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Model Note · NIPPON L I A M LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NIPPON L I A M LTD Discounted cash flow · base FY26
NIPPON L I A M LTD
Value per share, this model₹728
CMP 2026-09-10₹1,189.60
Difference(38.8)%
Growth the CMP implies35.0%/yr
This note states the assumptions and the arithmetic of one model of NIPPON L I A M 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
21.5% a year
FY26 21.4% · 5-yr CAGR 20.6%
EBITDA margin
66.3%
FY26 66.3% · 5-yr average 62.2%
Depreciation · capex, % of revenue
1.5% · 2.9%, fading to 1.2× depreciation
FY26 1.5% · 2.9%
Working capital, % of added revenue · tax
0% · 22.5%
0 working-capital days · effective 22.5%
Discount rate
11.00%
1-yr beta 1.67
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(17) · ₹0 · ₹0 cr
FY26 net debt ₹(17) cr
Shares
63.93 crore
63.93 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
2,709
3,291
3,999
4,858
5,903
7,172
growth %
21.4
21.5
21.5
21.5
21.5
21.5
EBITDA
1,795
2,182
2,651
3,221
3,914
4,755
Depreciation
(40)
(49)
(60)
(73)
(89)
(108)
NOPAT
1,360
1,653
2,008
2,440
2,964
3,602
less capex
(79)
(95)
(105)
(114)
(122)
(129)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
1,607
1,963
2,399
2,931
3,580
Present value
1,525
1,679
1,848
2,034
2,239
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 · NIPPON L I A M LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
9,324
PV of the terminal value (80% of EV)
37,183
Enterprise value
46,507
less net debt
17
less non-controlling interest
0
add non-operating investments
0
Equity value
46,524
÷ 63.93 crore shares
₹728
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
752
810
880
965
1,071
10.5%
692
740
797
865
949
11.0%
640
680
728
784
851
11.5%
595
629
669
716
771
12.0%
556
585
619
658
704
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
