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Model Note · KIRLOSKAR INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KIRLOSKAR INDUSTRIES LTD Discounted cash flow · base FY26
KIRLOSKAR INDUSTRIES LTD
Value per share, this model₹4,615
CMP 2026-09-10₹3,835.00
Difference20.4%
Growth the CMP implies(9.6)%/yr
This note states the assumptions and the arithmetic of one model of KIRLOSKAR INDUSTRIES LTD, 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
5% a year
FY26 5.0% · 5-yr CAGR 27.6%
EBITDA margin
12.1%
FY26 12.1% · 5-yr average 13.7%
Depreciation · capex, % of revenue
3.9% · 6.5%, fading to 1.2× depreciation
FY26 3.9% · 6.5%
Working capital, % of added revenue · tax
15.5% · 31.4%
57 working-capital days · effective 31.4%
Discount rate
11.00%
1-yr beta 1.5
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(97) · ₹0 · ₹0 cr
FY26 net debt ₹(97) cr
Shares
1.05 crore
1.05 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
6,939
7,286
7,650
8,032
8,434
8,856
growth %
5.0
5.0
5.0
5.0
5.0
5.0
EBITDA
839
882
926
972
1,021
1,072
Depreciation
(272)
(284)
(298)
(313)
(329)
(345)
NOPAT
389
410
430
452
474
498
less capex
(451)
(474)
(462)
(449)
(433)
(414)
less working-capital build
—
(54)
(56)
(59)
(62)
(65)
Free cash flow to firm
—
167
210
257
308
364
Present value
158
179
198
214
227
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 · KIRLOSKAR INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
977
PV of the terminal value (79% of EV)
3,777
Enterprise value
4,754
less net debt
97
less non-controlling interest
0
add non-operating investments
0
Equity value
4,851
÷ 1.05 crore shares
₹4,615
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
4,769
5,127
5,557
6,082
6,739
10.5%
4,394
4,691
5,043
5,465
5,981
11.0%
4,073
4,323
4,615
4,961
5,375
11.5%
3,795
4,008
4,254
4,541
4,881
12.0%
3,552
3,736
3,945
4,187
4,469
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
