KHADIM INDIA LIMITED — valuation model

KHADIM INDIA LIMITEDKHADIMConsumer Durables

₹71per 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₹71implied FY26 P/E 47.0× · EV/EBITDA 5.3×

Against CMP ₹128.00−44.5%close of 2026-09-20

Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs

Value after FY3158%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

₹47₹118

52-week rangetraded range, a fact not a value

₹77₹296

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	105
PV of terminal value	145
Enterprise value	251
less net debt	(120)
less non-controlling interest	0
add non-operating investments	0
Equity value	131
÷ 1.84 crore shares	₹71

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%	75	83	92	104	118
10.50%	66	73	81	90	101
11.00%	59	65	71	79	88
11.50%	53	57	63	69	77
12.00%	47	51	56	61	67

The outlined cell is your model. Green figures sit above the CMP of ₹128.00; 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	50 · 71 · 95
Draws below the CMP	100%
Rank correlation with ebitda margin	+0.80
Rank correlation with discount rate	−0.57
Rank correlation with revenue growth	−0.02

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	660	615	418	367	349	331	315	299	284
growth %	11.7	(6.9)	(32.0)	(12.2)	(5.0)	(5.0)	(5.0)	(5.0)	(5.0)
EBITDA	72	71	65	47	45	43	41	39	37
margin %	11.0	11.5	15.6	12.9	12.9	12.9	12.9	12.9	12.9
less depreciation	(38)	(40)	(29)	(27)	(25)	(24)	(23)	(22)	(21)
EBIT	34	30	36	20	20	19	18	17	16
less tax on EBIT				(8)	(7)	(7)	(7)	(6)	(6)
NOPAT				13	12	12	11	10	10
add depreciation	38	40	29	27	25	24	23	22	21
less capex	(15)	(10)	(12)	(10)	(9)	(14)	(18)	(22)	(25)
less working-capital build				—	10	10	9	9	8
Free cash flow to firm	24	41	55	—	39	32	25	19	14
Discount factor					0.949	0.855	0.770	0.694	0.625
Present value					37	27	19	13	9

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 122, dividends at 0% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	20	20	19	18	17	16
Interest at 8% on debt		(10)	(10)	(10)	(10)	(10)
Profit before tax		10	9	8	7	6
Profit after tax	3	6	5	5	4	4
Dividends	0	0	0	0	0	0
Balance sheet, year end
Cash	2	34	60	79	92	100
Working capital	202	192	183	174	165	157
Net block and other assets	342	326	316	310	310	314
Debt	122	122	122	122	122	122
Equity	167	173	178	183	188	192
Balance check	0	0	0	0	0	0
Cash flow
From operations		42	39	37	35	33
Investing (capex)		(9)	(14)	(18)	(22)	(25)
Financing (dividends)		0	0	0	0	0
Net change in cash		33	26	19	13	8
Free cash flow to equity		33	26	19	13	8

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	-5%	12.9%	11.00%	5%	₹71	(44.5)%

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.