This note states the assumptions and the arithmetic of one model of NORBEN TEA & EXPORTS LTD, 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
5.5% a year
FY26 5.4% · 5-yr CAGR 1.6%
EBITDA margin
16.4%
FY26 16.4% · 5-yr average 14.5%
Depreciation · capex, % of revenue
7.5% · 20.1%, fading to 1.2× depreciation
FY26 7.5% · 20.1%
Working capital, % of added revenue · tax
19.2% · 25.17%
70 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.03
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹9 · ₹0 · ₹0 cr
FY26 net debt ₹9 cr
Shares
1.55 crore
1.55 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
8
9
9
9
10
11
growth %
5.4
5.5
5.5
5.5
5.5
5.5
EBITDA
1
1
1
2
2
2
Depreciation
(1)
(1)
(1)
(1)
(1)
(1)
NOPAT
1
1
1
1
1
1
less capex
(2)
(2)
(2)
(1)
(1)
(1)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
(1)
(0)
(0)
0
0
Present value
(1)
(0)
(0)
0
0
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 · NORBEN TEA & EXPORTS LTD · 29 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(1)
PV of the terminal value (116% of EV)
5
Enterprise value
4
less net debt
(9)
less non-controlling interest
0
add non-operating investments
0
Equity value
(5)
÷ 1.55 crore shares
₹(3)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(3)
(3)
(3)
(2)
(2)
10.5%
(3)
(3)
(3)
(3)
(2)
11.0%
(4)
(3)
(3)
(3)
(3)
11.5%
(4)
(4)
(4)
(3)
(3)
12.0%
(4)
(4)
(4)
(4)
(3)
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
