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Model Note · Nitin Castings Limited · 29 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
Nitin Castings Limited Discounted cash flow · base FY26
Nitin Castings Limited
Value per share, this model₹145
CMP, 28 Oct 2026₹450.00
Difference(67.8)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of Nitin Castings Limited, built on its filed FY26 standalone 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
-2.5% a year
FY26 (2.3)% · 5-yr CAGR 18.9%
EBITDA margin
8.7%
FY26 8.7% · 5-yr average 8.3%
Depreciation · capex, % of revenue
1.6% · 7.3%, fading to 1.2× depreciation
FY26 1.6% · 7.3%
Working capital, % of added revenue · tax
16.8% · 23.1%
62 working-capital days · effective 23.1%
Discount rate
11.00%
1-yr beta -0.09
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹14 · ₹0 · ₹0 cr
FY26 net debt ₹14 cr
Shares
0.51 crore
0.51 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
147
143
140
136
133
130
growth %
(2.3)
(2.5)
(2.5)
(2.5)
(2.5)
(2.5)
EBITDA
13
12
12
12
12
11
Depreciation
(2)
(2)
(2)
(2)
(2)
(2)
NOPAT
8
8
8
7
7
7
less capex
(11)
(10)
(8)
(6)
(4)
(2)
less working-capital build
—
1
1
1
1
1
Free cash flow to firm
—
0
2
4
6
7
Present value
0
2
3
4
5
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 · Nitin Castings Limited · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
14
PV of the terminal value (85% of EV)
75
Enterprise value
89
less net debt
(14)
less non-controlling interest
0
add non-operating investments
0
Equity value
75
÷ 0.51 crore shares
₹145
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
151
166
183
204
231
10.5%
136
148
162
179
200
11.0%
123
133
145
159
176
11.5%
112
120
130
142
156
12.0%
102
109
118
128
139
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
