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Model Note · HIMADRI SPECIALITY CHEM L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HIMADRI SPECIALITY CHEM L Discounted cash flow · base FY26
HIMADRI SPECIALITY CHEM L
Value per share, this model₹163
CMP 2026-09-10₹664.25
Difference(75.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of HIMADRI SPECIALITY CHEM L, 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
1% a year
FY26 1.0% · 5-yr CAGR 22.6%
EBITDA margin
20.6%
FY26 20.6% · 5-yr average 13.6%
Depreciation · capex, % of revenue
1.5% · 9.6%, fading to 1.2× depreciation
FY26 1.5% · 9.6%
Working capital, % of added revenue · tax
23.3% · 24.6%
85 working-capital days · effective 24.6%
Discount rate
11.00%
1-yr beta 0.93
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹602 · ₹0 · ₹0 cr
FY26 net debt ₹602 cr
Shares
50.45 crore
50.45 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
4,661
4,707
4,754
4,802
4,850
4,898
growth %
1.0
1.0
1.0
1.0
1.0
1.0
EBITDA
962
970
979
989
999
1,009
Depreciation
(68)
(71)
(71)
(72)
(73)
(73)
NOPAT
674
678
685
692
698
705
less capex
(450)
(452)
(364)
(274)
(182)
(88)
less working-capital build
—
(11)
(11)
(11)
(11)
(11)
Free cash flow to firm
—
286
381
479
578
679
Present value
271
326
369
401
425
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 · HIMADRI SPECIALITY CHEM L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,792
PV of the terminal value (80% of EV)
7,056
Enterprise value
8,849
less net debt
(602)
less non-controlling interest
0
add non-operating investments
0
Equity value
8,247
÷ 50.45 crore shares
₹163
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
169
183
200
221
246
10.5%
155
166
180
197
217
11.0%
142
152
163
177
193
11.5%
132
140
149
161
174
12.0%
122
129
137
147
158
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
