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Model Note · KCP LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KCP LTD Discounted cash flow · base FY26
KCP LTD
Value per share, this model₹174
CMP 2026-09-10₹162.99
Difference6.5%
Growth the CMP implies(1.6)%/yr
This note states the assumptions and the arithmetic of one model of KCP 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
2% a year
FY26 1.9% · 5-yr CAGR 8.5%
EBITDA margin
13%
FY26 13.0% · 5-yr average 12.6%
Depreciation · capex, % of revenue
3.3% · 10.6%, fading to 1.2× depreciation
FY26 3.3% · 10.6%
Working capital, % of added revenue · tax
25.5% · 4.3%
93 working-capital days · effective 4.3%
Discount rate
11.00%
1-yr beta 1.23
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹641 · ₹0 · ₹0 cr
FY26 net debt ₹641 cr
Shares
12.89 crore
12.89 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
2,576
2,628
2,680
2,734
2,789
2,844
growth %
1.9
2.0
2.0
2.0
2.0
2.0
EBITDA
334
342
348
355
363
370
Depreciation
(85)
(87)
(88)
(90)
(92)
(94)
NOPAT
238
244
249
254
259
264
less capex
(273)
(279)
(240)
(199)
(157)
(113)
less working-capital build
—
(13)
(13)
(14)
(14)
(14)
Free cash flow to firm
—
39
84
131
180
231
Present value
37
72
101
125
144
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 · KCP LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
480
PV of the terminal value (83% of EV)
2,399
Enterprise value
2,879
less net debt
(641)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,238
÷ 12.89 crore shares
₹174
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
181
200
222
249
283
10.5%
162
177
196
218
244
11.0%
146
158
174
192
213
11.5%
131
142
155
170
187
12.0%
119
128
139
152
166
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
