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Model Note · KANSAI NEROLAC PAINTS LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KANSAI NEROLAC PAINTS LTD Discounted cash flow · base FY26
KANSAI NEROLAC PAINTS LTD
Value per share, this model₹83
CMP 2026-09-10₹188.79
Difference(56.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of KANSAI NEROLAC PAINTS 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
3% a year
FY26 2.9% · 5-yr CAGR 9.7%
EBITDA margin
11.3%
FY26 11.3% · 5-yr average 14.8%
Depreciation · capex, % of revenue
2.8% · 2.6%, fading to 1.2× depreciation
FY26 2.8% · 2.6%
Working capital, % of added revenue · tax
22.8% · 27.7%
83 working-capital days · effective 27.7%
Discount rate
11.00%
1-yr beta 0.98
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(114) · ₹0 · ₹0 cr
FY26 net debt ₹(114) cr
Shares
80.87 crore
80.87 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
8,052
8,293
8,542
8,799
9,062
9,334
growth %
2.9
3.0
3.0
3.0
3.0
3.0
EBITDA
911
937
965
994
1,024
1,055
Depreciation
(228)
(232)
(239)
(246)
(254)
(261)
NOPAT
494
510
525
541
557
574
less capex
(213)
(216)
(238)
(262)
(287)
(314)
less working-capital build
—
(55)
(57)
(58)
(60)
(62)
Free cash flow to firm
—
471
469
466
463
459
Present value
447
401
359
321
287
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 · KANSAI NEROLAC PAINTS LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,816
PV of the terminal value (72% of EV)
4,771
Enterprise value
6,587
less net debt
114
less non-controlling interest
0
add non-operating investments
0
Equity value
6,701
÷ 80.87 crore shares
₹83
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
85
91
98
107
118
10.5%
79
84
90
97
105
11.0%
74
78
83
89
95
11.5%
69
73
77
82
87
12.0%
65
68
72
76
80
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
