Models
KAPSTON SERVICES LIMITEDKAPSTONCommercial Services & Supplies
₹3per 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₹3implied FY26 P/E 0.2× · EV/EBITDA 4.1×
Against CMP ₹589.65−99.5%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3177%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
₹(11)₹30
52-week rangetraded range, a fact not a value
₹159₹600
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 41 |
| PV of terminal value | 140 |
| Enterprise value | 181 |
| less net debt | (172) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 9 |
| ÷ 3.04 crore shares | ₹3 |
77% 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% | 5 | 9 | 15 | 22 | 30 |
| 10.50% | 0 | 4 | 8 | 14 | 20 |
| 11.00% | (4) | (1) | 3 | 7 | 13 |
| 11.50% | (8) | (5) | (2) | 2 | 6 |
| 12.00% | (11) | (8) | (6) | (3) | 1 |
The outlined cell is your model. Green figures sit above the CMP of ₹589.65; 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 | (96) · 2 · 74 |
| Draws below the CMP | 100% |
| Rank correlation with revenue growth | −0.80 |
| Rank correlation with ebitda margin | +0.58 |
| Rank correlation with discount rate | −0.08 |
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 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|
| Revenue | 689 | 830 | 1,000 | 1,205 | 1,453 | 1,750 | 2,109 |
| growth % | — | 20.4 | 20.5 | 20.5 | 20.5 | 20.5 | 20.5 |
| EBITDA | 31 | 44 | 53 | 64 | 77 | 93 | 112 |
| margin % | 4.5 | 5.3 | 5.3 | 5.3 | 5.3 | 5.3 | 5.3 |
| less depreciation | (4) | (4) | (5) | (6) | (7) | (9) | (11) |
| EBIT | 26 | 40 | 48 | 58 | 70 | 84 | 101 |
| less tax on EBIT | 1 | 1 | 2 | 2 | 2 | 3 | |
| NOPAT | 41 | 49 | 60 | 72 | 86 | 104 | |
| add depreciation | 4 | 4 | 5 | 6 | 7 | 9 | 11 |
| less capex | (39) | (3) | (4) | (5) | (7) | (10) | (13) |
| less working-capital build | — | (42) | (51) | (61) | (74) | (89) | |
| Free cash flow to firm | (47) | — | 8 | 9 | 11 | 12 | 13 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||
| Present value | 8 | 8 | 8 | 8 | 8 |
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 175, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 40 | 48 | 58 | 70 | 84 | 101 |
| Interest at 8.5% on debt | (15) | (15) | (15) | (15) | (15) | |
| Profit before tax | 33 | 43 | 55 | 69 | 86 | |
| Profit after tax | 28 | 34 | 44 | 56 | 71 | 89 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 3 | (4) | (10) | (15) | (18) | (20) |
| Working capital | 205 | 247 | 298 | 359 | 432 | 521 |
| Net block and other assets | 141 | 140 | 140 | 140 | 140 | 143 |
| Debt | 175 | 175 | 175 | 175 | 175 | 175 |
| Equity | 116 | 150 | 195 | 251 | 322 | 411 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | (3) | (0) | 3 | 6 | 11 | |
| Investing (capex) | (4) | (5) | (7) | (10) | (13) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | (7) | (6) | (5) | (3) | (2) | |
| Free cash flow to equity | (7) | (6) | (5) | (3) | (2) | |
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 | 20.5% | 5.3% | 11.00% | 5% | ₹3 | (99.5)% |
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.