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Model Note · KESAR TERMINALS & INFRASTRUCTU · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KESAR TERMINALS & INFRASTRUCTU Discounted cash flow · base FY25
KESAR TERMINALS & INFRASTRUCTU
Value per share, this model₹849
CMP 2026-09-10₹62.80
Difference1252.5%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of KESAR TERMINALS & INFRASTRUCTU, built on its filed FY25 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
16% a year
FY25 15.8% · 5-yr CAGR (2.9)%
EBITDA margin
139%
FY25 139.0% · 5-yr average 54.8%
Depreciation · capex, % of revenue
29.3% · 0.6%, fading to 1.2× depreciation
FY25 29.3% · 0.6%
Working capital, % of added revenue · tax
2.9% · 12%
11 working-capital days · effective 12.0%
Discount rate
11.00%
1-yr beta 0.32
After FY30
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹16 · ₹0 · ₹0 cr
FY25 net debt ₹16 cr
Shares
1.09 crore
1.09 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY25
FY26
FY27
FY28
FY29
FY30
Revenue
36
42
49
56
65
76
growth %
15.8
16.0
16.0
16.0
16.0
16.0
EBITDA
50
58
68
78
91
105
Depreciation
(11)
(12)
(14)
(17)
(19)
(22)
NOPAT
35
40
47
54
63
73
less capex
(0)
(0)
(4)
(10)
(17)
(27)
less working-capital build
—
(0)
(0)
(0)
(0)
(0)
Free cash flow to firm
—
52
56
61
65
69
Present value
50
48
47
45
43
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 TERMINALS & INFRASTRUCTU · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
232
PV of the terminal value (75% of EV)
712
Enterprise value
944
less net debt
(16)
less non-controlling interest
0
add non-operating investments
0
Equity value
928
÷ 1.09 crore shares
₹849
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
878
943
1,021
1,116
1,235
10.5%
809
863
927
1,004
1,097
11.0%
751
796
849
912
987
11.5%
700
739
784
836
897
12.0%
656
689
727
771
822
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
