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Model Note · HOUSING DEV & INFRA LTD · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HOUSING DEV & INFRA LTD Discounted cash flow · base FY19
HOUSING DEV & INFRA LTD
Value per share, this model₹(3,060)
CMP 2026-09-20₹1.48
Difference(206861.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of HOUSING DEV & INFRA LTD, built on its filed FY19 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
30% a year
FY19 85.3% · 5-yr CAGR —%
EBITDA margin
55.6%
FY19 55.6% · 5-yr average 79.7%
Depreciation · capex, % of revenue
0.8% · 0%, fading to 1.2× depreciation
FY19 0.8% · 0.0%
Working capital, % of added revenue · tax
2020.2% · 18.5%
7374 working-capital days · effective 18.5%
Discount rate
11.00%
1-yr beta 0.61
After FY24
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,987 · ₹0 · ₹0 cr
FY19 net debt ₹1,987 cr
Shares
47.40 crore
47.40 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY19
FY20
FY21
FY22
FY23
FY24
Revenue
718
934
1,214
1,578
2,052
2,667
growth %
85.3
30.0
30.0
30.0
30.0
30.0
EBITDA
399
519
675
877
1,141
1,483
Depreciation
(5)
(7)
(10)
(13)
(16)
(21)
NOPAT
321
417
542
705
916
1,191
less capex
0
0
(3)
(8)
(15)
(26)
less working-capital build
—
(4,354)
(5,660)
(7,358)
(9,565)
(12,434)
Free cash flow to firm
—
(3,929)
(5,111)
(6,648)
(8,647)
(11,247)
Present value
(3,729)
(4,370)
(5,121)
(6,001)
(7,032)
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 · HOUSING DEV & INFRA LTD · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(26,254)
PV of the terminal value (—% of EV)
(1,16,808)
Enterprise value
(1,43,061)
less net debt
(1,987)
less non-controlling interest
0
add non-operating investments
0
Equity value
(1,45,048)
÷ 47.40 crore shares
₹(3,060)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(3,164)
(3,409)
(3,704)
(4,064)
(4,514)
10.5%
(2,907)
(3,111)
(3,353)
(3,642)
(3,996)
11.0%
(2,688)
(2,860)
(3,060)
(3,297)
(3,581)
11.5%
(2,498)
(2,644)
(2,813)
(3,010)
(3,242)
12.0%
(2,332)
(2,458)
(2,602)
(2,767)
(2,961)
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
