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Model Note · EVEREST KANTO CYLINDERLTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
EVEREST KANTO CYLINDERLTD Discounted cash flow · base FY26
EVEREST KANTO CYLINDERLTD
Value per share, this model₹133
CMP 2026-09-10₹101.65
Difference31.0%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of EVEREST KANTO CYLINDERLTD, 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
-2% a year
FY26 (1.9)% · 5-yr CAGR 9.2%
EBITDA margin
13.8%
FY26 13.8% · 5-yr average 14.5%
Depreciation · capex, % of revenue
3.4% · 11.8%, fading to 1.2× depreciation
FY26 3.4% · 11.8%
Working capital, % of added revenue · tax
47.4% · 8.1%
173 working-capital days · effective 8.1%
Discount rate
11.00%
1-yr beta 1.23
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹163 · ₹0 · ₹0 cr
FY26 net debt ₹163 cr
Shares
11.22 crore
11.22 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
1,471
1,441
1,412
1,384
1,356
1,329
growth %
(1.9)
(2.0)
(2.0)
(2.0)
(2.0)
(2.0)
EBITDA
203
199
195
191
187
183
Depreciation
(50)
(49)
(48)
(47)
(46)
(45)
NOPAT
140
138
135
132
130
127
less capex
(173)
(170)
(139)
(110)
(82)
(54)
less working-capital build
—
14
14
13
13
13
Free cash flow to firm
—
31
57
83
107
131
Present value
29
49
64
75
82
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 · EVEREST KANTO CYLINDERLTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
298
PV of the terminal value (82% of EV)
1,359
Enterprise value
1,657
less net debt
(163)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,494
÷ 11.22 crore shares
₹133
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
138
150
165
183
205
10.5%
126
136
148
162
179
11.0%
115
123
133
145
159
11.5%
106
113
121
131
142
12.0%
97
104
111
119
128
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
