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Model Note · Khazanchi Jewellers Limited · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
Khazanchi Jewellers Limited Discounted cash flow · base FY26
Khazanchi Jewellers Limited
Value per share, this model₹375
CMP 2026-09-10₹755.00
Difference(50.3)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of Khazanchi Jewellers 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
15.5% a year
FY26 15.6% · 5-yr CAGR —%
EBITDA margin
6.1%
FY26 6.1% · 5-yr average 6.1%
Depreciation · capex, % of revenue
0% · 0.3%, fading to 1.2× depreciation
FY26 0.0% · 0.3%
Working capital, % of added revenue · tax
19.6% · 26%
72 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 0.63
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹107 · ₹0 · ₹0 cr
FY26 net debt ₹107 cr
Shares
2.47 crore
2.47 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
2,049
2,367
2,734
3,157
3,647
4,212
growth %
15.6
15.5
15.5
15.5
15.5
15.5
EBITDA
125
144
167
193
222
257
Depreciation
(1)
0
0
0
0
0
NOPAT
92
107
123
143
165
190
less capex
(6)
(7)
(6)
(5)
(3)
0
less working-capital build
—
(62)
(72)
(83)
(96)
(111)
Free cash flow to firm
—
37
45
55
66
79
Present value
36
39
42
46
50
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 · Khazanchi Jewellers Limited · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
212
PV of the terminal value (80% of EV)
824
Enterprise value
1,036
less net debt
(107)
less non-controlling interest
0
add non-operating investments
0
Equity value
929
÷ 2.47 crore shares
₹375
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
390
423
463
511
572
10.5%
355
382
415
454
502
11.0%
325
348
375
407
446
11.5%
299
319
342
368
400
12.0%
277
294
313
336
362
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
