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Model Note · KAVERI SEED CO. LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KAVERI SEED CO. LTD. Discounted cash flow · base FY26
KAVERI SEED CO. LTD.
Value per share, this model₹716
CMP 2026-09-10₹719.80
Difference(0.5)%
Growth the CMP implies6.6%/yr
This note states the assumptions and the arithmetic of one model of KAVERI SEED CO. 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
16% a year
FY26 15.8% · 5-yr CAGR 6.1%
EBITDA margin
24.1%
FY26 24.1% · 5-yr average 23.5%
Depreciation · capex, % of revenue
4.3% · 10.7%, fading to 1.2× depreciation
FY26 4.3% · 10.7%
Working capital, % of added revenue · tax
60.4% · 3.3%
221 working-capital days · effective 3.3%
Discount rate
11.00%
1-yr beta 0.93
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(42) · ₹0 · ₹0 cr
FY26 net debt ₹(42) cr
Shares
5.14 crore
5.14 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
1,395
1,618
1,877
2,177
2,525
2,929
growth %
15.8
16.0
16.0
16.0
16.0
16.0
EBITDA
337
390
452
525
609
706
Depreciation
(60)
(70)
(81)
(94)
(109)
(126)
NOPAT
268
310
359
417
484
561
less capex
(149)
(173)
(175)
(173)
(165)
(151)
less working-capital build
—
(135)
(156)
(181)
(210)
(244)
Free cash flow to firm
—
71
109
156
216
292
Present value
68
93
121
150
182
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 · KAVERI SEED CO. LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
614
PV of the terminal value (83% of EV)
3,029
Enterprise value
3,643
less net debt
42
less non-controlling interest
0
add non-operating investments
0
Equity value
3,685
÷ 5.14 crore shares
₹716
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
741
800
870
956
1,064
10.5%
680
729
786
855
940
11.0%
627
668
716
773
841
11.5%
582
617
657
704
760
12.0%
543
573
607
647
693
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
