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Model Note · National Securities Depository · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
National Securities Depository Discounted cash flow · base FY26
National Securities Depository
Value per share, this model₹283
CMP 2026-09-10₹803.00
Difference(64.7)%
Growth the CMP implies36.1%/yr
This note states the assumptions and the arithmetic of one model of National Securities Depository, 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
28.4%
FY26 28.4% · 5-yr average 28.4%
Depreciation · capex, % of revenue
3.1% · 8.9%, fading to 1.2× depreciation
FY26 3.1% · 8.9%
Working capital, % of added revenue · tax
1.6% · 24.6%
6 working-capital days · effective 24.6%
Discount rate
11.00%
1-yr beta 0.95
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(222) · ₹0 · ₹0 cr
FY26 net debt ₹(222) cr
Shares
20.00 crore
20.00 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
1,530
1,652
1,785
1,927
2,081
2,248
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
434
469
507
547
591
638
Depreciation
(48)
(51)
(55)
(60)
(65)
(70)
NOPAT
291
315
340
368
397
429
less capex
(135)
(147)
(136)
(122)
(104)
(84)
less working-capital build
—
(2)
(2)
(2)
(2)
(3)
Free cash flow to firm
—
217
258
304
355
412
Present value
206
221
234
246
258
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 Securities Depository · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,165
PV of the terminal value (79% of EV)
4,281
Enterprise value
5,446
less net debt
222
less non-controlling interest
0
add non-operating investments
0
Equity value
5,668
÷ 20.00 crore shares
₹283
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
293
314
339
371
410
10.5%
270
288
309
334
365
11.0%
251
266
283
304
329
11.5%
235
247
262
279
299
12.0%
220
231
243
258
275
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
