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Model Note · N T C INDUSTRIES LTD. · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
N T C INDUSTRIES LTD. Discounted cash flow · base FY26
N T C INDUSTRIES LTD.
Value per share, this model₹341
CMP 2026-09-10₹136.45
Difference149.6%
Growth the CMP implies7.0%/yr
This note states the assumptions and the arithmetic of one model of N T C INDUSTRIES 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
30% a year
FY26 84.8% · 5-yr CAGR 30.5%
EBITDA margin
18.4%
FY26 18.4% · 5-yr average 17.0%
Depreciation · capex, % of revenue
1.3% · 0.6%, fading to 1.2× depreciation
FY26 1.3% · 0.6%
Working capital, % of added revenue · tax
10.7% · 23.7%
39 working-capital days · effective 23.7%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹75 · ₹0 · ₹0 cr
FY26 net debt ₹75 cr
Shares
1.45 crore
1.45 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
116
151
196
255
331
431
growth %
84.8
30.0
30.0
30.0
30.0
30.0
EBITDA
21
28
36
47
61
79
Depreciation
(1)
(2)
(3)
(3)
(4)
(6)
NOPAT
15
20
26
33
43
56
less capex
(1)
(1)
(2)
(3)
(4)
(7)
less working-capital build
—
(4)
(5)
(6)
(8)
(11)
Free cash flow to firm
—
17
22
28
35
44
Present value
16
19
21
24
28
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 · N T C INDUSTRIES LTD. · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
108
PV of the terminal value (81% of EV)
462
Enterprise value
570
less net debt
(75)
less non-controlling interest
0
add non-operating investments
0
Equity value
495
÷ 1.45 crore shares
₹341
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
354
386
424
470
528
10.5%
321
347
378
416
461
11.0%
293
315
341
371
408
11.5%
268
287
309
334
364
12.0%
247
263
281
303
328
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
