Models
HINDWARE HME INOVATON LTDHINDWAREAPConsumer Durables
₹-76per 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₹(76)implied FY26 P/E —× · EV/EBITDA 0.3×
Against CMP ₹178.34−142.7%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3117%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
₹(76)₹(76)
52-week rangetraded range, a fact not a value
₹171₹393
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 31 |
| PV of terminal value | 6 |
| Enterprise value | 37 |
| less net debt | (675) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (638) |
| ÷ 8.37 crore shares | ₹(76) |
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% | (76) | (76) | (76) | (76) | (76) |
| 10.50% | (76) | (76) | (76) | (76) | (76) |
| 11.00% | (76) | (76) | (76) | (76) | (76) |
| 11.50% | (76) | (76) | (76) | (76) | (76) |
| 12.00% | (76) | (76) | (76) | (76) | (76) |
The outlined cell is your model. Green figures sit above the CMP of ₹178.34; 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 | (95) · (76) · (58) |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +1.00 |
| Rank correlation with discount rate | −0.01 |
| Rank correlation with revenue growth | −0.01 |
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 | 2,873 | 2,800 | 2,523 | 2,510 | 2,498 | 2,485 | 2,473 | 2,460 | 2,448 |
| growth % | 25.3 | (2.5) | (9.9) | (0.5) | (0.5) | (0.5) | (0.5) | (0.5) | (0.5) |
| EBITDA | 246 | 238 | 113 | 145 | 145 | 144 | 143 | 143 | 142 |
| margin % | 8.6 | 8.5 | 4.5 | 5.8 | 5.8 | 5.8 | 5.8 | 5.8 | 5.8 |
| less depreciation | (101) | (123) | (123) | (117) | (117) | (117) | (116) | (116) | (115) |
| EBIT | 145 | 115 | (9) | 28 | 27 | 27 | 27 | 27 | 27 |
| less tax on EBIT | (7) | (7) | (7) | (7) | (7) | (7) | |||
| NOPAT | 21 | 21 | 20 | 20 | 20 | 20 | |||
| add depreciation | 101 | 123 | 123 | 117 | 117 | 117 | 116 | 116 | 115 |
| less capex | (196) | (183) | (202) | (128) | (127) | (130) | (133) | (135) | (138) |
| less working-capital build | — | 4 | 4 | 3 | 3 | 3 | |||
| Free cash flow to firm | 25 | 57 | (10) | — | 14 | 11 | 7 | 4 | 1 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 13 | 9 | 6 | 3 | 0 |
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 709, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 28 | 27 | 27 | 27 | 27 | 27 |
| Interest at 9.9% on debt | (70) | (70) | (70) | (70) | (70) | |
| Profit before tax | (43) | (43) | (43) | (43) | (43) | |
| Profit after tax | (40) | (32) | (32) | (32) | (32) | (32) |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 33 | (5) | (47) | (92) | (141) | (193) |
| Working capital | 706 | 703 | 699 | 696 | 692 | 689 |
| Net block and other assets | 1,712 | 1,722 | 1,735 | 1,752 | 1,772 | 1,795 |
| Debt | 709 | 709 | 709 | 709 | 709 | 709 |
| Equity | 746 | 714 | 682 | 650 | 618 | 586 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 89 | 88 | 88 | 87 | 86 | |
| Investing (capex) | (127) | (130) | (133) | (135) | (138) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (38) | (42) | (45) | (49) | (52) | |
| Free cash flow to equity | (38) | (42) | (45) | (49) | (52) | |
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 | -0.5% | 5.8% | 11.00% | 5% | ₹(76) | (142.7)% |
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.