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Model Note · KANORIA ENERGY & INFRASTRUCTUR · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KANORIA ENERGY & INFRASTRUCTUR Discounted cash flow · base FY26
KANORIA ENERGY & INFRASTRUCTUR
Value per share, this model₹4
CMP 2026-09-10₹17.16
Difference(78.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of KANORIA ENERGY & INFRASTRUCTUR, 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 (9.6)% · 5-yr CAGR 0.2%
EBITDA margin
6.2%
FY26 6.2% · 5-yr average 7.3%
Depreciation · capex, % of revenue
1.5% · 1.9%, fading to 1.2× depreciation
FY26 1.5% · 1.9%
Working capital, % of added revenue · tax
37.2% · 63.1%
136 working-capital days · effective 63.1%
Discount rate
11.00%
1-yr beta 0.97
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹72 · ₹0 · ₹0 cr
FY26 net debt ₹72 cr
Shares
8.53 crore
8.53 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
270
256
243
231
220
209
growth %
(9.6)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
17
16
15
14
14
13
Depreciation
(4)
(4)
(4)
(3)
(3)
(3)
NOPAT
5
4
4
4
4
4
less capex
(5)
(5)
(5)
(4)
(4)
(4)
less working-capital build
—
5
5
5
4
4
Free cash flow to firm
—
8
8
8
7
7
Present value
8
7
6
5
4
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 · KANORIA ENERGY & INFRASTRUCTUR · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
30
PV of the terminal value (71% of EV)
74
Enterprise value
104
less net debt
(72)
less non-controlling interest
0
add non-operating investments
0
Equity value
32
÷ 8.53 crore shares
₹4
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
4
5
6
7
9
10.5%
3
4
5
6
7
11.0%
2
3
4
5
6
11.5%
2
2
3
4
4
12.0%
1
2
2
3
3
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
