%
128
135
143
152
163
12.0%
120
126
132
140
150
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
