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Model Note · HESTER BIOSCIENCES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HESTER BIOSCIENCES LTD Discounted cash flow · base FY26
HESTER BIOSCIENCES LTD
Value per share, this model₹675
CMP 2026-09-10₹2,281.90
Difference(70.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of HESTER BIOSCIENCES 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
7% a year
FY26 6.9% · 5-yr CAGR —%
EBITDA margin
26.9%
FY26 26.9% · 5-yr average 21.7%
Depreciation · capex, % of revenue
5.7% · 5.4%, fading to 1.2× depreciation
FY26 5.7% · 5.4%
Working capital, % of added revenue · tax
43.1% · 26.4%
157 working-capital days · effective 26.4%
Discount rate
11.00%
1-yr beta 0.74
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹185 · ₹0 · ₹0 cr
FY26 net debt ₹185 cr
Shares
0.85 crore
0.85 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
333
356
381
407
436
466
growth %
6.9
7.0
7.0
7.0
7.0
7.0
EBITDA
90
96
102
110
117
125
Depreciation
(19)
(20)
(22)
(23)
(25)
(27)
NOPAT
52
56
59
64
68
73
less capex
(18)
(19)
(22)
(25)
(28)
(32)
less working-capital build
—
(10)
(11)
(11)
(12)
(13)
Free cash flow to firm
—
47
48
50
52
54
Present value
44
41
39
36
34
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 · HESTER BIOSCIENCES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
195
PV of the terminal value (74% of EV)
564
Enterprise value
759
less net debt
(185)
less non-controlling interest
0
add non-operating investments
0
Equity value
574
÷ 0.85 crore shares
₹675
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
704
770
849
946
1,067
10.5%
634
689
754
832
927
11.0%
574
621
675
738
815
11.5%
523
562
607
660
723
12.0%
478
511
550
595
647
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
