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Model Note · NIIT LEARNING SYSTEMS LTD · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NIIT LEARNING SYSTEMS LTD Discounted cash flow · base FY26
NIIT LEARNING SYSTEMS LTD
Value per share, this model₹424
CMP, 8 Oct 2026₹200.00
Difference112.0%
Growth the CMP implies(6.7)%/yr
This note states the assumptions and the arithmetic of one model of NIIT LEARNING SYSTEMS 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
18% a year
FY26 18.1% · 5-yr CAGR —%
EBITDA margin
20.2%
FY26 20.2% · 5-yr average 21.3%
Depreciation · capex, % of revenue
3.9% · 2.3%, fading to 1.2× depreciation
FY26 3.9% · 2.3%
Working capital, % of added revenue · tax
12.6% · 25.2%
46 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 1.11
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(127) · ₹0 · ₹0 cr
FY26 net debt ₹(127) cr
Shares
13.78 crore
13.78 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
1,952
2,303
2,718
3,207
3,784
4,466
growth %
18.1
18.0
18.0
18.0
18.0
18.0
EBITDA
394
465
549
648
764
902
Depreciation
(76)
(90)
(106)
(125)
(148)
(174)
NOPAT
238
281
331
391
461
544
less capex
(45)
(53)
(79)
(112)
(155)
(209)
less working-capital build
—
(44)
(52)
(62)
(73)
(86)
Free cash flow to firm
—
273
306
343
382
424
Present value
260
262
264
265
265
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 · NIIT LEARNING SYSTEMS LTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,315
PV of the terminal value (77% of EV)
4,401
Enterprise value
5,717
less net debt
127
less non-controlling interest
0
add non-operating investments
0
Equity value
5,844
÷ 13.78 crore shares
₹424
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
438
470
508
555
613
10.5%
404
431
462
500
545
11.0%
376
398
424
455
492
11.5%
351
370
392
417
447
12.0%
329
346
364
386
411
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
