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Model Note · NUCLEUS SOFTWARE EXPORTS · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NUCLEUS SOFTWARE EXPORTS Discounted cash flow · base FY26
NUCLEUS SOFTWARE EXPORTS
Value per share, this model₹428
CMP 2026-09-10₹694.30
Difference(38.4)%
Growth the CMP implies26.7%/yr
This note states the assumptions and the arithmetic of one model of NUCLEUS SOFTWARE EXPORTS, 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
5.5% a year
FY26 5.3% · 5-yr CAGR 11.3%
EBITDA margin
11.8%
FY26 11.8% · 5-yr average 18.2%
Depreciation · capex, % of revenue
1.9% · 3.2%, fading to 1.2× depreciation
FY26 1.9% · 3.2%
Working capital, % of added revenue · tax
11.8% · 22.1%
43 working-capital days · effective 22.1%
Discount rate
11.00%
1-yr beta 0.69
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(80) · ₹0 · ₹0 cr
FY26 net debt ₹(80) cr
Shares
2.63 crore
2.63 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
876
924
975
1,029
1,085
1,145
growth %
5.3
5.5
5.5
5.5
5.5
5.5
EBITDA
104
109
115
121
128
135
Depreciation
(16)
(18)
(19)
(20)
(21)
(22)
NOPAT
68
71
75
79
84
88
less capex
(28)
(30)
(29)
(28)
(27)
(26)
less working-capital build
—
(6)
(6)
(6)
(7)
(7)
Free cash flow to firm
—
54
59
64
70
77
Present value
51
50
50
49
48
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 · NUCLEUS SOFTWARE EXPORTS · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
248
PV of the terminal value (76% of EV)
799
Enterprise value
1,046
less net debt
80
less non-controlling interest
0
add non-operating investments
0
Equity value
1,126
÷ 2.63 crore shares
₹428
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
441
471
507
552
607
10.5%
409
434
464
500
543
11.0%
382
403
428
457
492
11.5%
358
376
397
421
450
12.0%
338
353
371
391
415
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
