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Model Note · NEELAMALAI AGRO INDS. L · 23 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NEELAMALAI AGRO INDS. L Discounted cash flow · base FY26
NEELAMALAI AGRO INDS. L
Value per share, this model₹9,244
CMP, 23 Oct 2026₹3,136.80
Difference194.7%
Growth the CMP implies(15.5)%/yr
This note states the assumptions and the arithmetic of one model of NEELAMALAI AGRO INDS. 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
9.5% a year
FY26 9.5% · 5-yr CAGR (2.9)%
EBITDA margin
121.7%
FY26 121.7% · 5-yr average 117.5%
Depreciation · capex, % of revenue
8.6% · 13.5%, fading to 1.2× depreciation
FY26 8.6% · 13.5%
Working capital, % of added revenue · tax
17.2% · 3.5%
63 working-capital days · effective 3.5%
Discount rate
11.00%
1-yr beta 0.7
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹0 · ₹0 · ₹0 cr
FY26 net debt ₹(0) cr
Shares
0.06 crore
0.06 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
25
28
31
33
37
40
growth %
9.5
9.5
9.5
9.5
9.5
9.5
EBITDA
31
34
37
41
45
49
Depreciation
(2)
(2)
(3)
(3)
(3)
(3)
NOPAT
28
30
33
36
40
44
less capex
(3)
(4)
(4)
(4)
(4)
(4)
less working-capital build
—
(0)
(0)
(0)
(1)
(1)
Free cash flow to firm
—
29
32
35
38
42
Present value
27
27
27
27
27
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 · NEELAMALAI AGRO INDS. L · 23 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
134
PV of the terminal value (77% of EV)
441
Enterprise value
575
less net debt
0
less non-controlling interest
0
add non-operating investments
0
Equity value
575
÷ 0.06 crore shares
₹9,244
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
9,551
10,257
11,105
12,140
13,435
10.5%
8,809
9,396
10,090
10,922
11,938
11.0%
8,174
8,668
9,244
9,925
10,743
11.5%
7,625
8,045
8,530
9,096
9,765
12.0%
7,144
7,505
7,918
8,395
8,951
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
