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Model Note · KIRI INDUSTRIES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KIRI INDUSTRIES LIMITED Discounted cash flow · base FY26
KIRI INDUSTRIES LIMITED
Value per share, this model₹20,822
CMP 2026-09-10₹534.40
Difference3796.3%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of KIRI INDUSTRIES 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
13.5% a year
FY26 13.5% · 5-yr CAGR (2.6)%
EBITDA margin
674.1%
FY26 674.1% · 5-yr average 133.9%
Depreciation · capex, % of revenue
5.6% · 34.2%, fading to 1.2× depreciation
FY26 5.6% · 34.2%
Working capital, % of added revenue · tax
0% · 3.8%
-39 working-capital days · effective 3.8%
Discount rate
11.00%
1-yr beta 1.43
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(511) · ₹0 · ₹0 cr
FY26 net debt ₹(511) cr
Shares
6.52 crore
6.52 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
840
953
1,082
1,228
1,393
1,582
growth %
13.5
13.5
13.5
13.5
13.5
13.5
EBITDA
5,660
6,424
7,291
8,276
9,393
10,661
Depreciation
(47)
(53)
(61)
(69)
(78)
(89)
NOPAT
5,400
6,129
6,956
7,895
8,961
10,171
less capex
(287)
(326)
(296)
(251)
(189)
(106)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
5,856
6,721
7,713
8,850
10,153
Present value
5,558
5,747
5,942
6,142
6,348
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 · KIRI INDUSTRIES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
29,737
PV of the terminal value (78% of EV)
1,05,443
Enterprise value
1,35,180
less net debt
511
less non-controlling interest
0
add non-operating investments
0
Equity value
1,35,691
÷ 6.52 crore shares
₹20,822
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
21,517
23,129
25,064
27,429
30,385
10.5%
19,826
21,166
22,749
24,649
26,971
11.0%
18,378
19,506
20,822
22,377
24,243
11.5%
17,125
18,085
19,193
20,485
22,013
12.0%
16,031
16,856
17,799
18,887
20,156
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
