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Model Note · Neetu Yoshi Limited · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
Neetu Yoshi Limited Discounted cash flow · base FY26
Neetu Yoshi Limited
Value per share, this model₹131
CMP 2026-09-10₹216.00
Difference(39.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of Neetu Yoshi 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
30% a year
FY26 39.3% · 5-yr CAGR —%
EBITDA margin
31.1%
FY26 31.1% · 5-yr average 32.0%
Depreciation · capex, % of revenue
2.2% · 54%, fading to 1.2× depreciation
FY26 2.2% · 54.0%
Working capital, % of added revenue · tax
37% · 17.1%
135 working-capital days · effective 17.1%
Discount rate
11.00%
1-yr beta 1.35
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2 · ₹0 · ₹0 cr
FY26 net debt ₹2 cr
Shares
3.88 crore
3.88 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
98
128
166
216
281
365
growth %
39.3
30.0
30.0
30.0
30.0
30.0
EBITDA
31
40
52
67
87
114
Depreciation
(2)
(3)
(4)
(5)
(6)
(8)
NOPAT
24
31
40
52
67
87
less capex
(53)
(69)
(68)
(61)
(43)
(10)
less working-capital build
—
(11)
(14)
(18)
(24)
(31)
Free cash flow to firm
—
(47)
(39)
(23)
6
55
Present value
(44)
(33)
(18)
4
34
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 · Neetu Yoshi Limited · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(57)
PV of the terminal value (111% of EV)
568
Enterprise value
511
less net debt
(2)
less non-controlling interest
0
add non-operating investments
0
Equity value
509
÷ 3.88 crore shares
₹131
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
137
151
169
190
217
10.5%
122
134
148
165
186
11.0%
109
119
131
145
162
11.5%
98
107
117
129
142
12.0%
89
96
105
114
126
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
