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Model Note · NDR AUTO COMPONENTS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NDR AUTO COMPONENTS LTD Discounted cash flow · base FY26
NDR AUTO COMPONENTS LTD
Value per share, this model₹445
CMP 2026-09-10₹697.15
Difference(36.2)%
Growth the CMP implies28.1%/yr
This note states the assumptions and the arithmetic of one model of NDR AUTO COMPONENTS 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
15.5% a year
FY26 15.4% · 5-yr CAGR 48.4%
EBITDA margin
10.9%
FY26 10.9% · 5-yr average 8.9%
Depreciation · capex, % of revenue
2.6% · 8.9%, fading to 1.2× depreciation
FY26 2.6% · 8.9%
Working capital, % of added revenue · tax
2.9% · 25.8%
11 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.55
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(15) · ₹0 · ₹0 cr
FY26 net debt ₹(15) cr
Shares
2.38 crore
2.38 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
823
950
1,097
1,267
1,464
1,691
growth %
15.4
15.5
15.5
15.5
15.5
15.5
EBITDA
90
104
120
138
160
184
Depreciation
(21)
(25)
(29)
(33)
(38)
(44)
NOPAT
51
59
68
78
90
104
less capex
(73)
(85)
(82)
(76)
(67)
(53)
less working-capital build
—
(4)
(4)
(5)
(6)
(7)
Free cash flow to firm
—
(5)
10
30
56
89
Present value
(5)
9
23
39
55
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 · NDR AUTO COMPONENTS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
121
PV of the terminal value (88% of EV)
922
Enterprise value
1,043
less net debt
15
less non-controlling interest
0
add non-operating investments
0
Equity value
1,058
÷ 2.38 crore shares
₹445
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
461
499
545
602
673
10.5%
420
453
490
536
592
11.0%
386
413
445
482
527
11.5%
357
380
406
437
474
12.0%
331
350
373
399
430
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
