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Model Note · HISAR SPINNING MILLS LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HISAR SPINNING MILLS LTD. Discounted cash flow · base FY26
HISAR SPINNING MILLS LTD.
Value per share, this model₹121
CMP 2026-09-09₹52.37
Difference131.0%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of HISAR SPINNING MILLS 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
-1.5% a year
FY26 (1.7)% · 5-yr CAGR 9.0%
EBITDA margin
14.7%
FY26 14.7% · 5-yr average 13.5%
Depreciation · capex, % of revenue
5% · 0.3%, fading to 1.2× depreciation
FY26 5.0% · 0.3%
Working capital, % of added revenue · tax
36.2% · 23.8%
132 working-capital days · effective 23.8%
Discount rate
11.00%
1-yr beta 0.19
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1 · ₹0 · ₹0 cr
FY26 net debt ₹1 cr
Shares
0.37 crore
0.37 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
44
43
43
42
42
41
growth %
(1.7)
(1.5)
(1.5)
(1.5)
(1.5)
(1.5)
EBITDA
6
6
6
6
6
6
Depreciation
(2)
(2)
(2)
(2)
(2)
(2)
NOPAT
3
3
3
3
3
3
less capex
(0)
(0)
(1)
(1)
(2)
(2)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
5
5
4
3
3
Present value
5
4
3
2
2
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 · HISAR SPINNING MILLS LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
17
PV of the terminal value (64% of EV)
29
Enterprise value
46
less net debt
(1)
less non-controlling interest
0
add non-operating investments
0
Equity value
45
÷ 0.37 crore shares
₹121
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
125
132
142
153
168
10.5%
116
123
130
140
151
11.0%
109
115
121
129
138
11.5%
103
107
113
119
127
12.0%
97
101
106
111
117
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
