Models
HONASA CONSUMER LIMITEDHONASAPersonal Products
₹122per 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₹122implied FY26 P/E 13.7× · EV/EBITDA 16.6×
Against CMP ₹470.95−74.1%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3175%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
₹95₹175
52-week rangetraded range, a fact not a value
₹248₹510
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 944 |
| PV of terminal value | 2,905 |
| Enterprise value | 3,848 |
| less net debt | 119 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 3,967 |
| ÷ 32.55 crore shares | ₹122 |
75% 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% | 126 | 135 | 145 | 158 | 175 |
| 10.50% | 116 | 124 | 133 | 143 | 156 |
| 11.00% | 108 | 115 | 122 | 130 | 141 |
| 11.50% | 101 | 107 | 113 | 120 | 128 |
| 12.00% | 95 | 100 | 105 | 111 | 118 |
The outlined cell is your model. Green figures sit above the CMP of ₹470.95; 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 | 98 · 121 · 151 |
| Draws below the CMP | 100% |
| Rank correlation with revenue growth | +0.63 |
| Rank correlation with ebitda margin | +0.53 |
| Rank correlation with discount rate | −0.51 |
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 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,920 | 2,067 | 2,392 | 2,763 | 3,191 | 3,686 | 4,257 | 4,917 |
| growth % | — | 7.7 | 15.7 | 15.5 | 15.5 | 15.5 | 15.5 | 15.5 |
| EBITDA | 137 | 69 | 231 | 268 | 310 | 357 | 413 | 477 |
| margin % | 7.1 | 3.3 | 9.7 | 9.7 | 9.7 | 9.7 | 9.7 | 9.7 |
| less depreciation | (31) | (45) | (44) | (52) | (61) | (70) | (81) | (93) |
| EBIT | 106 | 24 | 187 | 215 | 249 | 287 | 332 | 383 |
| less tax on EBIT | (42) | (48) | (55) | (64) | (74) | (85) | ||
| NOPAT | 145 | 168 | 194 | 224 | 258 | 298 | ||
| add depreciation | 31 | 45 | 44 | 52 | 61 | 70 | 81 | 93 |
| less capex | 0 | (17) | (7) | (8) | (25) | (48) | (76) | (112) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow to firm | 235 | 85 | — | 212 | 229 | 246 | 263 | 280 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 201 | 196 | 190 | 183 | 175 |
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 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 187 | 215 | 249 | 287 | 332 | 383 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 215 | 249 | 287 | 332 | 383 | |
| Profit after tax | 200 | 168 | 194 | 224 | 258 | 298 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 119 | 331 | 560 | 806 | 1,069 | 1,349 |
| Working capital | (14) | (14) | (14) | (14) | (14) | (14) |
| Net block and other assets | 1,988 | 1,943 | 1,908 | 1,886 | 1,881 | 1,900 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 1,412 | 1,580 | 1,773 | 1,997 | 2,255 | 2,553 |
| Balance check | 0 | 0 | 0 | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 220 | 254 | 294 | 339 | 392 | |
| Investing (capex) | (8) | (25) | (48) | (76) | (112) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 212 | 229 | 246 | 263 | 280 | |
| Free cash flow to equity | 212 | 229 | 246 | 263 | 280 | |
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 | 15.5% | 9.7% | 11.00% | 5% | ₹122 | (74.1)% |
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.