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 · HINDUSTAN COMPOSITES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HINDUSTAN COMPOSITES LTD. Discounted cash flow · base FY26
HINDUSTAN COMPOSITES LTD.
Value per share, this model₹439
CMP 2026-09-10₹375.10
Difference16.9%
Growth the CMP implies10.5%/yr
This note states the assumptions and the arithmetic of one model of HINDUSTAN COMPOSITES 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
15.5% a year
FY26 15.4% · 5-yr CAGR 15.2%
EBITDA margin
14%
FY26 14.0% · 5-yr average 14.8%
Depreciation · capex, % of revenue
3.2% · 5.9%, fading to 1.2× depreciation
FY26 3.2% · 5.9%
Working capital, % of added revenue · tax
8.2% · 23.5%
30 working-capital days · effective 23.5%
Discount rate
11.00%
1-yr beta 1.11
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(2) · ₹0 · ₹0 cr
FY26 net debt ₹(2) cr
Shares
1.48 crore
1.48 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
375
433
500
578
667
771
growth %
15.4
15.5
15.5
15.5
15.5
15.5
EBITDA
53
61
70
81
93
108
Depreciation
(12)
(14)
(16)
(18)
(21)
(25)
NOPAT
31
36
41
48
55
64
less capex
(22)
(26)
(27)
(28)
(29)
(30)
less working-capital build
—
(5)
(6)
(6)
(7)
(8)
Free cash flow to firm
—
19
25
32
40
50
Present value
18
21
24
28
31
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 · HINDUSTAN COMPOSITES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
123
PV of the terminal value (81% of EV)
522
Enterprise value
645
less net debt
2
less non-controlling interest
0
add non-operating investments
0
Equity value
647
÷ 1.48 crore shares
₹439
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
454
489
531
583
647
10.5%
417
446
481
522
573
11.0%
385
410
439
473
513
11.5%
358
379
403
431
465
12.0%
334
352
373
397
424
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
