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Model Note · THE INDIAN HOTELS CO. LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
THE INDIAN HOTELS CO. LTD Discounted cash flow · base FY26
THE INDIAN HOTELS CO. LTD
Value per share, this model₹397
CMP 2026-09-10₹718.50
Difference(44.8)%
Growth the CMP implies32.5%/yr
This note states the assumptions and the arithmetic of one model of THE INDIAN HOTELS 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
16.5% a year
FY26 16.3% · 5-yr CAGR 43.8%
EBITDA margin
35.8%
FY26 35.8% · 5-yr average 29.9%
Depreciation · capex, % of revenue
6.2% · 10.7%, fading to 1.2× depreciation
FY26 6.2% · 10.7%
Working capital, % of added revenue · tax
1.6% · 25%
6 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 1.32
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(355) · ₹0 · ₹0 cr
FY26 net debt ₹(355) cr
Shares
142.34 crore
142.34 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
9,689
11,288
13,150
15,320
17,848
20,793
growth %
16.3
16.5
16.5
16.5
16.5
16.5
EBITDA
3,470
4,041
4,708
5,485
6,390
7,444
Depreciation
(605)
(700)
(815)
(950)
(1,107)
(1,289)
NOPAT
2,149
2,506
2,919
3,401
3,962
4,616
less capex
(1,037)
(1,208)
(1,300)
(1,390)
(1,473)
(1,547)
less working-capital build
—
(26)
(30)
(35)
(40)
(47)
Free cash flow to firm
—
1,972
2,405
2,927
3,555
4,311
Present value
1,872
2,057
2,255
2,467
2,695
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 INDIAN HOTELS CO. LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
11,346
PV of the terminal value (80% of EV)
44,773
Enterprise value
56,119
less net debt
355
less non-controlling interest
0
add non-operating investments
0
Equity value
56,474
÷ 142.34 crore shares
₹397
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
410
441
479
525
583
10.5%
377
403
434
471
516
11.0%
349
371
397
427
463
11.5%
325
344
365
390
420
12.0%
304
320
338
359
384
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
