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Model Note · NIRLON LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NIRLON LTD Discounted cash flow · base FY26
NIRLON LTD
Value per share, this model₹721
CMP 2026-09-10₹613.15
Difference17.7%
Growth the CMP implies1.8%/yr
This note states the assumptions and the arithmetic of one model of NIRLON 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
5% a year
FY26 5.2% · 5-yr CAGR 16.1%
EBITDA margin
77.9%
FY26 77.9% · 5-yr average 78.7%
Depreciation · capex, % of revenue
8.3% · 0%, fading to 1.2× depreciation
FY26 8.3% · 0.0%
Working capital, % of added revenue · tax
0% · 7%
-7 working-capital days · effective 7.0%
Discount rate
11.00%
1-yr beta 0.05
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,137 · ₹0 · ₹0 cr
FY26 net debt ₹1,137 cr
Shares
9.01 crore
9.01 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
669
703
738
775
813
854
growth %
5.2
5.0
5.0
5.0
5.0
5.0
EBITDA
521
547
575
603
634
665
Depreciation
(56)
(58)
(61)
(64)
(68)
(71)
NOPAT
433
455
478
501
526
553
less capex
0
0
(18)
(39)
(61)
(85)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
513
520
527
533
539
Present value
487
445
406
370
337
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 · NIRLON LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,045
PV of the terminal value (73% of EV)
5,594
Enterprise value
7,639
less net debt
(1,137)
less non-controlling interest
0
add non-operating investments
0
Equity value
6,502
÷ 9.01 crore shares
₹721
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
749
811
885
976
1,089
10.5%
684
735
796
869
958
11.0%
628
671
721
781
853
11.5%
579
616
659
708
767
12.0%
537
569
605
647
695
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
