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Model Note · NBCC (INDIA) LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NBCC (INDIA) LIMITED Discounted cash flow · base FY26
NBCC (INDIA) LIMITED
Value per share, this model₹49
CMP 2026-09-10₹82.90
Difference(40.8)%
Growth the CMP implies23.6%/yr
This note states the assumptions and the arithmetic of one model of NBCC (INDIA) LIMITED, 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
7% a year
FY26 7.1% · 5-yr CAGR 13.5%
EBITDA margin
5.4%
FY26 5.4% · 5-yr average 3.3%
Depreciation · capex, % of revenue
0.1% · 0.3%, fading to 1.2× depreciation
FY26 0.1% · 0.3%
Working capital, % of added revenue · tax
0% · 25.1%
-2 working-capital days · effective 25.1%
Discount rate
11.00%
1-yr beta 1.61
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(3,487) · ₹0 · ₹0 cr
FY26 net debt ₹(3,487) cr
Shares
270.00 crore
270.00 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
12,889
13,791
14,756
15,789
16,894
18,077
growth %
7.1
7.0
7.0
7.0
7.0
7.0
EBITDA
697
745
797
853
912
976
Depreciation
(13)
(14)
(15)
(16)
(17)
(18)
NOPAT
512
547
586
627
671
718
less capex
(37)
(41)
(38)
(33)
(28)
(22)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
520
563
609
660
714
Present value
493
481
469
458
446
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 · NBCC (INDIA) LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,348
PV of the terminal value (76% of EV)
7,415
Enterprise value
9,764
less net debt
3,487
less non-controlling interest
0
add non-operating investments
0
Equity value
13,251
÷ 270.00 crore shares
₹49
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
50
53
56
60
65
10.5%
47
50
52
56
60
11.0%
45
47
49
52
55
11.5%
43
44
46
48
51
12.0%
41
42
44
46
48
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
