Models
HINDUSTAN HARDY LIMITEDBSE 505893Auto Components
₹790per 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₹790implied FY26 P/E 14.1× · EV/EBITDA 10.2×
Against CMP ₹751.90+5.0%close of 2026-09-10
Growth the CMP implies14.9%revenue, a year for 5 years, on your other inputs
Value after FY3195%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
₹562₹1,247
52-week rangetraded range, a fact not a value
₹657₹1,330
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 7 |
| PV of terminal value | 117 |
| Enterprise value | 123 |
| less net debt | (5) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 118 |
| ÷ 0.15 crore shares | ₹790 |
95% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
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% | 821 | 898 | 991 | 1,105 | 1,247 |
| 10.50% | 740 | 805 | 881 | 973 | 1,084 |
| 11.00% | 672 | 726 | 790 | 865 | 954 |
| 11.50% | 613 | 659 | 713 | 775 | 848 |
| 12.00% | 562 | 601 | 647 | 699 | 760 |
The outlined cell is your model. Green figures sit above the CMP of ₹751.90; 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 | 458 · 768 · 1,092 |
| Draws below the CMP | 47% |
| Rank correlation with ebitda margin | +0.90 |
| Rank correlation with discount rate | −0.35 |
| Rank correlation with revenue growth | −0.12 |
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 | 63 | 68 | 81 | 109 | 141 | 184 | 239 | 311 | 404 |
| growth % | 0.8 | 7.5 | 20.1 | 33.6 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 6 | 8 | 10 | 12 | 16 | 20 | 27 | 34 | 45 |
| margin % | 9.5 | 11.1 | 12.0 | 11.1 | 11.1 | 11.1 | 11.1 | 11.1 | 11.1 |
| less depreciation | (1) | (1) | (1) | (2) | (2) | (3) | (3) | (4) | (6) |
| EBIT | 5 | 7 | 9 | 11 | 14 | 18 | 23 | 30 | 39 |
| less tax on EBIT | (3) | (4) | (5) | (6) | (8) | (10) | |||
| NOPAT | 8 | 10 | 13 | 17 | 22 | 29 | |||
| add depreciation | 1 | 1 | 1 | 2 | 2 | 3 | 3 | 4 | 6 |
| less capex | (1) | (4) | (6) | (7) | (9) | (10) | (10) | (9) | (7) |
| less working-capital build | — | (6) | (8) | (10) | (13) | (17) | |||
| Free cash flow to firm | 4 | 2 | (4) | — | (3) | (2) | 1 | 5 | 11 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (3) | (1) | 1 | 3 | 7 |
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 9, dividends at 5% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 11 | 14 | 18 | 23 | 30 | 39 |
| Interest at 4.1% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 13 | 17 | 23 | 30 | 39 | |
| Profit after tax | 8 | 10 | 13 | 17 | 22 | 29 |
| Dividends | (0) | (0) | (1) | (1) | (1) | (1) |
| Balance sheet, year end | ||||||
| Cash | 4 | 1 | (2) | (2) | 1 | 11 |
| Working capital | 19 | 25 | 33 | 43 | 55 | 72 |
| Net block and other assets | 41 | 48 | 56 | 62 | 67 | 68 |
| Debt | 9 | 9 | 9 | 9 | 9 | 9 |
| Equity | 37 | 47 | 59 | 75 | 96 | 123 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 6 | 8 | 10 | 14 | 18 | |
| Investing (capex) | (9) | (10) | (10) | (9) | (7) | |
| Financing (dividends) | (0) | (1) | (1) | (1) | (1) | |
| Net change in cash | (4) | (3) | (0) | 3 | 10 | |
| Free cash flow to equity | (3) | (2) | 0 | 5 | 11 | |
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 | 30% | 11.1% | 11.00% | 5% | ₹790 | 5.0% |
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.