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Model Note · NIDHI GRANITES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NIDHI GRANITES LTD. Discounted cash flow · base FY26
NIDHI GRANITES LTD.
Value per share, this model₹277
CMP 2026-09-10₹255.15
Difference8.5%
Growth the CMP implies26.5%/yr
This note states the assumptions and the arithmetic of one model of NIDHI GRANITES 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 44.0% · 5-yr CAGR —%
EBITDA margin
18.9%
FY26 18.9% · 5-yr average 6.9%
Depreciation · capex, % of revenue
2.4% · 7.6%, fading to 1.2× depreciation
FY26 2.4% · 7.6%
Working capital, % of added revenue · tax
16.5% · 28.6%
60 working-capital days · effective 28.6%
Discount rate
11.00%
1-yr beta 0.4
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(2) · ₹0 · ₹0 cr
FY26 net debt ₹(2) cr
Shares
0.80 crore
0.80 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
65
85
110
143
186
242
growth %
44.0
30.0
30.0
30.0
30.0
30.0
EBITDA
12
16
21
27
35
46
Depreciation
(2)
(2)
(3)
(3)
(4)
(6)
NOPAT
8
10
13
17
22
29
less capex
(5)
(6)
(7)
(8)
(8)
(7)
less working-capital build
—
(3)
(4)
(5)
(7)
(9)
Free cash flow to firm
—
2
4
7
12
18
Present value
2
4
6
8
11
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 · NIDHI GRANITES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
31
PV of the terminal value (86% of EV)
188
Enterprise value
220
less net debt
2
less non-controlling interest
0
add non-operating investments
0
Equity value
222
÷ 0.80 crore shares
₹277
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
287
310
338
373
416
10.5%
262
282
305
332
366
11.0%
241
258
277
300
327
11.5%
223
237
253
272
294
12.0%
208
220
233
249
268
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
