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Model Note · NEXT MEDIAWORKS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NEXT MEDIAWORKS LIMITED Discounted cash flow · base FY25
NEXT MEDIAWORKS LIMITED
Value per share, this model₹115
CMP 2026-09-10₹3.92
Difference2829.9%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of NEXT MEDIAWORKS LIMITED, built on its filed FY25 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
-5% a year
FY25 (21.0)% · 5-yr CAGR (10.2)%
EBITDA margin
251.5%
FY25 251.5% · 5-yr average 14.1%
Depreciation · capex, % of revenue
19.9% · 0.4%, fading to 1.2× depreciation
FY25 19.9% · 0.4%
Working capital, % of added revenue · tax
0% · 0%
-2 working-capital days · effective 0.0%
Discount rate
11.00%
1-yr beta 1.3
After FY30
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹34 · ₹0 · ₹0 cr
FY25 net debt ₹34 cr
Shares
6.69 crore
6.69 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY25
FY26
FY27
FY28
FY29
FY30
Revenue
30
29
27
26
25
23
growth %
(21.0)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
76
72
69
65
62
59
Depreciation
(6)
(6)
(5)
(5)
(5)
(5)
NOPAT
70
67
63
60
57
54
less capex
(0)
(0)
(2)
(3)
(4)
(6)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
72
67
62
58
53
Present value
69
57
48
40
33
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 · NEXT MEDIAWORKS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
247
PV of the terminal value (69% of EV)
555
Enterprise value
802
less net debt
(34)
less non-controlling interest
0
add non-operating investments
0
Equity value
768
÷ 6.69 crore shares
₹115
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
119
127
137
149
164
10.5%
110
117
125
135
146
11.0%
102
108
115
123
132
11.5%
96
101
106
113
121
12.0%
90
94
99
105
111
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
