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Model Note · HINDUSTAN ZINC LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HINDUSTAN ZINC LIMITED Discounted cash flow · base FY26
HINDUSTAN ZINC LIMITED
Value per share, this model₹970
CMP 2026-09-10₹576.45
Difference68.3%
Growth the CMP implies7.4%/yr
This note states the assumptions and the arithmetic of one model of HINDUSTAN ZINC 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
20% a year
FY26 19.8% · 5-yr CAGR —%
EBITDA margin
54.1%
FY26 54.1% · 5-yr average 51.4%
Depreciation · capex, % of revenue
9.3% · 12.9%, fading to 1.2× depreciation
FY26 9.3% · 12.9%
Working capital, % of added revenue · tax
0% · 25.3%
-5 working-capital days · effective 25.3%
Discount rate
11.00%
1-yr beta 1.17
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹7,955 · ₹0 · ₹0 cr
FY26 net debt ₹7,955 cr
Shares
422.50 crore
422.50 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
40,844
49,013
58,815
70,578
84,694
1,01,633
growth %
19.8
20.0
20.0
20.0
20.0
20.0
EBITDA
22,089
26,516
31,819
38,183
45,820
54,983
Depreciation
(3,790)
(4,558)
(5,470)
(6,564)
(7,877)
(9,452)
NOPAT
13,669
16,402
19,683
23,619
28,343
34,012
less capex
(5,275)
(6,323)
(7,331)
(8,491)
(9,820)
(11,342)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
14,638
17,821
21,693
26,400
32,122
Present value
13,894
15,239
16,711
18,322
20,084
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 ZINC LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
84,249
PV of the terminal value (80% of EV)
3,33,597
Enterprise value
4,17,846
less net debt
(7,955)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,09,891
÷ 422.50 crore shares
₹970
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,004
1,082
1,177
1,292
1,436
10.5%
921
987
1,064
1,157
1,270
11.0%
851
906
970
1,046
1,137
11.5%
790
837
891
954
1,028
12.0%
737
777
823
876
938
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
