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Model Note · NINTEC SYSTEMS LIMITED · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NINTEC SYSTEMS LIMITED Discounted cash flow · base FY26
NINTEC SYSTEMS LIMITED
Value per share, this model₹500
CMP, 8 Oct 2026₹815.00
Difference(38.6)%
Growth the CMP implies36.9%/yr
This note states the assumptions and the arithmetic of one model of NINTEC SYSTEMS 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
21.5% a year
FY26 21.7% · 5-yr CAGR —%
EBITDA margin
25.7%
FY26 25.7% · 5-yr average 24.4%
Depreciation · capex, % of revenue
1.5% · 0.3%, fading to 1.2× depreciation
FY26 1.5% · 0.3%
Working capital, % of added revenue · tax
11.6% · 25.2%
43 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.28
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
1.86 crore
1.86 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
170
207
251
305
371
451
growth %
21.7
21.5
21.5
21.5
21.5
21.5
EBITDA
44
53
65
78
95
116
Depreciation
(3)
(3)
(4)
(5)
(6)
(7)
NOPAT
31
37
45
55
67
82
less capex
(1)
(1)
(2)
(3)
(5)
(8)
less working-capital build
—
(4)
(5)
(6)
(8)
(9)
Free cash flow to firm
—
36
42
50
60
71
Present value
34
36
39
41
44
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 · NINTEC SYSTEMS LIMITED · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
195
PV of the terminal value (79% of EV)
737
Enterprise value
932
less net debt
(2)
less non-controlling interest
0
add non-operating investments
0
Equity value
930
÷ 1.86 crore shares
₹500
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
517
557
604
662
735
10.5%
476
509
548
594
651
11.0%
441
468
500
539
584
11.5%
410
433
461
492
530
12.0%
383
403
426
453
484
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
