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Model Note · HIGH ENERGY BATTERIES (INDIA) · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HIGH ENERGY BATTERIES (INDIA) Discounted cash flow · base FY26
HIGH ENERGY BATTERIES (INDIA)
Value per share, this model₹166
CMP 2026-09-10₹591.60
Difference(71.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of HIGH ENERGY BATTERIES (INDIA), 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
3% a year
FY26 3.1% · 5-yr CAGR 1.4%
EBITDA margin
21.3%
FY26 21.3% · 5-yr average 28.4%
Depreciation · capex, % of revenue
1.3% · 4.5%, fading to 1.2× depreciation
FY26 1.3% · 4.5%
Working capital, % of added revenue · tax
79.3% · 25.8%
290 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 0.71
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹12 · ₹0 · ₹0 cr
FY26 net debt ₹12 cr
Shares
0.90 crore
0.90 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
84
86
89
91
94
97
growth %
3.1
3.0
3.0
3.0
3.0
3.0
EBITDA
18
18
19
19
20
21
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
12
13
13
14
14
14
less capex
(4)
(4)
(3)
(3)
(2)
(2)
less working-capital build
—
(2)
(2)
(2)
(2)
(2)
Free cash flow to firm
—
8
9
10
11
12
Present value
8
8
8
8
7
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 · HIGH ENERGY BATTERIES (INDIA) · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
38
PV of the terminal value (77% of EV)
123
Enterprise value
161
less net debt
(12)
less non-controlling interest
0
add non-operating investments
0
Equity value
149
÷ 0.90 crore shares
₹166
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
172
186
203
223
248
10.5%
158
169
183
199
219
11.0%
146
155
166
180
196
11.5%
135
143
153
164
177
12.0%
126
133
141
150
161
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
