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Model Note · NCC LIMITED · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NCC LIMITED Discounted cash flow · base FY26
NCC LIMITED
Value per share, this model₹144
CMP 2026-09-10₹140.90
Difference2.0%
Growth the CMP implies(5.3)%/yr
This note states the assumptions and the arithmetic of one model of NCC 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
-5% a year
FY26 (6.2)% · 5-yr CAGR 21.2%
EBITDA margin
8.7%
FY26 8.7% · 5-yr average 9.2%
Depreciation · capex, % of revenue
1.1% · 4.6%, fading to 1.2× depreciation
FY26 1.1% · 4.6%
Working capital, % of added revenue · tax
0% · 24.2%
-29 working-capital days · effective 24.2%
Discount rate
11.00%
1-yr beta 1.3
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,815 · ₹0 · ₹0 cr
FY26 net debt ₹2,815 cr
Shares
62.79 crore
62.79 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
20,823
19,782
18,793
17,853
16,960
16,112
growth %
(6.2)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
1,802
1,721
1,635
1,553
1,476
1,402
Depreciation
(235)
(218)
(207)
(196)
(187)
(177)
NOPAT
1,188
1,140
1,083
1,028
977
928
less capex
(955)
(910)
(710)
(528)
(363)
(213)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
447
579
696
801
893
Present value
424
495
536
556
558
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 · NCC LIMITED · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,570
PV of the terminal value (78% of EV)
9,272
Enterprise value
11,842
less net debt
(2,815)
less non-controlling interest
0
add non-operating investments
0
Equity value
9,027
÷ 62.79 crore shares
₹144
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
150
165
182
204
231
10.5%
135
147
161
179
200
11.0%
121
132
144
158
175
11.5%
110
119
129
141
155
12.0%
100
108
116
126
138
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
