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Model Note · KEI INDUSTRIES LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KEI INDUSTRIES LTD. Discounted cash flow · base FY26
KEI INDUSTRIES LTD.
Value per share, this model₹968
CMP 2026-09-10₹4,578.00
Difference(78.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of KEI 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
20.5% a year
FY26 20.7% · 5-yr CAGR 22.9%
EBITDA margin
10.5%
FY26 10.5% · 5-yr average 10.3%
Depreciation · capex, % of revenue
0.8% · 9.6%, fading to 1.2× depreciation
FY26 0.8% · 9.6%
Working capital, % of added revenue · tax
24.7% · 25.5%
90 working-capital days · effective 25.5%
Discount rate
11.00%
1-yr beta 1.18
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1,258) · ₹0 · ₹0 cr
FY26 net debt ₹(1,258) cr
Shares
9.56 crore
9.56 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
11,748
14,156
17,058
20,555
24,769
29,846
growth %
20.7
20.5
20.5
20.5
20.5
20.5
EBITDA
1,229
1,486
1,791
2,158
2,601
3,134
Depreciation
(91)
(113)
(136)
(164)
(198)
(239)
NOPAT
848
1,023
1,233
1,485
1,790
2,157
less capex
(1,132)
(1,359)
(1,269)
(1,085)
(773)
(287)
less working-capital build
—
(595)
(717)
(864)
(1,041)
(1,254)
Free cash flow to firm
—
(818)
(617)
(299)
174
855
Present value
(776)
(527)
(230)
121
535
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 · KEI INDUSTRIES LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(878)
PV of the terminal value (111% of EV)
8,879
Enterprise value
8,000
less net debt
1,258
less non-controlling interest
0
add non-operating investments
0
Equity value
9,258
÷ 9.56 crore shares
₹968
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,003
1,096
1,207
1,343
1,512
10.5%
909
986
1,077
1,186
1,319
11.0%
828
893
968
1,058
1,165
11.5%
759
814
877
952
1,039
12.0%
698
746
800
862
935
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
