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Model Note · NESCO LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NESCO LTD. Discounted cash flow · base FY26
NESCO LTD.
Value per share, this model₹1,947
CMP 2026-09-10₹1,097.00
Difference77.5%
Growth the CMP implies13.0%/yr
This note states the assumptions and the arithmetic of one model of NESCO 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
27.5% a year
FY26 27.3% · 5-yr CAGR 26.2%
EBITDA margin
52.6%
FY26 52.6% · 5-yr average 61.0%
Depreciation · capex, % of revenue
5.3% · 34.6%, fading to 1.2× depreciation
FY26 5.3% · 34.6%
Working capital, % of added revenue · tax
1.8% · 20%
7 working-capital days · effective 20.0%
Discount rate
11.00%
1-yr beta 1.22
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(14) · ₹0 · ₹0 cr
FY26 net debt ₹(14) cr
Shares
7.05 crore
7.05 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
932
1,188
1,515
1,932
2,463
3,140
growth %
27.3
27.5
27.5
27.5
27.5
27.5
EBITDA
490
625
797
1,016
1,296
1,652
Depreciation
(49)
(63)
(80)
(102)
(131)
(166)
NOPAT
353
450
573
731
932
1,188
less capex
(322)
(411)
(417)
(396)
(331)
(200)
less working-capital build
—
(5)
(6)
(8)
(10)
(12)
Free cash flow to firm
—
97
230
430
722
1,143
Present value
92
197
331
501
715
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 · NESCO LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,836
PV of the terminal value (87% of EV)
11,869
Enterprise value
13,706
less net debt
14
less non-controlling interest
0
add non-operating investments
0
Equity value
13,720
÷ 7.05 crore shares
₹1,947
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,017
2,185
2,386
2,632
2,940
10.5%
1,842
1,982
2,147
2,344
2,586
11.0%
1,693
1,810
1,947
2,109
2,304
11.5%
1,564
1,664
1,779
1,914
2,073
12.0%
1,452
1,538
1,636
1,749
1,881
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
