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Model Note · NITIN SPINNERS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NITIN SPINNERS LIMITED Discounted cash flow · base FY26
NITIN SPINNERS LIMITED
Value per share, this model₹346
CMP 2026-09-10₹652.00
Difference(46.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of NITIN SPINNERS 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
-3% a year
FY26 (2.8)% · 5-yr CAGR 14.6%
EBITDA margin
14.1%
FY26 14.1% · 5-yr average 15.5%
Depreciation · capex, % of revenue
4.6% · 1.9%, fading to 1.2× depreciation
FY26 4.6% · 1.9%
Working capital, % of added revenue · tax
29.2% · 25.6%
107 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta 0.86
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,122 · ₹0 · ₹0 cr
FY26 net debt ₹1,122 cr
Shares
5.62 crore
5.62 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
3,214
3,117
3,024
2,933
2,845
2,760
growth %
(2.8)
(3.0)
(3.0)
(3.0)
(3.0)
(3.0)
EBITDA
453
440
426
414
401
389
Depreciation
(148)
(143)
(139)
(135)
(131)
(127)
NOPAT
227
220
214
207
201
195
less capex
(60)
(59)
(85)
(109)
(131)
(152)
less working-capital build
—
28
27
26
26
25
Free cash flow to firm
—
333
295
260
226
195
Present value
316
253
200
157
122
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 SPINNERS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,047
PV of the terminal value (66% of EV)
2,021
Enterprise value
3,068
less net debt
(1,122)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,946
÷ 5.62 crore shares
₹346
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
363
399
442
494
560
10.5%
325
354
390
432
483
11.0%
292
317
346
381
422
11.5%
264
285
309
338
372
12.0%
239
257
278
302
330
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
