Models
KALPATARU PROJECT INT LTDKPILConstruction
₹1,213per 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₹1,213implied FY26 P/E 18.2× · EV/EBITDA 9.9×
Against CMP ₹1,436.80−15.6%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3182%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
₹894₹1,851
52-week rangetraded range, a fact not a value
₹1,007₹1,480
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 4,056 |
| PV of terminal value | 18,458 |
| Enterprise value | 22,514 |
| less net debt | (1,795) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 20,719 |
| ÷ 17.08 crore shares | ₹1,213 |
82% 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% | 1,259 | 1,366 | 1,495 | 1,653 | 1,851 |
| 10.50% | 1,146 | 1,236 | 1,341 | 1,468 | 1,623 |
| 11.00% | 1,050 | 1,125 | 1,213 | 1,317 | 1,442 |
| 11.50% | 967 | 1,031 | 1,105 | 1,191 | 1,293 |
| 12.00% | 894 | 949 | 1,012 | 1,085 | 1,170 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,436.80; 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 | 822 · 1,192 · 1,608 |
| Draws below the CMP | 78% |
| Rank correlation with ebitda margin | +0.88 |
| Rank correlation with discount rate | −0.40 |
| Rank correlation with revenue growth | +0.08 |
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 | 16,361 | 19,626 | 22,316 | 27,143 | 32,979 | 40,069 | 48,684 | 59,151 | 71,869 |
| growth % | 10.7 | 20.0 | 13.7 | 21.6 | 21.5 | 21.5 | 21.5 | 21.5 | 21.5 |
| EBITDA | 1,461 | 1,628 | 1,834 | 2,276 | 2,770 | 3,366 | 4,089 | 4,969 | 6,037 |
| margin % | 8.9 | 8.3 | 8.2 | 8.4 | 8.4 | 8.4 | 8.4 | 8.4 | 8.4 |
| less depreciation | (392) | (473) | (497) | (510) | (627) | (761) | (925) | (1,124) | (1,366) |
| EBIT | 1,069 | 1,155 | 1,337 | 1,766 | 2,144 | 2,605 | 3,164 | 3,845 | 4,671 |
| less tax on EBIT | (438) | (532) | (646) | (785) | (954) | (1,159) | |||
| NOPAT | 1,328 | 1,612 | 1,959 | 2,380 | 2,891 | 3,513 | |||
| add depreciation | 392 | 473 | 497 | 510 | 627 | 761 | 925 | 1,124 | 1,366 |
| less capex | (771) | (352) | (575) | (810) | (989) | (1,130) | (1,285) | (1,455) | (1,639) |
| less working-capital build | — | (671) | (815) | (991) | (1,204) | (1,463) | |||
| Free cash flow to firm | (115) | 491 | 339 | — | 578 | 775 | 1,029 | 1,356 | 1,777 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 549 | 662 | 792 | 941 | 1,111 |
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 3,307, dividends at 14.8% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 1,766 | 2,144 | 2,605 | 3,164 | 3,845 | 4,671 |
| Interest at 13.4% on debt | (443) | (443) | (443) | (443) | (443) | |
| Profit before tax | 1,700 | 2,161 | 2,721 | 3,402 | 4,228 | |
| Profit after tax | 1,040 | 1,279 | 1,625 | 2,046 | 2,558 | 3,180 |
| Dividends | (154) | (189) | (241) | (303) | (379) | (471) |
| Balance sheet, year end | ||||||
| Cash | 1,512 | 1,567 | 1,768 | 2,161 | 2,805 | 3,779 |
| Working capital | 3,108 | 3,780 | 4,595 | 5,586 | 6,789 | 8,252 |
| Net block and other assets | 23,093 | 23,455 | 23,824 | 24,184 | 24,516 | 24,789 |
| Debt | 3,307 | 3,307 | 3,307 | 3,307 | 3,307 | 3,307 |
| Equity | 7,733 | 8,822 | 10,207 | 11,950 | 14,130 | 16,839 |
| Balance check | 0 | 0 | (0) | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 1,234 | 1,571 | 1,981 | 2,478 | 3,083 | |
| Investing (capex) | (989) | (1,130) | (1,285) | (1,455) | (1,639) | |
| Financing (dividends) | (189) | (241) | (303) | (379) | (471) | |
| Net change in cash | 56 | 201 | 393 | 645 | 973 | |
| Free cash flow to equity | 245 | 441 | 695 | 1,023 | 1,444 | |
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 | 21.5% | 8.4% | 11.00% | 5% | ₹1,213 | (15.6)% |
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.