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Model Note · NRB BEARING LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NRB BEARING LIMITED Discounted cash flow · base FY26
NRB BEARING LIMITED
Value per share, this model₹116
CMP 2026-09-10₹516.80
Difference(77.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of NRB BEARING 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
11.5% a year
FY26 11.4% · 5-yr CAGR 11.9%
EBITDA margin
16.9%
FY26 16.9% · 5-yr average 18.6%
Depreciation · capex, % of revenue
4.3% · 7.9%, fading to 1.2× depreciation
FY26 4.3% · 7.9%
Working capital, % of added revenue · tax
41.3% · 25%
151 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 1.09
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹127 · ₹0 · ₹0 cr
FY26 net debt ₹127 cr
Shares
9.69 crore
9.69 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
1,335
1,489
1,660
1,851
2,064
2,301
growth %
11.4
11.5
11.5
11.5
11.5
11.5
EBITDA
225
252
281
313
349
389
Depreciation
(57)
(64)
(71)
(80)
(89)
(99)
NOPAT
126
141
157
175
195
217
less capex
(105)
(118)
(120)
(121)
(121)
(119)
less working-capital build
—
(63)
(71)
(79)
(88)
(98)
Free cash flow to firm
—
24
38
55
75
100
Present value
22
32
42
52
62
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 · NRB BEARING LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
211
PV of the terminal value (83% of EV)
1,035
Enterprise value
1,246
less net debt
(127)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,119
÷ 9.69 crore shares
₹116
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
120
131
143
159
179
10.5%
109
118
128
141
156
11.0%
99
107
116
126
138
11.5%
91
98
105
113
123
12.0%
84
89
96
103
111
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
