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Model Note · KAMA HOLDINGS LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KAMA HOLDINGS LTD. Discounted cash flow · base FY26
KAMA HOLDINGS LTD.
Value per share, this model₹9,853
CMP 2026-09-10₹2,267.00
Difference334.6%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of KAMA HOLDINGS 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
7.5% a year
FY26 7.4% · 5-yr CAGR 13.5%
EBITDA margin
21.4%
FY26 21.4% · 5-yr average 22.3%
Depreciation · capex, % of revenue
5.3% · 11.4%, fading to 1.2× depreciation
FY26 5.3% · 11.4%
Working capital, % of added revenue · tax
17.5% · 20.5%
64 working-capital days · effective 20.5%
Discount rate
11.00%
1-yr beta 0.72
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(595) · ₹0 · ₹0 cr
FY26 net debt ₹(595) cr
Shares
3.21 crore
3.21 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
15,930
17,125
18,409
19,790
21,274
22,869
growth %
7.4
7.5
7.5
7.5
7.5
7.5
EBITDA
3,404
3,665
3,939
4,235
4,553
4,894
Depreciation
(850)
(908)
(976)
(1,049)
(1,128)
(1,212)
NOPAT
2,030
2,192
2,356
2,533
2,723
2,927
less capex
(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
—
938
1,240
1,583
1,970
2,406
Present value
890
1,061
1,219
1,367
1,504
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 · KAMA HOLDINGS LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
6,042
PV of the terminal value (81% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
10,183
10,959
11,890
13,028
14,450
10.5%
9,372
10,016
10,778
11,692
12,809
11.0%
8,677
9,220
9,853
10,601
11,499
11.5%
8,076
8,538
9,071
9,693
10,428
12.0%
7,552
7,949
8,402
8,926
9,537
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
