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Model Note · P&G HYGIENE & HEALTH CARE · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
P&G HYGIENE & HEALTH CARE Discounted cash flow · base FY26
P&G HYGIENE & HEALTH CARE
Value per share, this model₹10,966
CMP 2026-09-10₹7,520.00
Difference45.8%
Growth the CMP implies16.9%/yr
This note states the assumptions and the arithmetic of one model of P&G HYGIENE & HEALTH CARE, 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
27% a year
FY26 27.1% · 5-yr CAGR 9.0%
EBITDA margin
27.3%
FY26 27.3% · 5-yr average 25.0%
Depreciation · capex, % of revenue
0.9% · 0%, fading to 1.2× depreciation
FY26 0.9% · 0.0%
Working capital, % of added revenue · tax
0% · 26.6%
-33 working-capital days · effective 26.6%
Discount rate
11.00%
1-yr beta 0.3
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(557) · ₹0 · ₹0 cr
FY26 net debt ₹(557) cr
Shares
3.25 crore
3.25 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
4,290
5,449
6,920
8,788
11,161
14,175
growth %
27.1
27.0
27.0
27.0
27.0
27.0
EBITDA
1,171
1,488
1,889
2,399
3,047
3,870
Depreciation
(37)
(49)
(62)
(79)
(100)
(128)
NOPAT
832
1,056
1,341
1,703
2,163
2,747
less capex
0
0
(19)
(47)
(90)
(153)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
1,105
1,385
1,735
2,173
2,721
Present value
1,049
1,184
1,336
1,508
1,701
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 · P&G HYGIENE & HEALTH CARE · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
6,778
PV of the terminal value (81% of EV)
28,261
Enterprise value
35,039
less net debt
557
less non-controlling interest
0
add non-operating investments
0
Equity value
35,596
÷ 3.25 crore shares
₹10,966
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
11,335
12,203
13,244
14,516
16,107
10.5%
10,428
11,149
12,001
13,023
14,273
11.0%
9,651
10,258
10,966
11,803
12,807
11.5%
8,980
9,496
10,092
10,788
11,610
12.0%
8,393
8,837
9,345
9,930
10,613
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
