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Model Note · K&R RAIL ENGINEERING LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
K&R RAIL ENGINEERING LIMITED Discounted cash flow · base FY26
K&R RAIL ENGINEERING LIMITED
Value per share, this model₹(36)
CMP 2026-09-10₹21.90
Difference(263.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of K&R RAIL ENGINEERING 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% a year
FY26 (78.6)% · 5-yr CAGR —%
EBITDA margin
-12%
FY26 (12.0)% · 5-yr average (1.3)%
Depreciation · capex, % of revenue
1.1% · 0%, fading to 1.2× depreciation
FY26 1.1% · 0.0%
Working capital, % of added revenue · tax
11.9% · 25.17%
44 working-capital days · effective 25.2%
Discount rate
11.00%
1-yr beta 0.96
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(6) · ₹0 · ₹0 cr
FY26 net debt ₹(6) cr
Shares
4.18 crore
4.18 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
149
142
134
128
121
115
growth %
(78.6)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
(18)
(17)
(16)
(15)
(15)
(14)
Depreciation
(2)
(2)
(1)
(1)
(1)
(1)
NOPAT
(15)
(14)
(13)
(13)
(12)
(11)
less capex
(0)
0
(0)
(1)
(1)
(2)
less working-capital build
—
1
1
1
1
1
Free cash flow to firm
—
(11)
(11)
(11)
(11)
(11)
Present value
(11)
(10)
(9)
(8)
(7)
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 · K&R RAIL ENGINEERING LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(44)
PV of the terminal value (—% of EV)
(113)
Enterprise value
(156)
less net debt
6
less non-controlling interest
0
add non-operating investments
0
Equity value
(150)
÷ 4.18 crore shares
₹(36)
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
(37)
(40)
(43)
(47)
(52)
10.5%
(34)
(36)
(39)
(42)
(46)
11.0%
(32)
(34)
(36)
(38)
(42)
11.5%
(30)
(31)
(33)
(35)
(38)
12.0%
(28)
(29)
(31)
(33)
(35)
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
