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Model Note · JK LAKSHMI CEMENT LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JK LAKSHMI CEMENT LTD Discounted cash flow · base FY26
JK LAKSHMI CEMENT LTD
Value per share, this model₹430
CMP 2026-09-10₹505.75
Difference(15.1)%
Growth the CMP implies12.1%/yr
This note states the assumptions and the arithmetic of one model of JK LAKSHMI CEMENT 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% a year
FY26 9.2% · 5-yr CAGR 7.4%
EBITDA margin
14.7%
FY26 14.7% · 5-yr average 14.9%
Depreciation · capex, % of revenue
4.8% · 10.5%, fading to 1.2× depreciation
FY26 4.8% · 10.5%
Working capital, % of added revenue · tax
4.3% · 25.7%
16 working-capital days · effective 25.7%
Discount rate
11.00%
1-yr beta 0.95
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,418 · ₹0 · ₹0 cr
FY26 net debt ₹2,418 cr
Shares
12.42 crore
12.42 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
6,763
7,371
8,035
8,758
9,546
10,405
growth %
9.2
9.0
9.0
9.0
9.0
9.0
EBITDA
992
1,084
1,181
1,287
1,403
1,530
Depreciation
(324)
(354)
(386)
(420)
(458)
(499)
NOPAT
496
542
591
644
702
765
less capex
(709)
(774)
(748)
(712)
(663)
(599)
less working-capital build
—
(26)
(29)
(31)
(34)
(37)
Free cash flow to firm
—
96
200
321
464
629
Present value
91
171
248
322
393
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 LAKSHMI CEMENT LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,224
PV of the terminal value (84% of EV)
6,528
Enterprise value
7,752
less net debt
(2,418)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,334
÷ 12.42 crore shares
₹430
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
451
504
567
643
740
10.5%
397
440
492
554
629
11.0%
350
387
430
480
541
11.5%
310
341
377
419
469
12.0%
275
301
332
367
409
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
