The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · HERITAGE FOODS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HERITAGE FOODS LTD Discounted cash flow · base FY26
HERITAGE FOODS LTD
Value per share, this model₹155
CMP 2026-09-10₹419.00
Difference(63.1)%
Growth the CMP implies42.9%/yr
This note states the assumptions and the arithmetic of one model of HERITAGE FOODS 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
9.5% a year
FY26 9.5% · 5-yr CAGR 12.8%
EBITDA margin
6.1%
FY26 6.1% · 5-yr average 5.9%
Depreciation · capex, % of revenue
1.8% · 8.4%, fading to 1.2× depreciation
FY26 1.8% · 8.4%
Working capital, % of added revenue · tax
4.1% · 25.3%
15 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 1.16
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹259 · ₹0 · ₹0 cr
FY26 net debt ₹259 cr
Shares
9.28 crore
9.28 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
4,526
4,956
5,427
5,942
6,507
7,125
growth %
9.5
9.5
9.5
9.5
9.5
9.5
EBITDA
275
302
331
362
397
435
Depreciation
(81)
(89)
(98)
(107)
(117)
(128)
NOPAT
145
159
174
191
209
229
less capex
(382)
(416)
(371)
(314)
(242)
(154)
less working-capital build
—
(18)
(19)
(21)
(23)
(25)
Free cash flow to firm
—
(186)
(118)
(37)
61
178
Present value
(176)
(101)
(29)
42
111
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 · HERITAGE FOODS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(152)
PV of the terminal value (109% of EV)
1,847
Enterprise value
1,695
less net debt
(259)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,436
÷ 9.28 crore shares
₹155
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
162
182
206
235
271
10.5%
142
158
178
201
230
11.0%
125
139
155
174
197
11.5%
110
122
135
151
170
12.0%
97
107
118
132
147
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
