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Model Note · B.L.KASHYAP & SON LTD · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
B.L.KASHYAP & SON LTD Discounted cash flow · base FY26
B.L.KASHYAP & SON LTD
Value per share, this model₹(105)
CMP, 8 Oct 2026₹52.00
Difference(301.2)%
Growth the CMP implies—
This note states the assumptions and the arithmetic of one model of B.L.KASHYAP & SON 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
19.5% a year
FY26 19.5% · 5-yr CAGR 12.6%
EBITDA margin
4.7%
FY26 4.7% · 5-yr average 7.5%
Depreciation · capex, % of revenue
1.1% · 4.1%, fading to 1.2× depreciation
FY26 1.1% · 4.1%
Working capital, % of added revenue · tax
27.3% · 94.3%
100 working-capital days · effective 94.3%
Discount rate
11.00%
1-yr beta 1.46
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹274 · ₹0 · ₹0 cr
FY26 net debt ₹274 cr
Shares
22.54 crore
22.54 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
1,379
1,648
1,969
2,353
2,812
3,361
growth %
19.5
19.5
19.5
19.5
19.5
19.5
EBITDA
64
77
93
111
132
158
Depreciation
(15)
(18)
(22)
(26)
(31)
(37)
NOPAT
3
3
4
5
6
7
less capex
(57)
(68)
(67)
(64)
(57)
(44)
less working-capital build
—
(73)
(88)
(105)
(125)
(150)
Free cash flow to firm
—
(119)
(129)
(138)
(145)
(150)
Present value
(113)
(110)
(106)
(101)
(94)
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 · B.L.KASHYAP & SON LTD · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(525)
PV of the terminal value (—% of EV)
(1,560)
Enterprise value
(2,085)
less net debt
(274)
less non-controlling interest
0
add non-operating investments
0
Equity value
(2,359)
÷ 22.54 crore shares
₹(105)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(108)
(115)
(123)
(133)
(146)
10.5%
(100)
(106)
(113)
(121)
(131)
11.0%
(94)
(99)
(105)
(111)
(119)
11.5%
(89)
(93)
(98)
(103)
(110)
12.0%
(84)
(88)
(92)
(96)
(102)
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
