Models
KANORIACHEMICALS-KANORICHEM
₹27per 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₹27implied FY26 P/E 0.7× · EV/EBITDA 5.6×
Against CMP ₹177.50−85.0%close of 8 Oct 2026
Growth the CMP implies—%no growth rate between −20% and 45% a year brings the value to the CMP on your other inputs
Value after FY3186%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
₹3₹73
52-week rangetraded range, a fact not a value
₹56₹206
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 54 |
| PV of terminal value | 342 |
| Enterprise value | 396 |
| less net debt | (280) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 116 |
| ÷ 4.37 crore shares | ₹27 |
86% 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% | 30 | 38 | 47 | 58 | 73 |
| 10.50% | 22 | 28 | 36 | 45 | 56 |
| 11.00% | 15 | 20 | 27 | 34 | 43 |
| 11.50% | 9 | 13 | 19 | 25 | 32 |
| 12.00% | 3 | 7 | 12 | 17 | 23 |
The outlined cell is your model. Green figures sit above the CMP of ₹177.50; 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 | 2 · 27 · 54 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.87 |
| Rank correlation with discount rate | −0.47 |
| Rank correlation with revenue growth | −0.02 |
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 | 1,578 | 1,477 | 1,537 | 981 | 932 | 886 | 841 | 799 | 759 |
| growth % | 15.3 | (6.4) | 4.1 | (36.1) | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| EBITDA | 72 | 50 | 2 | 71 | 68 | 65 | 61 | 58 | 55 |
| margin % | 4.6 | 3.4 | 0.1 | 7.3 | 7.3 | 7.3 | 7.3 | 7.3 | 7.3 |
| less depreciation | (59) | (63) | (63) | (35) | (34) | (32) | (30) | (29) | (27) |
| EBIT | 13 | (12) | (61) | 36 | 34 | 33 | 31 | 30 | 28 |
| less tax on EBIT | 8 | 7 | 7 | 7 | 6 | 6 | |||
| NOPAT | 44 | 42 | 40 | 38 | 36 | 34 | |||
| add depreciation | 59 | 63 | 63 | 35 | 34 | 32 | 30 | 29 | 27 |
| less capex | (57) | (81) | (100) | (88) | (84) | (69) | (56) | (44) | (33) |
| less working-capital build | — | 5 | 5 | 5 | 4 | 4 | |||
| Free cash flow to firm | (32) | (43) | (80) | — | (3) | 7 | 17 | 25 | 33 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | (3) | 6 | 13 | 18 | 21 |
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 290, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 36 | 34 | 33 | 31 | 30 | 28 |
| Interest at 7.2% on debt | (21) | (21) | (21) | (21) | (21) | |
| Profit before tax | 14 | 12 | 10 | 9 | 7 | |
| Profit after tax | 151 | 17 | 14 | 12 | 11 | 9 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 10 | (18) | (36) | (45) | (45) | (38) |
| Working capital | 104 | 99 | 94 | 89 | 84 | 80 |
| Net block and other assets | 1,003 | 1,053 | 1,091 | 1,116 | 1,131 | 1,137 |
| Debt | 290 | 290 | 290 | 290 | 290 | 290 |
| Equity | 573 | 589 | 604 | 616 | 627 | 636 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 55 | 51 | 47 | 44 | 40 | |
| Investing (capex) | (84) | (69) | (56) | (44) | (33) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (29) | (18) | (9) | (0) | 8 | |
| Free cash flow to equity | (29) | (18) | (9) | (0) | 8 | |
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 | -5% | 7.3% | 11.00% | 5% | ₹27 | (85.0)% |
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.