Models
HIMATSINGKA SEIDE LTDHIMATSEIDETextiles & Apparels
₹-40per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹(40)implied FY26 P/E (8.9)× · EV/EBITDA 5.7×
Against CMP ₹67.60−159.0%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3159%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹(69)₹18
52-week rangetraded range, a fact not a value
₹68₹134
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 845 |
| PV of terminal value | 1,226 |
| Enterprise value | 2,071 |
| less net debt | (2,573) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (502) |
| ÷ 12.57 crore shares | ₹(40) |
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | (35) | (25) | (14) | 0 | 18 |
| 10.50% | (46) | (38) | (28) | (17) | (3) |
| 11.00% | (55) | (48) | (40) | (31) | (19) |
| 11.50% | (62) | (57) | (50) | (42) | (33) |
| 12.00% | (69) | (64) | (59) | (52) | (44) |
The outlined cell is your model. Green figures sit above the CMP of ₹67.60; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | (61) · (40) · (14) |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.70 |
| Rank correlation with discount rate | −0.69 |
| Rank correlation with revenue growth | −0.03 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,678 | 2,841 | 2,778 | 2,515 | 2,389 | 2,270 | 2,156 | 2,049 | 1,946 |
| growth % | (15.9) | 6.1 | (2.2) | (9.5) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 271 | 596 | 420 | 365 | 346 | 329 | 313 | 297 | 282 |
| margin % | 10.1 | 21.0 | 15.1 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 | 14.5 |
| less depreciation | (164) | (158) | (151) | (164) | (155) | (148) | (140) | (133) | (126) |
| EBIT | 107 | 438 | 268 | 200 | 191 | 182 | 173 | 164 | 156 |
| less tax on EBIT | (98) | (93) | (89) | (84) | (80) | (76) | |||
| NOPAT | 102 | 98 | 93 | 88 | 84 | 80 | |||
| add depreciation | 164 | 158 | 151 | 164 | 155 | 148 | 140 | 133 | 126 |
| less capex | (10) | (48) | 0 | (27) | (26) | (63) | (96) | (125) | (152) |
| less working-capital build | — | 78 | 74 | 71 | 67 | 64 | |||
| Free cash flow to firm | 344 | 274 | 235 | — | 305 | 252 | 203 | 159 | 118 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 290 | 215 | 156 | 110 | 74 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 2,619, dividends at 4.8% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 200 | 191 | 182 | 173 | 164 | 156 |
| Interest at 11.3% on debt | (296) | (296) | (296) | (296) | (296) | |
| Profit before tax | (105) | (114) | (123) | (132) | (140) | |
| Profit after tax | 62 | (54) | (58) | (63) | (67) | (72) |
| Dividends | (3) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 47 | 200 | 301 | 353 | 360 | 327 |
| Working capital | 1,567 | 1,489 | 1,414 | 1,343 | 1,276 | 1,212 |
| Net block and other assets | 4,287 | 4,158 | 4,074 | 4,029 | 4,022 | 4,047 |
| Debt | 2,619 | 2,619 | 2,619 | 2,619 | 2,619 | 2,619 |
| Equity | 2,141 | 2,087 | 2,029 | 1,966 | 1,898 | 1,826 |
| Balance check | 0 | 0 | 0 | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | 180 | 164 | 148 | 133 | 119 | |
| Investing (capex) | (26) | (63) | (96) | (125) | (152) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 154 | 101 | 52 | 7 | (33) | |
| Free cash flow to equity | 154 | 101 | 52 | 7 | (33) | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | -5% | 14.5% | 11.00% | 5% | ₹(40) | (159.0)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.