Models
HITACHI ENERGY INDIA LTDPOWERINDIAElectrical Equipment
₹7,784per 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₹7,784implied FY26 P/E 30.2× · EV/EBITDA 25.1×
Against CMP ₹31,435.00−75.2%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3185%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
₹6,103₹11,146
52-week rangetraded range, a fact not a value
₹16,111₹38,785
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 4,589 |
| PV of terminal value | 25,437 |
| Enterprise value | 30,026 |
| less net debt | 4,689 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 34,715 |
| ÷ 4.46 crore shares | ₹7,784 |
85% 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% | 8,020 | 8,589 | 9,271 | 10,104 | 11,146 |
| 10.50% | 7,428 | 7,901 | 8,459 | 9,128 | 9,947 |
| 11.00% | 6,922 | 7,320 | 7,784 | 8,332 | 8,990 |
| 11.50% | 6,485 | 6,823 | 7,214 | 7,669 | 8,208 |
| 12.00% | 6,103 | 6,394 | 6,726 | 7,110 | 7,557 |
The outlined cell is your model. Green figures sit above the CMP of ₹31,435.00; 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 | 6,011 · 7,728 · 9,997 |
| Draws below the CMP | 100% |
| Rank correlation with revenue growth | +0.78 |
| Rank correlation with discount rate | −0.44 |
| Rank correlation with ebitda margin | +0.39 |
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 | 4,469 | 5,237 | 6,385 | 8,148 | 10,388 | 13,245 | 16,888 | 21,532 | 27,453 |
| growth % | (8.5) | 17.2 | 21.9 | 27.6 | 27.5 | 27.5 | 27.5 | 27.5 | 27.5 |
| EBITDA | 236 | 349 | 596 | 1,198 | 1,527 | 1,947 | 2,482 | 3,165 | 4,036 |
| margin % | 5.3 | 6.7 | 9.3 | 14.7 | 14.7 | 14.7 | 14.7 | 14.7 | 14.7 |
| less depreciation | (80) | (90) | (91) | (104) | (135) | (172) | (220) | (280) | (357) |
| EBIT | 156 | 259 | 504 | 1,094 | 1,392 | 1,775 | 2,263 | 2,885 | 3,679 |
| less tax on EBIT | (276) | (351) | (447) | (570) | (727) | (927) | |||
| NOPAT | 818 | 1,041 | 1,328 | 1,693 | 2,158 | 2,752 | |||
| add depreciation | 80 | 90 | 91 | 104 | 135 | 172 | 220 | 280 | 357 |
| less capex | (12) | (89) | (128) | (509) | (644) | (668) | (655) | (586) | (428) |
| less working-capital build | — | (87) | (111) | (142) | (181) | (231) | |||
| Free cash flow to firm | (7) | 163 | 1,366 | — | 445 | 721 | 1,115 | 1,671 | 2,449 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 422 | 616 | 859 | 1,160 | 1,531 |
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 0, dividends at 2.7% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 1,094 | 1,392 | 1,775 | 2,263 | 2,885 | 3,679 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 1,392 | 1,775 | 2,263 | 2,885 | 3,679 | |
| Profit after tax | 988 | 1,041 | 1,328 | 1,693 | 2,158 | 2,752 |
| Dividends | (27) | (28) | (36) | (46) | (58) | (74) |
| Balance sheet, year end | ||||||
| Cash | 4,689 | 5,106 | 5,791 | 6,860 | 8,473 | 10,848 |
| Working capital | 317 | 404 | 516 | 658 | 839 | 1,070 |
| Net block and other assets | 7,038 | 7,547 | 8,042 | 8,478 | 8,783 | 8,855 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 5,176 | 6,189 | 7,481 | 9,128 | 11,228 | 13,905 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 1,089 | 1,388 | 1,770 | 2,257 | 2,878 | |
| Investing (capex) | (644) | (668) | (655) | (586) | (428) | |
| Financing (dividends) | (28) | (36) | (46) | (58) | (74) | |
| Net change in cash | 417 | 685 | 1,069 | 1,613 | 2,375 | |
| Free cash flow to equity | 445 | 721 | 1,115 | 1,671 | 2,449 | |
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 | 27.5% | 14.7% | 11.00% | 5% | ₹7,784 | (75.2)% |
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.