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Model Note · KERNEX MICROSYS(I) LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KERNEX MICROSYS(I) LTD Discounted cash flow · base FY26
KERNEX MICROSYS(I) LTD
Value per share, this model₹1,291
CMP 2026-09-10₹1,738.00
Difference(25.7)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of KERNEX MICROSYS(I) 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
30% a year
FY26 126.7% · 5-yr CAGR 88.0%
EBITDA margin
34.6%
FY26 34.6% · 5-yr average (136.4)%
Depreciation · capex, % of revenue
1.4% · 3.4%, fading to 1.2× depreciation
FY26 1.4% · 3.4%
Working capital, % of added revenue · tax
57% · 24.6%
208 working-capital days · effective 24.6%
Discount rate
11.00%
1-yr beta 1.24
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹161 · ₹0 · ₹0 cr
FY26 net debt ₹161 cr
Shares
1.68 crore
1.68 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
430
559
727
945
1,229
1,597
growth %
126.7
30.0
30.0
30.0
30.0
30.0
EBITDA
149
194
252
327
425
553
Depreciation
(6)
(8)
(10)
(13)
(17)
(22)
NOPAT
108
140
182
237
308
400
less capex
(15)
(19)
(22)
(24)
(26)
(27)
less working-capital build
—
(74)
(96)
(124)
(162)
(210)
Free cash flow to firm
—
55
75
102
137
185
Present value
52
64
78
95
116
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 · KERNEX MICROSYS(I) LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
406
PV of the terminal value (83% of EV)
1,924
Enterprise value
2,330
less net debt
(161)
less non-controlling interest
0
add non-operating investments
0
Equity value
2,169
÷ 1.68 crore shares
₹1,291
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
1,339
1,453
1,590
1,757
1,966
10.5%
1,220
1,315
1,427
1,561
1,725
11.0%
1,118
1,198
1,291
1,401
1,533
11.5%
1,030
1,098
1,176
1,268
1,376
12.0%
953
1,011
1,078
1,155
1,245
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
