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Model Note · NEELAM LINENS & GAR (I) L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NEELAM LINENS & GAR (I) L Discounted cash flow · base FY26
NEELAM LINENS & GAR (I) L
Value per share, this model₹(63)
CMP 2026-09-09₹6.20
Difference(1112.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of NEELAM LINENS & GAR (I) L, 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 —%
EBITDA margin
4.4%
FY26 4.4% · 5-yr average 4.4%
Depreciation · capex, % of revenue
1.3% · 3.2%, fading to 1.2× depreciation
FY26 1.3% · 3.2%
Working capital, % of added revenue · tax
68.5% · 27.8%
250 working-capital days · effective 27.8%
Discount rate
11.00%
1-yr beta 0.77
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹65 · ₹0 · ₹0 cr
FY26 net debt ₹65 cr
Shares
2.02 crore
2.02 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
118
127
135
145
155
166
growth %
7.1
7.0
7.0
7.0
7.0
7.0
EBITDA
5
6
6
6
7
7
Depreciation
(2)
(2)
(2)
(2)
(2)
(2)
NOPAT
3
3
3
3
3
4
less capex
(4)
(4)
(4)
(3)
(3)
(3)
less working-capital build
—
(6)
(6)
(6)
(7)
(7)
Free cash flow to firm
—
(5)
(5)
(5)
(5)
(4)
Present value
(5)
(4)
(4)
(3)
(3)
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 · NEELAM LINENS & GAR (I) L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(19)
PV of the terminal value (—% of EV)
(43)
Enterprise value
(62)
less net debt
(65)
less non-controlling interest
0
add non-operating investments
0
Equity value
(127)
÷ 2.02 crore shares
₹(63)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(64)
(66)
(68)
(72)
(75)
10.5%
(61)
(63)
(65)
(68)
(71)
11.0%
(60)
(61)
(63)
(65)
(67)
11.5%
(58)
(59)
(61)
(62)
(64)
12.0%
(56)
(57)
(59)
(60)
(62)
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
