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Model Note · NESTLE INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NESTLE INDIA LIMITED Discounted cash flow · base FY26
NESTLE INDIA LIMITED
Value per share, this model₹482
CMP 2026-09-10₹1,383.30
Difference(65.2)%
Growth the CMP implies43.8%/yr
This note states the assumptions and the arithmetic of one model of NESTLE INDIA 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
14.5% a year
FY26 14.6% · 5-yr CAGR —%
EBITDA margin
23.4%
FY26 23.4% · 5-yr average 24.0%
Depreciation · capex, % of revenue
3% · 3.6%, fading to 1.2× depreciation
FY26 3.0% · 3.6%
Working capital, % of added revenue · tax
0% · 23.1%
-1 working-capital days · effective 23.1%
Discount rate
11.00%
1-yr beta 0.58
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1,296) · ₹0 · ₹0 cr
FY26 net debt ₹(1,296) cr
Shares
192.83 crore
192.83 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
23,155
26,512
30,356
34,758
39,798
45,568
growth %
14.6
14.5
14.5
14.5
14.5
14.5
EBITDA
5,427
6,204
7,103
8,133
9,313
10,663
Depreciation
(699)
(795)
(911)
(1,043)
(1,194)
(1,367)
NOPAT
3,636
4,159
4,762
5,453
6,243
7,149
less capex
(830)
(954)
(1,093)
(1,251)
(1,433)
(1,640)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
4,000
4,580
5,244
6,005
6,875
Present value
3,797
3,916
4,040
4,167
4,299
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 · NESTLE INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
20,219
PV of the terminal value (78% of EV)
71,402
Enterprise value
91,620
less net debt
1,296
less non-controlling interest
0
add non-operating investments
0
Equity value
92,916
÷ 192.83 crore shares
₹482
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
498
535
579
633
701
10.5%
459
490
526
569
623
11.0%
426
452
482
517
560
11.5%
397
419
445
474
509
12.0%
372
391
413
438
467
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
