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Model Note · INDIA NIPPON ELECT LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
INDIA NIPPON ELECT LTD Discounted cash flow · base FY26
INDIA NIPPON ELECT LTD
Value per share, this model₹941
CMP 2026-09-10₹1,372.60
Difference(31.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of INDIA NIPPON ELECT 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
26.5% a year
FY26 26.5% · 5-yr CAGR 17.3%
EBITDA margin
12.5%
FY26 12.5% · 5-yr average 9.9%
Depreciation · capex, % of revenue
1.7% · 3.9%, fading to 1.2× depreciation
FY26 1.7% · 3.9%
Working capital, % of added revenue · tax
14.1% · 23.8%
52 working-capital days · effective 23.8%
Discount rate
11.00%
1-yr beta 1.2
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(5) · ₹0 · ₹0 cr
FY26 net debt ₹(6) cr
Shares
2.26 crore
2.26 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
1,068
1,352
1,710
2,163
2,736
3,461
growth %
26.5
26.5
26.5
26.5
26.5
26.5
EBITDA
134
169
214
270
342
433
Depreciation
(18)
(23)
(29)
(37)
(47)
(59)
NOPAT
88
111
141
178
225
285
less capex
(42)
(53)
(59)
(64)
(69)
(71)
less working-capital build
—
(40)
(51)
(64)
(81)
(102)
Free cash flow to firm
—
42
61
87
122
171
Present value
39
52
67
85
107
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 · INDIA NIPPON ELECT LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
350
PV of the terminal value (84% of EV)
1,774
Enterprise value
2,124
less net debt
5
less non-controlling interest
0
add non-operating investments
0
Equity value
2,129
÷ 2.26 crore shares
₹941
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
974
1,052
1,146
1,260
1,404
10.5%
892
957
1,034
1,126
1,239
11.0%
823
877
941
1,017
1,107
11.5%
762
809
863
925
999
12.0%
710
750
796
848
910
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
