KN AGRI RESOURCES LIMITED — valuation model

KN AGRI RESOURCES LIMITEDKNAGRIAgricultural Food & other Products

₹114per 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₹114implied FY26 P/E 6.3× · EV/EBITDA 6.2×

Against CMP ₹193.05−40.8%close of 2026-09-10

Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs

Value after FY3183%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

₹84₹176

52-week rangetraded range, a fact not a value

₹148₹244

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	55
PV of terminal value	260
Enterprise value	315
less net debt	(29)
less non-controlling interest	0
add non-operating investments	0
Equity value	286
÷ 2.50 crore shares	₹114

83% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.

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%	119	129	141	157	176
10.50%	108	116	127	139	154
11.00%	99	106	114	124	136
11.50%	91	97	104	112	122
12.00%	84	89	95	102	110

The outlined cell is your model. Green figures sit above the CMP of ₹193.05; 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	80 · 113 · 149
Draws below the CMP	100%
Rank correlation with ebitda margin	+0.74
Rank correlation with revenue growth	−0.46
Rank correlation with discount rate	−0.45

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	FY25	FY26	FY27	FY28	FY29	FY30	FY31
Revenue	1,725	1,814	1,905	2,000	2,100	2,205	2,315
growth %	—	5.2	5.0	5.0	5.0	5.0	5.0
EBITDA	61	51	53	56	59	62	65
margin %	3.5	2.8	2.8	2.8	2.8	2.8	2.8
less depreciation	(3)	(3)	(4)	(4)	(4)	(4)	(5)
EBIT	57	47	50	52	55	57	60
less tax on EBIT		(13)	(14)	(15)	(15)	(16)	(17)
NOPAT		34	36	37	39	41	43
add depreciation	3	3	4	4	4	4	5
less capex	(10)	(18)	(19)	(16)	(13)	(9)	(6)
less working-capital build		—	(14)	(15)	(16)	(17)	(17)
Free cash flow to firm	(12)	—	6	10	15	20	25
Discount factor			0.949	0.855	0.770	0.694	0.625
Present value			6	9	11	14	16

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 34, dividends at 0% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	47	50	52	55	57	60
Interest at 8% on debt		(3)	(3)	(3)	(3)	(3)
Profit before tax		47	49	52	55	57
Profit after tax	32	34	35	37	39	41
Dividends	0	0	0	0	0	0
Balance sheet, year end
Cash	5	10	18	31	48	71
Working capital	287	302	317	332	349	366
Net block and other assets	141	156	168	177	182	183
Debt	34	34	34	34	34	34
Equity	385	418	454	491	531	572
Balance check	0	0	0	0	(0)	0
Cash flow
From operations		23	24	26	27	29
Investing (capex)		(19)	(16)	(13)	(9)	(6)
Financing (dividends)		0	0	0	0	0
Net change in cash		4	8	13	18	23
Free cash flow to equity		4	8	13	18	23

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	5%	2.8%	11.00%	5%	₹114	(40.8)%

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.