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Model Note · TAMILNADU NEWSPRT & PAPER · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TAMILNADU NEWSPRT & PAPER Discounted cash flow · base FY26
TAMILNADU NEWSPRT & PAPER
Value per share, this model₹1,627
CMP 2026-09-10₹153.99
Difference956.8%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of TAMILNADU NEWSPRT & PAPER, 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
3.5% a year
FY26 3.4% · 5-yr CAGR 10.9%
EBITDA margin
10.4%
FY26 10.4% · 5-yr average 12.9%
Depreciation · capex, % of revenue
6.7% · 8.5%, fading to 1.2× depreciation
FY26 6.7% · 8.5%
Working capital, % of added revenue · tax
2.2% · -389.6%
8 working-capital days · effective (389.6)%
Discount rate
11.00%
1-yr beta 0.7
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,585 · ₹0 · ₹0 cr
FY26 net debt ₹1,585 cr
Shares
6.92 crore
6.92 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
4,645
4,807
4,976
5,150
5,330
5,517
growth %
3.4
3.5
3.5
3.5
3.5
3.5
EBITDA
481
500
517
536
554
574
Depreciation
(313)
(322)
(333)
(345)
(357)
(370)
NOPAT
822
871
901
933
966
999
less capex
(397)
(409)
(417)
(426)
(435)
(444)
less working-capital build
—
(4)
(4)
(4)
(4)
(4)
Free cash flow to firm
—
781
814
848
884
921
Present value
741
696
653
614
576
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 · TAMILNADU NEWSPRT & PAPER · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,280
PV of the terminal value (74% of EV)
9,568
Enterprise value
12,848
less net debt
(1,585)
less non-controlling interest
0
add non-operating investments
0
Equity value
11,263
÷ 6.92 crore shares
₹1,627
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,688
1,826
1,991
2,193
2,446
10.5%
1,543
1,657
1,793
1,955
2,153
11.0%
1,419
1,515
1,627
1,760
1,920
11.5%
1,311
1,393
1,488
1,598
1,729
12.0%
1,217
1,287
1,368
1,461
1,569
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
