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Model Note · KAMAT HOTELS (I) LTD · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KAMAT HOTELS (I) LTD Discounted cash flow · base FY26
KAMAT HOTELS (I) LTD
Value per share, this model₹241
CMP 2026-09-10₹225.00
Difference7.3%
Growth the CMP implies5.0%/yr
This note states the assumptions and the arithmetic of one model of KAMAT HOTELS (I) 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
6.5% a year
FY26 6.4% · 5-yr CAGR 42.3%
EBITDA margin
25.1%
FY26 25.1% · 5-yr average 47.4%
Depreciation · capex, % of revenue
7.3% · 7.1%, fading to 1.2× depreciation
FY26 7.3% · 7.1%
Working capital, % of added revenue · tax
1.3% · 28.9%
5 working-capital days · effective 28.9%
Discount rate
11.00%
1-yr beta 1.01
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹92 · ₹0 · ₹0 cr
FY26 net debt ₹92 cr
Shares
3.04 crore
3.04 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
386
411
437
466
496
528
growth %
6.4
6.5
6.5
6.5
6.5
6.5
EBITDA
97
103
110
117
125
133
Depreciation
(28)
(30)
(32)
(34)
(36)
(39)
NOPAT
49
52
55
59
63
67
less capex
(27)
(29)
(33)
(37)
(41)
(46)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
52
54
56
57
59
Present value
50
46
43
40
37
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 · KAMAT HOTELS (I) LTD · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
215
PV of the terminal value (74% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
250
270
294
324
360
10.5%
229
246
265
289
318
11.0%
211
225
241
261
284
11.5%
195
207
221
237
256
12.0%
182
192
204
217
233
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
