Models
KAMAT HOTELS (I) LTDKAMATHOTELLeisure Services
₹241per 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₹241implied FY26 P/E 15.1× · EV/EBITDA 8.5×
Against CMP ₹225.00+7.3%close of 2026-09-10
Growth the CMP implies5.0%revenue, a year for 5 years, on your other inputs
Value after FY3174%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
₹182₹360
52-week rangetraded range, a fact not a value
₹140₹330
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 215 |
| PV of terminal value | 610 |
| Enterprise value | 825 |
| less net debt | (92) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 733 |
| ÷ 3.04 crore shares | ₹241 |
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% | 250 | 270 | 294 | 324 | 360 |
| 10.50% | 229 | 246 | 265 | 289 | 318 |
| 11.00% | 211 | 225 | 241 | 261 | 284 |
| 11.50% | 195 | 207 | 221 | 237 | 256 |
| 12.00% | 182 | 192 | 204 | 217 | 233 |
The outlined cell is your model. Green figures sit above the CMP of ₹225.00; 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 | 188 · 239 · 300 |
| Draws below the CMP | 36% |
| Rank correlation with ebitda margin | +0.74 |
| Rank correlation with discount rate | −0.55 |
| Rank correlation with revenue growth | +0.29 |
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 | 295 | 304 | 362 | 386 | 411 | 437 | 466 | 496 | 528 |
| growth % | 104.1 | 3.2 | 19.1 | 6.4 | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 |
| EBITDA | 347 | 120 | 107 | 97 | 103 | 110 | 117 | 125 | 133 |
| margin % | 117.7 | 39.5 | 29.5 | 25.1 | 25.1 | 25.1 | 25.1 | 25.1 | 25.1 |
| less depreciation | (15) | (18) | (20) | (28) | (30) | (32) | (34) | (36) | (39) |
| EBIT | 332 | 103 | 87 | 69 | 73 | 78 | 83 | 88 | 94 |
| less tax on EBIT | (20) | (21) | (23) | (24) | (26) | (27) | |||
| NOPAT | 49 | 52 | 55 | 59 | 63 | 67 | |||
| add depreciation | 15 | 18 | 20 | 28 | 30 | 32 | 34 | 36 | 39 |
| less capex | (6) | (7) | (17) | (27) | (29) | (33) | (37) | (41) | (46) |
| less working-capital build | — | (0) | (0) | (0) | (0) | (0) | |||
| Free cash flow to firm | 110 | 66 | 49 | — | 52 | 54 | 56 | 57 | 59 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 50 | 46 | 43 | 40 | 37 |
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 111, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 69 | 73 | 78 | 83 | 88 | 94 |
| Interest at 8% on debt | (9) | (9) | (9) | (9) | (9) | |
| Profit before tax | 64 | 69 | 74 | 79 | 85 | |
| Profit after tax | 39 | 46 | 49 | 53 | 56 | 61 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 19 | 65 | 113 | 162 | 213 | 265 |
| Working capital | 5 | 6 | 6 | 6 | 7 | 7 |
| Net block and other assets | 657 | 656 | 657 | 660 | 665 | 672 |
| Debt | 111 | 111 | 111 | 111 | 111 | 111 |
| Equity | 333 | 378 | 427 | 480 | 536 | 597 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 75 | 81 | 86 | 92 | 99 | |
| Investing (capex) | (29) | (33) | (37) | (41) | (46) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 46 | 48 | 49 | 51 | 52 | |
| Free cash flow to equity | 46 | 48 | 49 | 51 | 52 | |
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 | 6.5% | 25.1% | 11.00% | 5% | ₹241 | 7.3% |
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.