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Model Note · KIRLOSKAR PNEUMATIC COM L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KIRLOSKAR PNEUMATIC COM L Discounted cash flow · base FY26
KIRLOSKAR PNEUMATIC COM L
Value per share, this model₹612
CMP 2026-09-10₹719.00
Difference(14.8)%
Growth the CMP implies18.1%/yr
This note states the assumptions and the arithmetic of one model of KIRLOSKAR PNEUMATIC COM L, 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
9% a year
FY26 8.9% · 5-yr CAGR —%
EBITDA margin
19.2%
FY26 19.2% · 5-yr average 18.4%
Depreciation · capex, % of revenue
1.8% · 3.7%, fading to 1.2× depreciation
FY26 1.8% · 3.7%
Working capital, % of added revenue · tax
27% · 24.7%
99 working-capital days · effective 24.7%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(111) · ₹0 · ₹0 cr
FY26 net debt ₹(111) cr
Shares
6.50 crore
6.50 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
1,787
1,948
2,123
2,314
2,522
2,749
growth %
8.9
9.0
9.0
9.0
9.0
9.0
EBITDA
343
374
408
444
484
528
Depreciation
(32)
(35)
(38)
(42)
(45)
(49)
NOPAT
234
255
278
303
330
360
less capex
(66)
(72)
(70)
(68)
(64)
(59)
less working-capital build
—
(43)
(47)
(52)
(56)
(61)
Free cash flow to firm
—
175
199
225
255
289
Present value
166
170
174
177
181
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 PNEUMATIC COM L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
867
PV of the terminal value (78% of EV)
3,002
Enterprise value
3,869
less net debt
111
less non-controlling interest
0
add non-operating investments
0
Equity value
3,980
÷ 6.50 crore shares
₹612
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
632
678
733
801
885
10.5%
584
622
667
722
788
11.0%
543
575
612
657
710
11.5%
507
534
566
603
646
12.0%
476
499
526
557
593
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
