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Model Note · JK PAPER LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JK PAPER LIMITED Discounted cash flow · base FY26
JK PAPER LIMITED
Value per share, this model₹134
CMP 2026-09-10₹414.35
Difference(67.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of JK PAPER 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
5.5% a year
FY26 5.3% · 5-yr CAGR 20.8%
EBITDA margin
12.8%
FY26 12.8% · 5-yr average 21.4%
Depreciation · capex, % of revenue
5.3% · 7.1%, fading to 1.2× depreciation
FY26 5.3% · 7.1%
Working capital, % of added revenue · tax
14.7% · 25.4%
54 working-capital days · effective 25.4%
Discount rate
11.00%
1-yr beta 0.89
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,279 · ₹0 · ₹0 cr
FY26 net debt ₹2,279 cr
Shares
18.13 crore
18.13 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
7,076
7,465
7,876
8,309
8,766
9,248
growth %
5.3
5.5
5.5
5.5
5.5
5.5
EBITDA
907
956
1,008
1,064
1,122
1,184
Depreciation
(377)
(396)
(417)
(440)
(465)
(490)
NOPAT
395
418
441
465
490
517
less capex
(503)
(530)
(545)
(559)
(574)
(588)
less working-capital build
—
(57)
(60)
(64)
(67)
(71)
Free cash flow to firm
—
226
253
282
314
349
Present value
215
216
218
218
218
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 PAPER LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,085
PV of the terminal value (77% of EV)
3,620
Enterprise value
4,704
less net debt
(2,279)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,425
÷ 18.13 crore shares
₹134
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
142
162
186
215
252
10.5%
121
138
158
181
210
11.0%
104
118
134
153
176
11.5%
88
100
114
130
148
12.0%
75
85
96
110
125
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
