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Model Note · HONASA CONSUMER LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HONASA CONSUMER LIMITED Discounted cash flow · base FY26
HONASA CONSUMER LIMITED
Value per share, this model₹122
CMP 2026-09-10₹470.95
Difference(74.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of HONASA CONSUMER LIMITED, 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
15.5% a year
FY26 15.7% · 5-yr CAGR —%
EBITDA margin
9.7%
FY26 9.7% · 5-yr average 6.7%
Depreciation · capex, % of revenue
1.9% · 0.3%, fading to 1.2× depreciation
FY26 1.9% · 0.3%
Working capital, % of added revenue · tax
0% · 22.2%
-2 working-capital days · effective 22.2%
Discount rate
11.00%
1-yr beta 0.64
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(119) · ₹0 · ₹0 cr
FY26 net debt ₹(119) cr
Shares
32.55 crore
32.55 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
2,392
2,763
3,191
3,686
4,257
4,917
growth %
15.7
15.5
15.5
15.5
15.5
15.5
EBITDA
231
268
310
357
413
477
Depreciation
(44)
(52)
(61)
(70)
(81)
(93)
NOPAT
145
168
194
224
258
298
less capex
(7)
(8)
(25)
(48)
(76)
(112)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
212
229
246
263
280
Present value
201
196
190
183
175
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 · HONASA CONSUMER LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
944
PV of the terminal value (75% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
126
135
145
158
175
10.5%
116
124
133
143
156
11.0%
108
115
122
130
141
11.5%
101
107
113
120
128
12.0%
95
100
105
111
118
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
