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Model Note · HYUNDAI MOTOR INDIA LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HYUNDAI MOTOR INDIA LTD Discounted cash flow · base FY26
HYUNDAI MOTOR INDIA LTD
Value per share, this model₹911
CMP 2026-09-10₹2,174.00
Difference(58.1)%
Growth the CMP implies25.3%/yr
This note states the assumptions and the arithmetic of one model of HYUNDAI MOTOR INDIA LTD, 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
2.5% a year
FY26 2.3% · 5-yr CAGR —%
EBITDA margin
12.2%
FY26 12.2% · 5-yr average 12.5%
Depreciation · capex, % of revenue
3.1% · 6%, fading to 1.2× depreciation
FY26 3.1% · 6.0%
Working capital, % of added revenue · tax
0% · 25%
-7 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 0.76
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(7,715) · ₹0 · ₹0 cr
FY26 net debt ₹(7,715) cr
Shares
81.25 crore
81.25 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
70,763
72,532
74,346
76,204
78,109
80,062
growth %
2.3
2.5
2.5
2.5
2.5
2.5
EBITDA
8,598
8,849
9,070
9,297
9,529
9,768
Depreciation
(2,198)
(2,249)
(2,305)
(2,362)
(2,421)
(2,482)
NOPAT
4,800
4,950
5,074
5,201
5,331
5,464
less capex
(4,266)
(4,352)
(4,037)
(3,704)
(3,351)
(2,978)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
2,847
3,342
3,860
4,401
4,968
Present value
2,702
2,858
2,973
3,055
3,106
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 · HYUNDAI MOTOR INDIA LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
14,694
PV of the terminal value (78% of EV)
51,593
Enterprise value
66,287
less net debt
7,715
less non-controlling interest
0
add non-operating investments
0
Equity value
74,002
÷ 81.25 crore shares
₹911
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
938
1,001
1,077
1,170
1,286
10.5%
872
924
986
1,061
1,152
11.0%
815
859
911
972
1,045
11.5%
766
803
847
898
957
12.0%
723
755
792
835
885
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
