The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · KEC INTL. LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KEC INTL. LIMITED Discounted cash flow · base FY26
KEC INTL. LIMITED
Value per share, this model₹587
CMP 2026-09-10₹406.10
Difference44.5%
Growth the CMP implies1.2%/yr
This note states the assumptions and the arithmetic of one model of KEC INTL. LIMITED, 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
7.5% a year
FY26 7.6% · 5-yr CAGR 12.4%
EBITDA margin
6.8%
FY26 6.8% · 5-yr average 6.2%
Depreciation · capex, % of revenue
0.8% · 1.4%, fading to 1.2× depreciation
FY26 0.8% · 1.4%
Working capital, % of added revenue · tax
0% · 23.3%
-11 working-capital days · effective 23.3%
Discount rate
11.00%
1-yr beta 1.19
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹4,692 · ₹0 · ₹0 cr
FY26 net debt ₹4,692 cr
Shares
26.62 crore
26.62 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
23,506
25,268
27,164
29,201
31,391
33,745
growth %
7.6
7.5
7.5
7.5
7.5
7.5
EBITDA
1,600
1,718
1,847
1,986
2,135
2,295
Depreciation
(197)
(202)
(217)
(234)
(251)
(270)
NOPAT
1,076
1,163
1,250
1,344
1,445
1,553
less capex
(329)
(354)
(350)
(345)
(336)
(324)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
1,011
1,117
1,233
1,360
1,499
Present value
960
955
950
944
937
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 · KEC INTL. LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
4,746
PV of the terminal value (77% of EV)
15,567
Enterprise value
20,313
less net debt
(4,692)
less non-controlling interest
0
add non-operating investments
0
Equity value
15,621
÷ 26.62 crore shares
₹587
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
612
670
740
826
933
10.5%
551
599
657
725
809
11.0%
498
539
587
643
710
11.5%
453
488
528
575
630
12.0%
413
443
477
517
563
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
