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Model Note · INDIAN HUME PIPE CO. LTD. · 22 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDIAN HUME PIPE CO. LTD. Discounted cash flow · base FY26
INDIAN HUME PIPE CO. LTD.
Value per share, this model₹226
CMP 2026-09-21₹362.50
Difference(37.6)%
Growth the CMP implies10.6%/yr
This note states the assumptions and the arithmetic of one model of INDIAN HUME PIPE CO. 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
-5% a year
FY26 (12.5)% · 5-yr CAGR 1.0%
EBITDA margin
16.1%
FY26 16.1% · 5-yr average 19.2%
Depreciation · capex, % of revenue
1.5% · 9.3%, fading to 1.2× depreciation
FY26 1.5% · 9.3%
Working capital, % of added revenue · tax
20.8% · 24.8%
76 working-capital days · effective 24.8%
Discount rate
11.00%
1-yr beta 1.41
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹373 · ₹0 · ₹0 cr
FY26 net debt ₹373 cr
Shares
5.27 crore
5.27 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
1,306
1,240
1,178
1,119
1,063
1,010
growth %
(12.5)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
210
200
190
180
171
163
Depreciation
(20)
(19)
(18)
(17)
(16)
(15)
NOPAT
143
136
129
123
117
111
less capex
(121)
(115)
(87)
(62)
(39)
(18)
less working-capital build
—
14
13
12
12
11
Free cash flow to firm
—
53
72
90
105
119
Present value
50
62
69
73
74
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 · INDIAN HUME PIPE CO. LTD. · 22 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
329
PV of the terminal value (79% of EV)
1,235
Enterprise value
1,564
less net debt
(373)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,191
÷ 5.27 crore shares
₹226
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
236
260
288
322
365
10.5%
212
231
254
282
315
11.0%
191
207
226
249
276
11.5%
173
186
203
221
243
12.0%
157
169
182
198
216
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
