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Model Note · JK CEMENT LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JK CEMENT LIMITED Discounted cash flow · base FY26
JK CEMENT LIMITED
Value per share, this model₹1,701
CMP 2026-09-10₹4,846.00
Difference(64.9)%
Growth the CMP implies42.6%/yr
This note states the assumptions and the arithmetic of one model of JK CEMENT LIMITED, 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
15.5% a year
FY26 15.5% · 5-yr CAGR 15.7%
EBITDA margin
17%
FY26 17.0% · 5-yr average 16.9%
Depreciation · capex, % of revenue
4.8% · 17.6%, fading to 1.2× depreciation
FY26 4.8% · 17.6%
Working capital, % of added revenue · tax
7.8% · 31.6%
28 working-capital days · effective 31.6%
Discount rate
11.00%
1-yr beta 1.17
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹5,955 · ₹0 · ₹0 cr
FY26 net debt ₹5,955 cr
Shares
7.73 crore
7.73 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
13,722
15,849
18,306
21,143
24,421
28,206
growth %
15.5
15.5
15.5
15.5
15.5
15.5
EBITDA
2,326
2,694
3,112
3,594
4,151
4,795
Depreciation
(653)
(761)
(879)
(1,015)
(1,172)
(1,354)
NOPAT
1,145
1,323
1,528
1,764
2,038
2,354
less capex
(2,416)
(2,789)
(2,680)
(2,470)
(2,129)
(1,625)
less working-capital build
—
(166)
(192)
(221)
(256)
(295)
Free cash flow to firm
—
(872)
(465)
88
825
1,788
Present value
(828)
(398)
68
573
1,118
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 · JK CEMENT LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
533
PV of the terminal value (97% of EV)
18,566
Enterprise value
19,099
less net debt
(5,955)
less non-controlling interest
0
add non-operating investments
0
Equity value
13,144
÷ 7.73 crore shares
₹1,701
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,796
2,035
2,322
2,674
3,113
10.5%
1,549
1,748
1,983
2,265
2,610
11.0%
1,338
1,506
1,701
1,932
2,209
11.5%
1,156
1,299
1,463
1,655
1,882
12.0%
998
1,120
1,260
1,422
1,610
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
