Models
KFIN TECHNOLOGIES LIMITEDKFINTECHCapital Markets
₹510per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹510implied FY26 P/E 25.7× · EV/EBITDA 16.9×
Against CMP ₹900.00−43.3%close of 2026-09-10
Growth the CMP implies37.5%revenue, a year for 5 years, on your other inputs
Value after FY3178%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹394₹743
52-week rangetraded range, a fact not a value
₹785₹1,215
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,965 |
| PV of terminal value | 6,789 |
| Enterprise value | 8,753 |
| less net debt | 67 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 8,820 |
| ÷ 17.28 crore shares | ₹510 |
78% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 527 | 566 | 613 | 671 | 743 |
| 10.50% | 486 | 519 | 557 | 603 | 660 |
| 11.00% | 451 | 478 | 510 | 548 | 593 |
| 11.50% | 421 | 444 | 471 | 502 | 539 |
| 12.00% | 394 | 414 | 437 | 463 | 494 |
The outlined cell is your model. Green figures sit above the CMP of ₹900.00; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 400 · 507 · 644 |
| Draws below the CMP | 100% |
| Rank correlation with revenue growth | +0.64 |
| Rank correlation with ebitda margin | +0.54 |
| Rank correlation with discount rate | −0.49 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 720 | 838 | 1,091 | 1,301 | 1,555 | 1,859 | 2,221 | 2,654 | 3,172 |
| growth % | — | 16.3 | 30.2 | 19.3 | 19.5 | 19.5 | 19.5 | 19.5 | 19.5 |
| EBITDA | 298 | 367 | 479 | 517 | 617 | 738 | 882 | 1,054 | 1,259 |
| margin % | 41.4 | 43.8 | 43.9 | 39.7 | 39.7 | 39.7 | 39.7 | 39.7 | 39.7 |
| less depreciation | (47) | (53) | (64) | (86) | (103) | (123) | (147) | (175) | (209) |
| EBIT | 251 | 314 | 415 | 431 | 515 | 615 | 735 | 878 | 1,050 |
| less tax on EBIT | (114) | (136) | (163) | (195) | (233) | (278) | |||
| NOPAT | 317 | 378 | 452 | 540 | 646 | 772 | |||
| add depreciation | 47 | 53 | 64 | 86 | 103 | 123 | 147 | 175 | 209 |
| less capex | (23) | (28) | (41) | (40) | (48) | (80) | (122) | (178) | (251) |
| less working-capital build | — | (37) | (45) | (53) | (64) | (76) | |||
| Free cash flow to firm | 200 | 261 | 358 | — | 396 | 450 | 511 | 579 | 654 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 375 | 385 | 394 | 402 | 409 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 0, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 431 | 515 | 615 | 735 | 878 | 1,050 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 515 | 615 | 735 | 878 | 1,050 | |
| Profit after tax | 0 | 378 | 452 | 540 | 646 | 772 |
| Dividends | (129) | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 67 | 463 | 913 | 1,424 | 2,003 | 2,657 |
| Working capital | 192 | 229 | 274 | 327 | 391 | 467 |
| Net block and other assets | 2,514 | 2,460 | 2,417 | 2,393 | 2,396 | 2,438 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 1,673 | 2,051 | 2,504 | 3,044 | 3,690 | 4,461 |
| Balance check | 0 | (0) | 0 | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 444 | 530 | 634 | 757 | 905 | |
| Investing (capex) | (48) | (80) | (122) | (178) | (251) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 396 | 450 | 511 | 579 | 654 | |
| Free cash flow to equity | 396 | 450 | 511 | 579 | 654 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 19.5% | 39.7% | 11.00% | 5% | ₹510 | (43.3)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.