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Model Note · NARAYANA HRUDAYALAYA LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NARAYANA HRUDAYALAYA LTD. Discounted cash flow · base FY26
NARAYANA HRUDAYALAYA LTD.
Value per share, this model₹1,685
CMP 2026-09-10₹1,869.90
Difference(9.9)%
Growth the CMP implies32.6%/yr
This note states the assumptions and the arithmetic of one model of NARAYANA HRUDAYALAYA 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 44.0% · 5-yr CAGR 25.0%
EBITDA margin
19.8%
FY26 19.8% · 5-yr average 20.9%
Depreciation · capex, % of revenue
5.7% · 11.1%, fading to 1.2× depreciation
FY26 5.7% · 11.1%
Working capital, % of added revenue · tax
0% · 16.3%
-10 working-capital days · effective 16.3%
Discount rate
11.00%
1-yr beta 0.73
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4,096 · ₹0 · ₹0 cr
FY26 net debt ₹4,096 cr
Shares
20.44 crore
20.44 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
7,896
10,265
13,344
17,348
22,552
29,317
growth %
44.0
30.0
30.0
30.0
30.0
30.0
EBITDA
1,566
2,032
2,642
3,435
4,465
5,805
Depreciation
(448)
(585)
(761)
(989)
(1,285)
(1,671)
NOPAT
936
1,211
1,575
2,047
2,662
3,460
less capex
(875)
(1,139)
(1,339)
(1,556)
(1,783)
(2,005)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
657
996
1,480
2,164
3,126
Present value
624
852
1,140
1,502
1,954
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 · NARAYANA HRUDAYALAYA LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
6,072
PV of the terminal value (84% of EV)
32,462
Enterprise value
38,534
less net debt
(4,096)
less non-controlling interest
0
add non-operating investments
0
Equity value
34,438
÷ 20.44 crore shares
₹1,685
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,751
1,909
2,099
2,332
2,622
10.5%
1,586
1,718
1,873
2,060
2,288
11.0%
1,445
1,556
1,685
1,838
2,021
11.5%
1,323
1,418
1,526
1,653
1,803
12.0%
1,217
1,298
1,391
1,497
1,622
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
