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Model Note · KAJARIA CERAMICS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KAJARIA CERAMICS LTD Discounted cash flow · base FY26
KAJARIA CERAMICS LTD
Value per share, this model₹435
CMP 2026-09-10₹1,228.80
Difference(64.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of KAJARIA CERAMICS 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
4% a year
FY26 4.2% · 5-yr CAGR 11.7%
EBITDA margin
17%
FY26 17.0% · 5-yr average 15.1%
Depreciation · capex, % of revenue
3.5% · 2.6%, fading to 1.2× depreciation
FY26 3.5% · 2.6%
Working capital, % of added revenue · tax
17.8% · 28.2%
65 working-capital days · effective 28.2%
Discount rate
11.00%
1-yr beta 0.97
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹74 · ₹0 · ₹0 cr
FY26 net debt ₹74 cr
Shares
15.93 crore
15.93 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
4,830
5,024
5,225
5,433
5,651
5,877
growth %
4.2
4.0
4.0
4.0
4.0
4.0
EBITDA
822
854
888
924
961
999
Depreciation
(169)
(176)
(183)
(190)
(198)
(206)
NOPAT
469
487
506
527
548
570
less capex
(127)
(131)
(157)
(185)
(215)
(247)
less working-capital build
—
(34)
(36)
(37)
(39)
(40)
Free cash flow to firm
—
498
497
495
492
488
Present value
472
425
381
342
305
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 · KAJARIA CERAMICS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,925
PV of the terminal value (72% of EV)
5,071
Enterprise value
6,996
less net debt
(74)
less non-controlling interest
0
add non-operating investments
0
Equity value
6,922
÷ 15.93 crore shares
₹435
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
449
480
518
565
623
10.5%
415
442
473
510
556
11.0%
386
409
435
465
502
11.5%
362
380
402
428
458
12.0%
340
356
375
396
421
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
