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Model Note · KEWAL KIRAN CLOTHING LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KEWAL KIRAN CLOTHING LTD Discounted cash flow · base FY26
KEWAL KIRAN CLOTHING LTD
Value per share, this model₹316
CMP 2026-09-10₹492.15
Difference(35.9)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of KEWAL KIRAN CLOTHING 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
21% a year
FY26 20.9% · 5-yr CAGR 32.0%
EBITDA margin
19.6%
FY26 19.6% · 5-yr average 19.0%
Depreciation · capex, % of revenue
3.7% · 1.7%, fading to 1.2× depreciation
FY26 3.7% · 1.7%
Working capital, % of added revenue · tax
40.3% · 24.9%
147 working-capital days · effective 24.9%
Discount rate
11.00%
1-yr beta 1.12
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(128) · ₹0 · ₹0 cr
FY26 net debt ₹(128) cr
Shares
6.20 crore
6.20 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
1,213
1,467
1,776
2,148
2,600
3,146
growth %
20.9
21.0
21.0
21.0
21.0
21.0
EBITDA
238
288
348
421
510
617
Depreciation
(44)
(54)
(66)
(79)
(96)
(116)
NOPAT
145
175
212
257
310
376
less capex
(21)
(25)
(42)
(66)
(98)
(140)
less working-capital build
—
(103)
(124)
(150)
(182)
(220)
Free cash flow to firm
—
102
111
120
127
132
Present value
97
95
92
88
83
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 · KEWAL KIRAN CLOTHING LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
455
PV of the terminal value (75% of EV)
1,374
Enterprise value
1,829
less net debt
128
less non-controlling interest
0
add non-operating investments
0
Equity value
1,957
÷ 6.20 crore shares
₹316
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
325
347
374
406
447
10.5%
302
320
342
368
400
11.0%
282
298
316
337
363
11.5%
265
278
293
311
332
12.0%
250
261
274
289
306
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
