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Model Note · JKUMAR INFR.LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
JKUMAR INFR.LTD. Discounted cash flow · base FY26
JKUMAR INFR.LTD.
Value per share, this model₹666
CMP 2026-09-10₹477.00
Difference39.6%
Growth the CMP implies(12.7)%/yr
This note states the assumptions and the arithmetic of one model of JKUMAR INFR.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
0.5% a year
FY26 0.5% · 5-yr CAGR —%
EBITDA margin
14.2%
FY26 14.2% · 5-yr average 14.4%
Depreciation · capex, % of revenue
3.4% · 8.2%, fading to 1.2× depreciation
FY26 3.4% · 8.2%
Working capital, % of added revenue · tax
16.9% · 26.8%
62 working-capital days · effective 26.8%
Discount rate
11.00%
1-yr beta 1.11
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹416 · ₹0 · ₹0 cr
FY26 net debt ₹416 cr
Shares
7.57 crore
7.57 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
5,723
5,752
5,780
5,809
5,838
5,868
growth %
0.5
0.5
0.5
0.5
0.5
0.5
EBITDA
812
817
821
825
829
833
Depreciation
(196)
(196)
(197)
(198)
(199)
(199)
NOPAT
451
455
457
459
462
464
less capex
(469)
(472)
(414)
(357)
(298)
(239)
less working-capital build
—
(5)
(5)
(5)
(5)
(5)
Free cash flow to firm
—
174
234
295
357
419
Present value
165
200
227
248
262
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 · JKUMAR INFR.LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,102
PV of the terminal value (80% of EV)
4,352
Enterprise value
5,454
less net debt
(416)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,038
÷ 7.57 crore shares
₹666
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
690
748
816
900
1,006
10.5%
630
678
734
802
884
11.0%
579
619
666
721
787
11.5%
535
569
608
654
708
12.0%
496
525
559
597
642
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
