The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · DEEPAK NITRITE LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DEEPAK NITRITE LTD Discounted cash flow · base FY26
DEEPAK NITRITE LTD
Value per share, this model₹274
CMP 2026-09-10₹1,596.00
Difference(82.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of DEEPAK NITRITE 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 (4.8)% · 5-yr CAGR 12.6%
EBITDA margin
12.3%
FY26 12.3% · 5-yr average 16.2%
Depreciation · capex, % of revenue
2.8% · 15%, fading to 1.2× depreciation
FY26 2.8% · 15.0%
Working capital, % of added revenue · tax
23.3% · 27.3%
85 working-capital days · effective 27.3%
Discount rate
11.00%
1-yr beta 0.98
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,285 · ₹0 · ₹0 cr
FY26 net debt ₹1,285 cr
Shares
13.64 crore
13.64 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
7,887
7,493
7,118
6,762
6,424
6,103
growth %
(4.8)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
968
922
876
832
790
751
Depreciation
(225)
(210)
(199)
(189)
(180)
(171)
NOPAT
540
517
492
467
444
421
less capex
(1,185)
(1,124)
(861)
(621)
(403)
(205)
less working-capital build
—
92
87
83
79
75
Free cash flow to firm
—
(305)
(82)
119
300
462
Present value
(289)
(70)
91
208
289
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 · DEEPAK NITRITE LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
228
PV of the terminal value (95% of EV)
4,800
Enterprise value
5,028
less net debt
(1,285)
less non-controlling interest
0
add non-operating investments
0
Equity value
3,743
÷ 13.64 crore shares
₹274
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
289
324
366
417
481
10.5%
252
281
316
357
408
11.0%
221
246
274
308
349
11.5%
195
215
239
268
301
12.0%
171
189
210
233
261
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
