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Model Note · THE HI-TECH GEARS LIMITED · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
THE HI-TECH GEARS LIMITED Discounted cash flow · base FY26
THE HI-TECH GEARS LIMITED
Value per share, this model₹44
CMP 2026-09-10₹570.00
Difference(92.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of THE HI-TECH GEARS 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
-2% a year
FY26 (2.0)% · 5-yr CAGR 4.0%
EBITDA margin
11.1%
FY26 11.1% · 5-yr average 13.4%
Depreciation · capex, % of revenue
7.4% · 3.5%, fading to 1.2× depreciation
FY26 7.4% · 3.5%
Working capital, % of added revenue · tax
23.4% · 37%
86 working-capital days · effective 37.0%
Discount rate
11.00%
1-yr beta 0.68
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹176 · ₹0 · ₹0 cr
FY26 net debt ₹176 cr
Shares
1.88 crore
1.88 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
908
890
872
855
838
821
growth %
(2.0)
(2.0)
(2.0)
(2.0)
(2.0)
(2.0)
EBITDA
101
99
97
95
93
91
Depreciation
(67)
(66)
(65)
(63)
(62)
(61)
NOPAT
21
21
20
20
20
19
less capex
(32)
(31)
(42)
(53)
(63)
(73)
less working-capital build
—
4
4
4
4
4
Free cash flow to firm
—
60
47
34
22
11
Present value
57
40
26
16
7
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 · THE HI-TECH GEARS LIMITED · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
146
PV of the terminal value (44% of EV)
113
Enterprise value
259
less net debt
(176)
less non-controlling interest
0
add non-operating investments
0
Equity value
83
÷ 1.88 crore shares
₹44
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
47
53
61
69
80
10.5%
41
46
52
59
67
11.0%
35
39
44
50
57
11.5%
30
33
38
42
48
12.0%
25
29
32
36
41
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
