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Model Note · KAYCEE INDUSTRIES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KAYCEE INDUSTRIES LTD. Discounted cash flow · base FY26
KAYCEE INDUSTRIES LTD.
Value per share, this model₹226
CMP 2026-09-10₹795.05
Difference(71.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of KAYCEE INDUSTRIES 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
13% a year
FY26 12.9% · 5-yr CAGR —%
EBITDA margin
13.1%
FY26 13.1% · 5-yr average 14.6%
Depreciation · capex, % of revenue
2.2% · 0%, fading to 1.2× depreciation
FY26 2.2% · 0.0%
Working capital, % of added revenue · tax
26.2% · 27.2%
96 working-capital days · effective 27.2%
Discount rate
11.00%
1-yr beta 1.49
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1) · ₹0 · ₹0 cr
FY26 net debt ₹(1) cr
Shares
0.32 crore
0.32 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
60
68
77
87
98
111
growth %
12.9
13.0
13.0
13.0
13.0
13.0
EBITDA
8
9
10
11
13
14
Depreciation
(1)
(1)
(2)
(2)
(2)
(2)
NOPAT
5
5
6
7
8
9
less capex
0
0
(1)
(1)
(2)
(3)
less working-capital build
—
(2)
(2)
(3)
(3)
(3)
Free cash flow to firm
—
5
5
5
5
5
Present value
5
4
4
3
3
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 · KAYCEE INDUSTRIES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
19
PV of the terminal value (73% of EV)
51
Enterprise value
71
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
72
÷ 0.32 crore shares
₹226
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
233
249
269
293
322
10.5%
216
230
246
265
288
11.0%
202
213
226
242
260
11.5%
189
199
210
223
238
12.0%
178
186
196
207
219
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
