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Model Note · HINDUSTAN HARDY LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HINDUSTAN HARDY LIMITED Discounted cash flow · base FY26
HINDUSTAN HARDY LIMITED
Value per share, this model₹790
CMP 2026-09-10₹751.90
Difference5.0%
Growth the CMP implies14.9%/yr
This note states the assumptions and the arithmetic of one model of HINDUSTAN HARDY LIMITED, 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
30% a year
FY26 33.6% · 5-yr CAGR 19.5%
EBITDA margin
11.1%
FY26 11.1% · 5-yr average 10.6%
Depreciation · capex, % of revenue
1.4% · 6.6%, fading to 1.2× depreciation
FY26 1.4% · 6.6%
Working capital, % of added revenue · tax
17.8% · 26.1%
65 working-capital days · effective 26.1%
Discount rate
11.00%
1-yr beta 1.35
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹5 · ₹0 · ₹0 cr
FY26 net debt ₹5 cr
Shares
0.15 crore
0.15 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
109
141
184
239
311
404
growth %
33.6
30.0
30.0
30.0
30.0
30.0
EBITDA
12
16
20
27
34
45
Depreciation
(2)
(2)
(3)
(3)
(4)
(6)
NOPAT
8
10
13
17
22
29
less capex
(7)
(9)
(10)
(10)
(9)
(7)
less working-capital build
—
(6)
(8)
(10)
(13)
(17)
Free cash flow to firm
—
(3)
(2)
1
5
11
Present value
(3)
(1)
1
3
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 · HINDUSTAN HARDY LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
7
PV of the terminal value (95% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
821
898
991
1,105
1,247
10.5%
740
805
881
973
1,084
11.0%
672
726
790
865
954
11.5%
613
659
713
775
848
12.0%
562
601
647
699
760
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
