Models
NANDAN DENIM LIMITEDNDLTextiles & Apparels
₹3per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹3implied FY26 P/E 13.2× · EV/EBITDA 6.8×
Against CMP ₹2.85+20.7%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3160%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹3₹5
52-week rangetraded range, a fact not a value
₹2₹4
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 244 |
| PV of terminal value | 366 |
| Enterprise value | 610 |
| less net debt | (114) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 496 |
| ÷ 144.15 crore shares | ₹3 |
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 4 | 4 | 4 | 4 | 5 |
| 10.50% | 3 | 3 | 4 | 4 | 4 |
| 11.00% | 3 | 3 | 3 | 4 | 4 |
| 11.50% | 3 | 3 | 3 | 3 | 4 |
| 12.00% | 3 | 3 | 3 | 3 | 3 |
The outlined cell is your model. Green figures sit above the CMP of ₹2.85; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 3 · 3 · 4 |
| Draws below the CMP | 12% |
| Rank correlation with ebitda margin | +0.78 |
| Rank correlation with discount rate | −0.60 |
| Rank correlation with revenue growth | −0.02 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,027 | 2,010 | 3,547 | 2,872 | 2,728 | 2,592 | 2,462 | 2,339 | 2,222 |
| growth % | (6.8) | (0.8) | 76.4 | (19.0) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 84 | 118 | 128 | 90 | 85 | 80 | 76 | 73 | 69 |
| margin % | 4.2 | 5.9 | 3.6 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 | 3.1 |
| less depreciation | (37) | (41) | (53) | (44) | (41) | (39) | (37) | (35) | (33) |
| EBIT | 47 | 78 | 75 | 46 | 44 | 41 | 39 | 37 | 36 |
| less tax on EBIT | (10) | (9) | (9) | (9) | (8) | (8) | |||
| NOPAT | 36 | 34 | 33 | 31 | 29 | 28 | |||
| add depreciation | 37 | 41 | 53 | 44 | 41 | 39 | 37 | 35 | 33 |
| less capex | (18) | (44) | (8) | (5) | (5) | (16) | (25) | (33) | (40) |
| less working-capital build | — | 17 | 16 | 16 | 15 | 14 | |||
| Free cash flow to firm | 123 | 186 | 87 | — | 87 | 72 | 59 | 46 | 35 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 83 | 62 | 45 | 32 | 22 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 117, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 46 | 44 | 41 | 39 | 37 | 36 |
| Interest at 9.7% on debt | (11) | (11) | (11) | (11) | (11) | |
| Profit before tax | 32 | 30 | 28 | 26 | 24 | |
| Profit after tax | 33 | 25 | 24 | 22 | 20 | 19 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 4 | 82 | 145 | 195 | 232 | 259 |
| Working capital | 345 | 328 | 312 | 296 | 281 | 267 |
| Net block and other assets | 683 | 647 | 624 | 612 | 609 | 616 |
| Debt | 117 | 117 | 117 | 117 | 117 | 117 |
| Equity | 651 | 676 | 700 | 722 | 742 | 761 |
| Balance check | 0 | 0 | 0 | 0 | (0) | 0 |
| Cash flow | ||||||
| From operations | 83 | 79 | 74 | 70 | 66 | |
| Investing (capex) | (5) | (16) | (25) | (33) | (40) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 78 | 63 | 50 | 38 | 26 | |
| Free cash flow to equity | 78 | 63 | 50 | 38 | 26 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | -5% | 3.1% | 11.00% | 5% | ₹3 | 20.7% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.