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Model Note · NATIONAL ALUMINIUM CO LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NATIONAL ALUMINIUM CO LTD Discounted cash flow · base FY26
NATIONAL ALUMINIUM CO LTD
Value per share, this model₹517
CMP 2026-09-10₹361.00
Difference43.1%
Growth the CMP implies(2.1)%/yr
This note states the assumptions and the arithmetic of one model of NATIONAL ALUMINIUM CO 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
6.5% a year
FY26 6.3% · 5-yr CAGR 14.8%
EBITDA margin
44.5%
FY26 44.5% · 5-yr average 32.7%
Depreciation · capex, % of revenue
4.2% · 11.4%, fading to 1.2× depreciation
FY26 4.2% · 11.4%
Working capital, % of added revenue · tax
7% · 25.1%
26 working-capital days · effective 25.1%
Discount rate
11.00%
1-yr beta 0.66
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(153) · ₹0 · ₹0 cr
FY26 net debt ₹(153) cr
Shares
183.66 crore
183.66 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
17,843
19,003
20,238
21,554
22,954
24,447
growth %
6.3
6.5
6.5
6.5
6.5
6.5
EBITDA
7,947
8,456
9,006
9,591
10,215
10,879
Depreciation
(745)
(798)
(850)
(905)
(964)
(1,027)
NOPAT
5,394
5,736
6,109
6,506
6,929
7,379
less capex
(2,035)
(2,166)
(1,985)
(1,772)
(1,522)
(1,232)
less working-capital build
—
(81)
(86)
(92)
(98)
(104)
Free cash flow to firm
—
4,287
4,887
5,547
6,273
7,069
Present value
4,069
4,179
4,273
4,353
4,420
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 · NATIONAL ALUMINIUM CO LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
21,294
PV of the terminal value (78% of EV)
73,418
Enterprise value
94,712
less net debt
153
less non-controlling interest
0
add non-operating investments
0
Equity value
94,865
÷ 183.66 crore shares
₹517
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
534
574
621
680
753
10.5%
492
525
564
611
668
11.0%
456
484
517
555
601
11.5%
425
449
476
508
546
12.0%
398
418
442
469
500
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
