Models
Kalind LimitedBSE 526935Commercial Services & Supplies
₹50per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹50implied FY26 P/E 8.0× · EV/EBITDA 16.1×
Against CMP ₹4.50+1020.3%close of 2026-09-20
Growth the CMP implies(20.0)%revenue, a year for 5 years, on your other inputs
Value after FY3179%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹38₹74
52-week rangetraded range, a fact not a value
₹4₹11
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 133 |
| PV of terminal value | 491 |
| Enterprise value | 623 |
| less net debt | (9) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 614 |
| ÷ 12.19 crore shares | ₹50 |
79% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 52 | 56 | 61 | 67 | 74 |
| 10.50% | 48 | 51 | 55 | 60 | 66 |
| 11.00% | 44 | 47 | 50 | 54 | 59 |
| 11.50% | 41 | 44 | 46 | 50 | 53 |
| 12.00% | 38 | 41 | 43 | 46 | 49 |
The outlined cell is your model. Green figures sit above the CMP of ₹4.50; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 37 · 49 · 65 |
| Draws below the CMP | 0% |
| Rank correlation with ebitda margin | +0.80 |
| Rank correlation with discount rate | −0.43 |
| Rank correlation with revenue growth | +0.32 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3 | 1 | 0 | 80 | 104 | 135 | 175 | 228 | 296 |
| growth % | 186.8 | (64.6) | (100.0) | 79845200.0 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | 1 | 1 | (1) | 39 | 50 | 65 | 85 | 111 | 144 |
| margin % | 16.4 | 49.8 | (794500.0) | 48.5 | 48.5 | 48.5 | 48.5 | 48.5 | 48.5 |
| less depreciation | (0) | (0) | (0) | (5) | (7) | (9) | (11) | (15) | (19) |
| EBIT | 0 | 0 | (1) | 34 | 44 | 57 | 74 | 96 | 125 |
| less tax on EBIT | (8) | (11) | (14) | (18) | (24) | (31) | |||
| NOPAT | 25 | 33 | 42 | 55 | 72 | 93 | |||
| add depreciation | 0 | 0 | 0 | 5 | 7 | 9 | 11 | 15 | 19 |
| less capex | (1) | (0) | 0 | (0) | (0) | (3) | (7) | (13) | (23) |
| less working-capital build | — | (15) | (19) | (25) | (32) | (42) | |||
| Free cash flow to firm | 1 | 5 | (1) | — | 24 | 29 | 35 | 41 | 47 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 23 | 25 | 27 | 28 | 30 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 10, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 34 | 44 | 57 | 74 | 96 | 125 |
| Interest at 3.3% on debt | (0) | (0) | (0) | (0) | (0) | |
| Profit before tax | 43 | 56 | 73 | 95 | 124 | |
| Profit after tax | 0 | 32 | 42 | 55 | 71 | 93 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 1 | 25 | 54 | 88 | 129 | 176 |
| Working capital | 49 | 64 | 83 | 108 | 140 | 183 |
| Net block and other assets | 189 | 183 | 177 | 172 | 171 | 175 |
| Debt | 10 | 10 | 10 | 10 | 10 | 10 |
| Equity | 212 | 245 | 287 | 342 | 413 | 506 |
| Balance check | 0 | 0 | (0) | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 24 | 32 | 41 | 54 | 70 | |
| Investing (capex) | (0) | (3) | (7) | (13) | (23) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 24 | 29 | 34 | 40 | 47 | |
| Free cash flow to equity | 24 | 29 | 34 | 40 | 47 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 30% | 48.5% | 11.00% | 5% | ₹50 | 1020.3% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.