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Model Note · NOVA IRON & STEEL LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NOVA IRON & STEEL LTD. Discounted cash flow · base FY25
NOVA IRON & STEEL LTD.
Value per share, this model₹429
CMP 2026-09-10₹18.46
Difference2223.4%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of NOVA IRON & STEEL LTD., built on its filed FY25 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
-5% a year
FY25 (26.1)% · 5-yr CAGR 51.5%
EBITDA margin
40.1%
FY25 40.1% · 5-yr average 7.5%
Depreciation · capex, % of revenue
4.7% · 0%, fading to 1.2× depreciation
FY25 4.7% · 0.0%
Working capital, % of added revenue · tax
0% · -6.5%
-14 working-capital days · effective (6.5)%
Discount rate
11.00%
1-yr beta 0.76
After FY30
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹246 · ₹0 · ₹0 cr
FY25 net debt ₹246 cr
Shares
3.61 crore
3.61 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY25
FY26
FY27
FY28
FY29
FY30
Revenue
417
396
376
357
340
323
growth %
(26.1)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
167
159
151
143
136
129
Depreciation
(19)
(19)
(18)
(17)
(16)
(15)
NOPAT
157
149
142
135
128
122
less capex
0
0
(5)
(10)
(14)
(18)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
168
154
141
130
119
Present value
159
132
109
90
74
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 · NOVA IRON & STEEL LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
564
PV of the terminal value (69% of EV)
1,232
Enterprise value
1,796
less net debt
(246)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,550
÷ 3.61 crore shares
₹429
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
444
478
519
569
631
10.5%
408
437
470
510
559
11.0%
377
401
429
462
501
11.5%
351
371
394
421
454
12.0%
327
345
364
387
414
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
