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Model Note · NAHAR POLY FILMS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NAHAR POLY FILMS LIMITED Discounted cash flow · base FY26
NAHAR POLY FILMS LIMITED
Value per share, this model₹311
CMP 2026-09-10₹233.00
Difference33.5%
Growth the CMP implies(4.0)%/yr
This note states the assumptions and the arithmetic of one model of NAHAR POLY FILMS 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
5.5% a year
FY26 5.7% · 5-yr CAGR 18.3%
EBITDA margin
15.2%
FY26 15.2% · 5-yr average 13.2%
Depreciation · capex, % of revenue
4.6% · 3.5%, fading to 1.2× depreciation
FY26 4.6% · 3.5%
Working capital, % of added revenue · tax
11.4% · 25.8%
42 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.39
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹79 · ₹0 · ₹0 cr
FY26 net debt ₹79 cr
Shares
2.46 crore
2.46 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
704
743
784
827
872
920
growth %
5.7
5.5
5.5
5.5
5.5
5.5
EBITDA
107
113
119
126
133
140
Depreciation
(32)
(34)
(36)
(38)
(40)
(42)
NOPAT
55
58
62
65
69
72
less capex
(25)
(26)
(31)
(37)
(44)
(51)
less working-capital build
—
(4)
(5)
(5)
(5)
(5)
Free cash flow to firm
—
62
62
61
60
58
Present value
59
53
47
42
37
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 · NAHAR POLY FILMS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
237
PV of the terminal value (72% of EV)
607
Enterprise value
844
less net debt
(79)
less non-controlling interest
0
add non-operating investments
0
Equity value
765
÷ 2.46 crore shares
₹311
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
322
347
376
412
457
10.5%
296
316
341
370
405
11.0%
274
291
311
335
363
11.5%
254
269
286
306
329
12.0%
238
250
265
281
301
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
