The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · NLC INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NLC INDIA LIMITED Discounted cash flow · base FY26
NLC INDIA LIMITED
Value per share, this model₹257
CMP 2026-09-10₹264.85
Difference(3.0)%
Growth the CMP implies15.2%/yr
This note states the assumptions and the arithmetic of one model of NLC INDIA 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
14.5% a year
FY26 14.4% · 5-yr CAGR 12.2%
EBITDA margin
32%
FY26 32.0% · 5-yr average 33.0%
Depreciation · capex, % of revenue
13.6% · 0%, fading to 1.2× depreciation
FY26 13.6% · 0.0%
Working capital, % of added revenue · tax
24.4% · 3.6%
89 working-capital days · effective 3.6%
Discount rate
11.00%
1-yr beta 0.79
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹27,090 · ₹0 · ₹0 cr
FY26 net debt ₹27,090 cr
Shares
138.66 crore
138.66 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
17,490
20,026
22,929
26,254
30,061
34,420
growth %
14.4
14.5
14.5
14.5
14.5
14.5
EBITDA
5,588
6,408
7,337
8,401
9,619
11,014
Depreciation
(2,379)
(2,723)
(3,118)
(3,571)
(4,088)
(4,681)
NOPAT
3,094
3,552
4,067
4,657
5,332
6,105
less capex
0
0
(936)
(2,142)
(3,679)
(5,617)
less working-capital build
—
(619)
(709)
(811)
(929)
(1,064)
Free cash flow to firm
—
5,657
5,541
5,274
4,812
4,105
Present value
5,369
4,738
4,063
3,340
2,567
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 · NLC INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
20,077
PV of the terminal value (68% of EV)
42,637
Enterprise value
62,714
less net debt
(27,090)
less non-controlling interest
0
add non-operating investments
0
Equity value
35,624
÷ 138.66 crore shares
₹257
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
271
302
338
383
439
10.5%
238
264
294
330
374
11.0%
210
232
257
286
322
11.5%
186
205
226
250
279
12.0%
165
181
199
219
243
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
