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Model Note · NARMADA GELATINES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NARMADA GELATINES LTD. Discounted cash flow · base FY26
NARMADA GELATINES LTD.
Value per share, this model₹958
CMP 2026-09-10₹463.10
Difference106.8%
Growth the CMP implies(16.2)%/yr
This note states the assumptions and the arithmetic of one model of NARMADA GELATINES 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
14% a year
FY26 14.0% · 5-yr CAGR —%
EBITDA margin
20.8%
FY26 20.8% · 5-yr average 17.1%
Depreciation · capex, % of revenue
1.3% · 4.5%, fading to 1.2× depreciation
FY26 1.3% · 4.5%
Working capital, % of added revenue · tax
30.4% · 23.5%
111 working-capital days · effective 23.5%
Discount rate
11.00%
1-yr beta 0.63
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹8 · ₹0 · ₹0 cr
FY26 net debt ₹8 cr
Shares
0.61 crore
0.61 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
215
246
280
319
364
415
growth %
14.0
14.0
14.0
14.0
14.0
14.0
EBITDA
45
51
58
66
76
86
Depreciation
(3)
(3)
(4)
(4)
(5)
(5)
NOPAT
32
37
42
48
54
62
less capex
(10)
(11)
(11)
(10)
(8)
(6)
less working-capital build
—
(9)
(10)
(12)
(14)
(15)
Free cash flow to firm
—
20
24
30
37
45
Present value
19
21
23
26
28
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 · NARMADA GELATINES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
117
PV of the terminal value (80% of EV)
471
Enterprise value
587
less net debt
(8)
less non-controlling interest
0
add non-operating investments
0
Equity value
579
÷ 0.61 crore shares
₹958
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
991
1,068
1,161
1,275
1,417
10.5%
910
974
1,050
1,141
1,253
11.0%
840
894
958
1,032
1,122
11.5%
780
826
879
942
1,015
12.0%
728
767
813
865
926
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
