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Model Note · KFIN TECHNOLOGIES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KFIN TECHNOLOGIES LIMITED Discounted cash flow · base FY26
KFIN TECHNOLOGIES LIMITED
Value per share, this model₹510
CMP 2026-09-10₹900.00
Difference(43.3)%
Growth the CMP implies37.5%/yr
This note states the assumptions and the arithmetic of one model of KFIN TECHNOLOGIES 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
19.5% a year
FY26 19.3% · 5-yr CAGR —%
EBITDA margin
39.7%
FY26 39.7% · 5-yr average 42.2%
Depreciation · capex, % of revenue
6.6% · 3.1%, fading to 1.2× depreciation
FY26 6.6% · 3.1%
Working capital, % of added revenue · tax
14.7% · 26.5%
54 working-capital days · effective 26.5%
Discount rate
11.00%
1-yr beta 1.31
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(67) · ₹0 · ₹0 cr
FY26 net debt ₹(67) cr
Shares
17.28 crore
17.28 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
1,301
1,555
1,859
2,221
2,654
3,172
growth %
19.3
19.5
19.5
19.5
19.5
19.5
EBITDA
517
617
738
882
1,054
1,259
Depreciation
(86)
(103)
(123)
(147)
(175)
(209)
NOPAT
317
378
452
540
646
772
less capex
(40)
(48)
(80)
(122)
(178)
(251)
less working-capital build
—
(37)
(45)
(53)
(64)
(76)
Free cash flow to firm
—
396
450
511
579
654
Present value
375
385
394
402
409
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 · KFIN TECHNOLOGIES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,965
PV of the terminal value (78% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
527
566
613
671
743
10.5%
486
519
557
603
660
11.0%
451
478
510
548
593
11.5%
421
444
471
502
539
12.0%
394
414
437
463
494
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
