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Model Note · NITTA GELATIN INDIA LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NITTA GELATIN INDIA LTD. Discounted cash flow · base FY26
NITTA GELATIN INDIA LTD.
Value per share, this model₹1,705
CMP 2026-09-10₹1,649.00
Difference3.4%
Growth the CMP implies9.2%/yr
This note states the assumptions and the arithmetic of one model of NITTA GELATIN INDIA 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
10.5% a year
FY26 10.4% · 5-yr CAGR 8.2%
EBITDA margin
23.2%
FY26 23.2% · 5-yr average 20.2%
Depreciation · capex, % of revenue
2.5% · 8.9%, fading to 1.2× depreciation
FY26 2.5% · 8.9%
Working capital, % of added revenue · tax
24.7% · 26.3%
90 working-capital days · effective 26.3%
Discount rate
11.00%
1-yr beta 1.12
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(10) · ₹0 · ₹0 cr
FY26 net debt ₹(10) cr
Shares
0.91 crore
0.91 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
588
650
718
794
877
969
growth %
10.4
10.5
10.5
10.5
10.5
10.5
EBITDA
136
151
167
184
203
225
Depreciation
(15)
(16)
(18)
(20)
(22)
(24)
NOPAT
90
99
110
121
134
148
less capex
(52)
(58)
(53)
(47)
(39)
(29)
less working-capital build
—
(15)
(17)
(19)
(21)
(23)
Free cash flow to firm
—
42
57
75
96
120
Present value
40
49
58
67
75
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 · NITTA GELATIN INDIA LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
289
PV of the terminal value (81% of EV)
1,249
Enterprise value
1,538
less net debt
10
less non-controlling interest
0
add non-operating investments
0
Equity value
1,548
÷ 0.91 crore shares
₹1,705
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,763
1,900
2,065
2,266
2,517
10.5%
1,620
1,734
1,868
2,030
2,227
11.0%
1,497
1,593
1,705
1,837
1,996
11.5%
1,391
1,473
1,567
1,677
1,807
12.0%
1,298
1,369
1,449
1,541
1,649
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
