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Model Note · KALPATARU PROJECT INT LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KALPATARU PROJECT INT LTD Discounted cash flow · base FY26
KALPATARU PROJECT INT LTD
Value per share, this model₹1,213
CMP 2026-09-10₹1,436.80
Difference(15.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of KALPATARU PROJECT INT 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
21.5% a year
FY26 21.6% · 5-yr CAGR 16.0%
EBITDA margin
8.4%
FY26 8.4% · 5-yr average 8.6%
Depreciation · capex, % of revenue
1.9% · 3%, fading to 1.2× depreciation
FY26 1.9% · 3.0%
Working capital, % of added revenue · tax
11.5% · 24.8%
42 working-capital days · effective 24.8%
Discount rate
11.00%
1-yr beta 0.79
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹1,795 · ₹0 · ₹0 cr
FY26 net debt ₹1,795 cr
Shares
17.08 crore
17.08 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
27,143
32,979
40,069
48,684
59,151
71,869
growth %
21.6
21.5
21.5
21.5
21.5
21.5
EBITDA
2,276
2,770
3,366
4,089
4,969
6,037
Depreciation
(510)
(627)
(761)
(925)
(1,124)
(1,366)
NOPAT
1,328
1,612
1,959
2,380
2,891
3,513
less capex
(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
—
578
775
1,029
1,356
1,777
Present value
549
662
792
941
1,111
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 · KALPATARU PROJECT INT LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
4,056
PV of the terminal value (82% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,259
1,366
1,495
1,653
1,851
10.5%
1,146
1,236
1,341
1,468
1,623
11.0%
1,050
1,125
1,213
1,317
1,442
11.5%
967
1,031
1,105
1,191
1,293
12.0%
894
949
1,012
1,085
1,170
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
