Excess return on book · base FY26
NCL RESEARCH & FINANCIAL SERVI
This note states the assumptions and the arithmetic of one model of NCL RESEARCH & FINANCIAL SERVI, 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 |
|---|---|---|
| Return on opening book equity | -2.4% a year | FY26 ROE (2.4)% |
| Payout | 0% of profit | FY26 —% |
| Cost of equity | 9.32% (Rf 5.08, β 0.58, ERP 7.31) | 1-yr beta 0.58 |
| Terminal growth | 5% flat | — |
| Net debt · non-controlling interest · non-operating investments | ₹0 · ₹0 · ₹0 cr | FY26 net debt ₹(0) cr |
| Shares | 107.03 crore | 107.03 crore today |
From enterprise to equity
| Book equity, FY26 | 110 |
| PV of 5 years of excess return | (50) |
| PV of the terminal excess return | (182) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | (122) |
| ÷ 107.03 crore shares | ₹(1) |
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.