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Model Note · NEPHROCARE HEALTH SERV L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NEPHROCARE HEALTH SERV L Discounted cash flow · base FY26
NEPHROCARE HEALTH SERV L
Value per share, this model₹151
CMP 2026-09-10₹765.20
Difference(80.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of NEPHROCARE HEALTH SERV 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
22.7%
FY26 22.7% · 5-yr average 22.7%
Depreciation · capex, % of revenue
9.1% · 11.9%, fading to 1.2× depreciation
FY26 9.1% · 11.9%
Working capital, % of added revenue · tax
20.7% · 20.5%
76 working-capital days · effective 20.5%
Discount rate
11.00%
1-yr beta 0.66
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(44) · ₹0 · ₹0 cr
FY26 net debt ₹(44) cr
Shares
10.03 crore
10.03 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
999
1,079
1,165
1,258
1,359
1,468
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
227
245
264
286
308
333
Depreciation
(91)
(98)
(106)
(115)
(124)
(134)
NOPAT
108
117
126
136
147
159
less capex
(119)
(128)
(136)
(144)
(152)
(160)
less working-capital build
—
(17)
(18)
(19)
(21)
(23)
Free cash flow to firm
—
70
78
88
98
109
Present value
66
67
68
68
68
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 · NEPHROCARE HEALTH SERV L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
337
PV of the terminal value (77% of EV)
1,137
Enterprise value
1,474
less net debt
44
less non-controlling interest
0
add non-operating investments
0
Equity value
1,518
÷ 10.03 crore shares
₹151
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
156
167
181
198
218
10.5%
144
154
165
178
194
11.0%
134
142
151
162
175
11.5%
125
132
140
149
160
12.0%
118
124
130
138
147
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
