Models
HITECH CORPORATION LTDHITECHCORP
₹19per 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₹19implied FY26 P/E 1.8× · EV/EBITDA 2.2×
Against CMP ₹350.00−94.7%close of 8 Oct 2026
Growth the CMP implies—%no growth rate between −20% and 45% a year brings the value to the CMP on your other inputs
Value after FY3164%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
₹1₹54
52-week rangetraded range, a fact not a value
₹112₹354
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 58 |
| PV of terminal value | 101 |
| Enterprise value | 159 |
| less net debt | (127) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 32 |
| ÷ 1.72 crore shares | ₹19 |
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% | 21 | 27 | 34 | 43 | 54 |
| 10.50% | 15 | 20 | 26 | 33 | 41 |
| 11.00% | 10 | 14 | 19 | 24 | 31 |
| 11.50% | 5 | 9 | 13 | 17 | 23 |
| 12.00% | 1 | 4 | 7 | 11 | 16 |
The outlined cell is your model. Green figures sit above the CMP of ₹350.00; 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 | (83) · 18 · 106 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.93 |
| Rank correlation with revenue growth | −0.34 |
| Rank correlation with discount rate | −0.08 |
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 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 561 | 640 | 730 | 832 | 949 | 1,082 | 1,233 |
| growth % | — | 14.1 | 14.0 | 14.0 | 14.0 | 14.0 | 14.0 |
| EBITDA | 61 | 73 | 83 | 95 | 108 | 123 | 141 |
| margin % | 10.9 | 11.4 | 11.4 | 11.4 | 11.4 | 11.4 | 11.4 |
| less depreciation | (36) | (40) | (45) | (52) | (59) | (67) | (76) |
| EBIT | 24 | 34 | 38 | 43 | 49 | 56 | 64 |
| less tax on EBIT | (7) | (8) | (9) | (10) | (12) | (13) | |
| NOPAT | 27 | 30 | 34 | 39 | 45 | 51 | |
| add depreciation | 36 | 40 | 45 | 52 | 59 | 67 | 76 |
| less capex | (53) | (37) | (42) | (52) | (63) | (76) | (92) |
| less working-capital build | — | (15) | (17) | (20) | (23) | (26) | |
| Free cash flow to firm | (5) | — | 18 | 17 | 15 | 13 | 10 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | 17 | 14 | 12 | 9 | 6 |
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 132, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 34 | 38 | 43 | 49 | 56 | 64 |
| Interest at 15.4% on debt | (20) | (20) | (20) | (20) | (20) | |
| Profit before tax | 18 | 23 | 29 | 36 | 44 | |
| Profit after tax | 0 | 14 | 18 | 23 | 28 | 35 |
| Dividends | (2) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 5 | 7 | 7 | 7 | 3 | (3) |
| Working capital | 109 | 125 | 142 | 162 | 185 | 211 |
| Net block and other assets | 374 | 371 | 371 | 375 | 384 | 400 |
| Debt | 132 | 132 | 132 | 132 | 132 | 132 |
| Equity | 285 | 299 | 317 | 340 | 368 | 403 |
| Balance check | 0 | 0 | (0) | (0) | 0 | 0 |
| Cash flow | ||||||
| From operations | 44 | 52 | 62 | 73 | 85 | |
| Investing (capex) | (42) | (52) | (63) | (76) | (92) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 2 | 1 | (1) | (3) | (6) | |
| Free cash flow to equity | 2 | 1 | (1) | (3) | (6) | |
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 | 14% | 11.4% | 11.00% | 5% | ₹19 | (94.7)% |
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.