Models
KARTIK INVESTMENTS TRUST LTD.BSE 501151Finance
₹9,629per 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₹9,629implied FY26 P/E 45.9× · EV/EBITDA 40.4×
Against CMP ₹7,843.40+22.8%close of 2026-09-10
Growth the CMP implies24.4%revenue, a year for 5 years, on your other inputs
Value after FY3182%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
₹7,308₹14,269
52-week rangetraded range, a fact not a value
₹1,142₹10,742
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 43 |
| PV of terminal value | 190 |
| Enterprise value | 233 |
| less net debt | 0 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 233 |
| ÷ 0.02 crore shares | ₹9,629 |
82% 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% | 9,960 | 10,744 | 11,684 | 12,832 | 14,269 |
| 10.50% | 9,142 | 9,793 | 10,562 | 11,485 | 12,613 |
| 11.00% | 8,442 | 8,990 | 9,629 | 10,385 | 11,291 |
| 11.50% | 7,837 | 8,303 | 8,841 | 9,469 | 10,211 |
| 12.00% | 7,308 | 7,709 | 8,167 | 8,695 | 9,312 |
The outlined cell is your model. Green figures sit above the CMP of ₹7,843.40; 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 | 6,953 · 9,595 · 12,985 |
| Draws below the CMP | 21% |
| Rank correlation with revenue growth | +0.85 |
| Rank correlation with discount rate | −0.40 |
| Rank correlation with ebitda margin | +0.28 |
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 | 0 | 0 | 0 | 6 | 8 | 10 | 13 | 17 | 22 |
| growth % | 1963.6 | 75.3 | (41.7) | 25200.4 | 30.0 | 30.0 | 30.0 | 30.0 | 30.0 |
| EBITDA | (0) | (0) | (0) | 6 | 8 | 10 | 13 | 16 | 21 |
| margin % | (241.9) | (100.8) | (266.8) | 98.3 | 98.3 | 98.3 | 98.3 | 98.3 | 98.3 |
| less depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | (0) | (0) | (0) | 6 | 8 | 10 | 13 | 16 | 21 |
| less tax on EBIT | (1) | (1) | (1) | (2) | (2) | (3) | |||
| NOPAT | 5 | 6 | 8 | 11 | 14 | 18 | |||
| add depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| less capex | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 | |||
| Free cash flow to firm | (0) | (0) | (0) | — | 6 | 8 | 11 | 14 | 18 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 6 | 7 | 8 | 10 | 11 |
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 0, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 6 | 8 | 10 | 13 | 16 | 21 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 8 | 10 | 13 | 16 | 21 | |
| Profit after tax | 5 | 6 | 8 | 11 | 14 | 18 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 0 | 7 | 15 | 26 | 40 | 58 |
| Working capital | 0 | 0 | 0 | 0 | 0 | 0 |
| Net block and other assets | 9 | 9 | 9 | 9 | 9 | 9 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 8 | 15 | 23 | 34 | 48 | 66 |
| Balance check | 0 | 0 | 0 | (0) | (0) | 0 |
| Cash flow | ||||||
| From operations | 6 | 8 | 11 | 14 | 18 | |
| Investing (capex) | 0 | 0 | 0 | 0 | 0 | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 6 | 8 | 11 | 14 | 18 | |
| Free cash flow to equity | 6 | 8 | 11 | 14 | 18 | |
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 | 30% | 98.3% | 11.00% | 5% | ₹9,629 | 22.8% |
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.