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Model Note · NAGPUR POWER & INDUSTRIES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NAGPUR POWER & INDUSTRIES LTD. Discounted cash flow · base FY26
NAGPUR POWER & INDUSTRIES LTD.
Value per share, this model₹(365)
CMP 2026-09-10₹190.00
Difference(291.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of NAGPUR POWER & INDUSTRIES 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
30% a year
FY26 35.3% · 5-yr CAGR 22.9%
EBITDA margin
3.4%
FY26 3.4% · 5-yr average 0.2%
Depreciation · capex, % of revenue
3.8% · 4.2%, fading to 1.2× depreciation
FY26 3.8% · 4.2%
Working capital, % of added revenue · tax
45.2% · 25.17%
165 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.4
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹22 · ₹0 · ₹0 cr
FY26 net debt ₹22 cr
Shares
1.31 crore
1.31 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
84
109
142
185
240
312
growth %
35.3
30.0
30.0
30.0
30.0
30.0
EBITDA
3
4
5
6
8
11
Depreciation
(3)
(4)
(5)
(7)
(9)
(12)
NOPAT
(0)
(0)
(0)
(1)
(1)
(1)
less capex
(4)
(5)
(6)
(8)
(11)
(14)
less working-capital build
—
(11)
(15)
(19)
(25)
(33)
Free cash flow to firm
—
(12)
(16)
(21)
(27)
(36)
Present value
(12)
(14)
(16)
(19)
(22)
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 · NAGPUR POWER & INDUSTRIES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(83)
PV of the terminal value (—% of EV)
(373)
Enterprise value
(455)
less net debt
(22)
less non-controlling interest
0
add non-operating investments
0
Equity value
(477)
÷ 1.31 crore shares
₹(365)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(377)
(405)
(439)
(481)
(533)
10.5%
(347)
(371)
(398)
(432)
(473)
11.0%
(322)
(341)
(365)
(392)
(425)
11.5%
(300)
(317)
(336)
(359)
(386)
12.0%
(281)
(295)
(312)
(331)
(353)
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
