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Model Note · NUVOCO VISTAS CORP LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
NUVOCO VISTAS CORP LTD Discounted cash flow · base FY26
NUVOCO VISTAS CORP LTD
Value per share, this model₹159
CMP 2026-09-10₹329.10
Difference(51.8)%
Growth the CMP implies21.9%/yr
This note states the assumptions and the arithmetic of one model of NUVOCO VISTAS CORP 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
9.5% a year
FY26 9.5% · 5-yr CAGR —%
EBITDA margin
16%
FY26 16.0% · 5-yr average 13.6%
Depreciation · capex, % of revenue
7.8% · 6.3%, fading to 1.2× depreciation
FY26 7.8% · 6.3%
Working capital, % of added revenue · tax
0% · 34.6%
-5 working-capital days · effective 34.6%
Discount rate
11.00%
1-yr beta 1.04
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4,453 · ₹0 · ₹0 cr
FY26 net debt ₹4,453 cr
Shares
35.72 crore
35.72 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
11,338
12,415
13,595
14,886
16,301
17,849
growth %
9.5
9.5
9.5
9.5
9.5
9.5
EBITDA
1,809
1,986
2,175
2,382
2,608
2,856
Depreciation
(884)
(968)
(1,060)
(1,161)
(1,271)
(1,392)
NOPAT
605
666
729
798
874
957
less capex
(710)
(782)
(960)
(1,166)
(1,401)
(1,671)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
852
829
794
745
679
Present value
809
709
612
517
424
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 · NUVOCO VISTAS CORP LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,070
PV of the terminal value (70% of EV)
7,049
Enterprise value
10,120
less net debt
(4,453)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,667
÷ 35.72 crore shares
₹159
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
168
187
211
240
276
10.5%
147
163
182
206
234
11.0%
129
143
159
178
200
11.5%
113
125
139
154
173
12.0%
100
110
121
135
150
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
