Models
KIRLOSKAR BROTHERS LTDKIRLOSBROSIndustrial Products
₹577per 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₹577implied FY26 P/E 12.3× · EV/EBITDA 8.7×
Against CMP ₹1,790.00−67.8%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3174%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
₹456₹817
52-week rangetraded range, a fact not a value
₹1,335₹2,189
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,147 |
| PV of terminal value | 3,223 |
| Enterprise value | 4,370 |
| less net debt | 214 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 4,584 |
| ÷ 7.95 crore shares | ₹577 |
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% | 594 | 635 | 683 | 743 | 817 |
| 10.50% | 552 | 585 | 625 | 673 | 731 |
| 11.00% | 515 | 544 | 577 | 616 | 662 |
| 11.50% | 484 | 508 | 536 | 568 | 606 |
| 12.00% | 456 | 477 | 500 | 528 | 560 |
The outlined cell is your model. Green figures sit above the CMP of ₹1,790.00; 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 | 483 · 573 · 680 |
| Draws below the CMP | 100% |
| Rank correlation with ebitda margin | +0.74 |
| Rank correlation with discount rate | −0.63 |
| Rank correlation with revenue growth | +0.01 |
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 | 3,730 | 4,001 | 4,492 | 4,538 | 4,583 | 4,629 | 4,676 | 4,722 | 4,769 |
| growth % | 22.0 | 7.3 | 12.3 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 |
| EBITDA | 395 | 526 | 601 | 505 | 509 | 514 | 519 | 524 | 529 |
| margin % | 10.6 | 13.2 | 13.4 | 11.1 | 11.1 | 11.1 | 11.1 | 11.1 | 11.1 |
| less depreciation | (69) | (78) | (89) | (100) | (101) | (102) | (103) | (104) | (105) |
| EBIT | 326 | 448 | 512 | 405 | 408 | 412 | 416 | 420 | 424 |
| less tax on EBIT | (81) | (82) | (83) | (84) | (84) | (85) | |||
| NOPAT | 324 | 326 | 329 | 332 | 336 | 339 | |||
| add depreciation | 69 | 78 | 89 | 100 | 101 | 102 | 103 | 104 | 105 |
| less capex | (133) | (130) | (90) | (135) | (138) | (135) | (132) | (129) | (126) |
| less working-capital build | — | (7) | (8) | (8) | (8) | (8) | |||
| Free cash flow to firm | 196 | 246 | 296 | — | 282 | 289 | 296 | 303 | 310 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 267 | 247 | 228 | 210 | 194 |
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 187, dividends at 14.8% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 405 | 408 | 412 | 416 | 420 | 424 |
| Interest at 18.9% on debt | (35) | (35) | (35) | (35) | (35) | |
| Profit before tax | 373 | 377 | 381 | 385 | 389 | |
| Profit after tax | 374 | 298 | 301 | 304 | 308 | 311 |
| Dividends | (55) | (44) | (45) | (45) | (46) | (46) |
| Balance sheet, year end | ||||||
| Cash | 401 | 610 | 826 | 1,049 | 1,278 | 1,514 |
| Working capital | 751 | 758 | 766 | 774 | 781 | 789 |
| Net block and other assets | 3,255 | 3,292 | 3,324 | 3,353 | 3,379 | 3,399 |
| Debt | 187 | 187 | 187 | 187 | 187 | 187 |
| Equity | 2,476 | 2,730 | 2,986 | 3,245 | 3,507 | 3,772 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 391 | 395 | 399 | 404 | 408 | |
| Investing (capex) | (138) | (135) | (132) | (129) | (126) | |
| Financing (dividends) | (44) | (45) | (45) | (46) | (46) | |
| Net change in cash | 209 | 216 | 223 | 229 | 236 | |
| Free cash flow to equity | 254 | 261 | 268 | 275 | 282 | |
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 | 1% | 11.1% | 11.00% | 5% | ₹577 | (67.8)% |
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.