Models
KAMA HOLDINGS LTD.KAMAHOLDDiversified
₹9,853per 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₹9,853implied FY26 P/E 34.0× · EV/EBITDA 9.1×
Against CMP ₹2,267.00+334.6%close of 2026-09-10
Growth the CMP implies(20.0)%revenue, a year for 5 years, on your other inputs
Value after FY3181%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
₹7,552₹14,450
52-week rangetraded range, a fact not a value
₹2,280₹2,784
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 6,042 |
| PV of terminal value | 24,982 |
| Enterprise value | 31,024 |
| less net debt | 595 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 31,619 |
| ÷ 3.21 crore shares | ₹9,853 |
81% 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% | 10,183 | 10,959 | 11,890 | 13,028 | 14,450 |
| 10.50% | 9,372 | 10,016 | 10,778 | 11,692 | 12,809 |
| 11.00% | 8,677 | 9,220 | 9,853 | 10,601 | 11,499 |
| 11.50% | 8,076 | 8,538 | 9,071 | 9,693 | 10,428 |
| 12.00% | 7,552 | 7,949 | 8,402 | 8,926 | 9,537 |
The outlined cell is your model. Green figures sit above the CMP of ₹2,267.00; 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 | 7,838 · 9,760 · 12,102 |
| Draws below the CMP | 0% |
| Rank correlation with ebitda margin | +0.76 |
| Rank correlation with discount rate | −0.56 |
| Rank correlation with revenue growth | +0.21 |
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 | 15,075 | 13,440 | 14,828 | 15,930 | 17,125 | 18,409 | 19,790 | 21,274 | 22,869 |
| growth % | 20.6 | (10.8) | 10.3 | 7.4 | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 |
| EBITDA | 3,694 | 2,838 | 2,792 | 3,404 | 3,665 | 3,939 | 4,235 | 4,553 | 4,894 |
| margin % | 24.5 | 21.1 | 18.8 | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 | 21.4 |
| less depreciation | (573) | (671) | (769) | (850) | (908) | (976) | (1,049) | (1,128) | (1,212) |
| EBIT | 3,120 | 2,168 | 2,022 | 2,554 | 2,757 | 2,964 | 3,186 | 3,425 | 3,682 |
| less tax on EBIT | (524) | (565) | (608) | (653) | (702) | (755) | |||
| NOPAT | 2,030 | 2,192 | 2,356 | 2,533 | 2,723 | 2,927 | |||
| add depreciation | 573 | 671 | 769 | 850 | 908 | 976 | 1,049 | 1,128 | 1,212 |
| less capex | (2,844) | (2,219) | (1,236) | (1,824) | (1,952) | (1,867) | (1,757) | (1,621) | (1,454) |
| less working-capital build | — | (209) | (225) | (242) | (260) | (279) | |||
| Free cash flow to firm | 177 | 36 | 1,298 | — | 938 | 1,240 | 1,583 | 1,970 | 2,406 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 890 | 1,061 | 1,219 | 1,367 | 1,504 |
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 0, dividends at 28.5% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 2,554 | 2,757 | 2,964 | 3,186 | 3,425 | 3,682 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 2,757 | 2,964 | 3,186 | 3,425 | 3,682 | |
| Profit after tax | 931 | 2,192 | 2,356 | 2,533 | 2,723 | 2,927 |
| Dividends | (265) | (625) | (672) | (722) | (776) | (834) |
| Balance sheet, year end | ||||||
| Cash | 595 | 908 | 1,477 | 2,338 | 3,532 | 5,103 |
| Working capital | 2,789 | 2,998 | 3,223 | 3,464 | 3,724 | 4,003 |
| Net block and other assets | 21,847 | 22,892 | 23,783 | 24,491 | 24,985 | 25,227 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 15,003 | 16,570 | 18,255 | 20,066 | 22,013 | 24,106 |
| Balance check | 0 | 0 | 0 | 0 | (0) | (0) |
| Cash flow | ||||||
| From operations | 2,890 | 3,107 | 3,340 | 3,591 | 3,860 | |
| Investing (capex) | (1,952) | (1,867) | (1,757) | (1,621) | (1,454) | |
| Financing (dividends) | (625) | (672) | (722) | (776) | (834) | |
| Net change in cash | 314 | 569 | 861 | 1,194 | 1,571 | |
| Free cash flow to equity | 938 | 1,240 | 1,583 | 1,970 | 2,406 | |
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 | 7.5% | 21.4% | 11.00% | 5% | ₹9,853 | 334.6% |
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.