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Model Note · NEULAND LAB LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NEULAND LAB LTD. Discounted cash flow · base FY26
NEULAND LAB LTD.
Value per share, this model₹4,999
CMP 2026-09-10₹23,455.00
Difference(78.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of NEULAND LAB 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
30% a year
FY26 37.0% · 5-yr CAGR 16.6%
EBITDA margin
28.4%
FY26 28.4% · 5-yr average 24.6%
Depreciation · capex, % of revenue
4.5% · 19.3%, fading to 1.2× depreciation
FY26 4.5% · 19.3%
Working capital, % of added revenue · tax
38.7% · 25.6%
141 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta 0.88
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹120 · ₹0 · ₹0 cr
FY26 net debt ₹120 cr
Shares
1.29 crore
1.29 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
2,023
2,630
3,419
4,444
5,778
7,511
growth %
37.0
30.0
30.0
30.0
30.0
30.0
EBITDA
574
747
971
1,262
1,641
2,133
Depreciation
(92)
(118)
(154)
(200)
(260)
(338)
NOPAT
359
468
608
790
1,027
1,336
less capex
(390)
(508)
(541)
(549)
(513)
(406)
less working-capital build
—
(235)
(305)
(397)
(516)
(671)
Free cash flow to firm
—
(156)
(85)
44
259
597
Present value
(149)
(72)
34
179
373
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 · NEULAND LAB LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
366
PV of the terminal value (94% of EV)
6,202
Enterprise value
6,568
less net debt
(120)
less non-controlling interest
0
add non-operating investments
0
Equity value
6,448
÷ 1.29 crore shares
₹4,999
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
5,189
5,668
6,243
6,946
7,824
10.5%
4,695
5,093
5,563
6,128
6,818
11.0%
4,273
4,608
4,999
5,461
6,015
11.5%
3,908
4,194
4,523
4,907
5,361
12.0%
3,591
3,836
4,116
4,440
4,817
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
