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Model Note · KENNAMETAL INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KENNAMETAL INDIA LIMITED Discounted cash flow · base FY22
KENNAMETAL INDIA LIMITED
Value per share, this model₹892
CMP 2026-09-10₹4,680.00
Difference(80.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of KENNAMETAL INDIA LIMITED, built on its filed FY22 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
12.5% a year
FY22 12.5% · 5-yr CAGR —%
EBITDA margin
18.5%
FY22 18.5% · 5-yr average 15.4%
Depreciation · capex, % of revenue
3.7% · 0%, fading to 1.2× depreciation
FY22 3.7% · 0.0%
Working capital, % of added revenue · tax
0% · 24.9%
0 working-capital days · effective 24.9%
Discount rate
11.00%
1-yr beta 0.68
After FY27
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(63) · ₹0 · ₹0 cr
FY22 net debt ₹(63) cr
Shares
2.20 crore
2.20 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY22
FY23
FY24
FY25
FY26
FY27
Revenue
722
812
914
1,028
1,157
1,301
growth %
12.5
12.5
12.5
12.5
12.5
12.5
EBITDA
134
150
169
190
214
241
Depreciation
(27)
(30)
(34)
(38)
(43)
(48)
NOPAT
80
90
102
114
129
145
less capex
0
0
(10)
(23)
(39)
(58)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
120
125
129
133
135
Present value
114
107
100
92
84
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 · KENNAMETAL INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
498
PV of the terminal value (74% of EV)
1,402
Enterprise value
1,900
less net debt
63
less non-controlling interest
0
add non-operating investments
0
Equity value
1,963
÷ 2.20 crore shares
₹892
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
920
984
1,060
1,153
1,269
10.5%
853
906
968
1,043
1,135
11.0%
796
840
892
953
1,027
11.5%
746
784
828
879
939
12.0%
703
735
772
815
865
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
