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Model Note · KESAR INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KESAR INDIA LIMITED Discounted cash flow · base FY26
KESAR INDIA LIMITED
Value per share, this model₹188
CMP 2026-09-10₹1,179.95
Difference(84.1)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of KESAR INDIA 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
30% a year
FY26 63.7% · 5-yr CAGR —%
EBITDA margin
24.5%
FY26 24.5% · 5-yr average 24.5%
Depreciation · capex, % of revenue
1.7% · 2.9%, fading to 1.2× depreciation
FY26 1.7% · 2.9%
Working capital, % of added revenue · tax
44.8% · 24.1%
163 working-capital days · effective 24.1%
Discount rate
11.00%
1-yr beta 0.31
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹11 · ₹0 · ₹0 cr
FY26 net debt ₹11 cr
Shares
2.86 crore
2.86 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
176
229
298
388
504
655
growth %
63.7
30.0
30.0
30.0
30.0
30.0
EBITDA
43
56
73
95
123
161
Depreciation
(3)
(4)
(5)
(7)
(9)
(11)
NOPAT
30
40
52
67
87
113
less capex
(5)
(7)
(8)
(10)
(11)
(13)
less working-capital build
—
(24)
(31)
(40)
(52)
(68)
Free cash flow to firm
—
13
18
24
32
43
Present value
13
15
19
22
27
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 · KESAR INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
96
PV of the terminal value (82% of EV)
451
Enterprise value
547
less net debt
(11)
less non-controlling interest
0
add non-operating investments
0
Equity value
536
÷ 2.86 crore shares
₹188
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
194
210
229
252
281
10.5%
178
191
206
225
247
11.0%
164
175
188
203
221
11.5%
152
161
172
184
199
12.0%
141
149
158
169
181
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
