The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · KALYANI STEELS LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KALYANI STEELS LIMITED Discounted cash flow · base FY26
KALYANI STEELS LIMITED
Value per share, this model₹524
CMP 2026-09-10₹976.00
Difference(46.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of KALYANI STEELS 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 (6.9)% · 5-yr CAGR 9.2%
EBITDA margin
19.1%
FY26 19.1% · 5-yr average 19.8%
Depreciation · capex, % of revenue
3.1% · 3.3%, fading to 1.2× depreciation
FY26 3.1% · 3.3%
Working capital, % of added revenue · tax
27.8% · 25.9%
101 working-capital days · effective 25.9%
Discount rate
11.00%
1-yr beta 1.2
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹398 · ₹0 · ₹0 cr
FY26 net debt ₹398 cr
Shares
4.37 crore
4.37 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
1,846
1,753
1,666
1,582
1,503
1,428
growth %
(6.9)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
353
335
318
302
287
273
Depreciation
(57)
(54)
(52)
(49)
(47)
(44)
NOPAT
220
208
197
188
178
169
less capex
(61)
(58)
(57)
(56)
(54)
(53)
less working-capital build
—
26
24
23
22
21
Free cash flow to firm
—
230
217
204
192
181
Present value
218
185
157
134
113
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 · KALYANI STEELS LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
808
PV of the terminal value (70% of EV)
1,883
Enterprise value
2,691
less net debt
(398)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,293
÷ 4.37 crore shares
₹524
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
544
587
638
701
780
10.5%
498
534
576
627
689
11.0%
459
489
524
566
616
11.5%
426
451
481
515
556
12.0%
396
418
443
472
506
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
