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Model Note · KNR CONSTRU LTD. · 9 October 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KNR CONSTRU LTD. Discounted cash flow · base FY26
KNR CONSTRU LTD.
Value per share, this model₹153
CMP, 8 Oct 2026₹111.40
Difference37.6%
Growth the CMP implies(11.0)%/yr
This note states the assumptions and the arithmetic of one model of KNR CONSTRU 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 (43.2)% · 5-yr CAGR (1.5)%
EBITDA margin
26.4%
FY26 26.4% · 5-yr average 25.6%
Depreciation · capex, % of revenue
2.2% · 0.5%, fading to 1.2× depreciation
FY26 2.2% · 0.5%
Working capital, % of added revenue · tax
24.4% · 17%
89 working-capital days · effective 17.0%
Discount rate
11.00%
1-yr beta 1.22
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹2,251 · ₹0 · ₹0 cr
FY26 net debt ₹2,251 cr
Shares
28.12 crore
28.12 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
2,698
2,563
2,435
2,313
2,198
2,088
growth %
(43.2)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
711
677
643
611
580
551
Depreciation
(59)
(56)
(54)
(51)
(48)
(46)
NOPAT
541
515
489
465
441
419
less capex
(14)
(13)
(25)
(36)
(46)
(55)
less working-capital build
—
33
31
30
28
27
Free cash flow to firm
—
591
549
509
472
437
Present value
561
469
392
327
273
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 · KNR CONSTRU LTD. · 9 October 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,023
PV of the terminal value (69% of EV)
4,538
Enterprise value
6,561
less net debt
(2,251)
less non-controlling interest
0
add non-operating investments
0
Equity value
4,310
÷ 28.12 crore shares
₹153
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
161
177
196
219
249
10.5%
143
157
173
192
215
11.0%
129
140
153
169
187
11.5%
116
126
137
150
165
12.0%
105
113
123
134
146
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
