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Model Note · KOVAI MEDICAL CENTER & HO · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KOVAI MEDICAL CENTER & HO Discounted cash flow · base FY26
KOVAI MEDICAL CENTER & HO
Value per share, this model₹4,926
CMP 2026-09-10₹6,205.00
Difference(20.6)%
Growth the CMP implies21.1%/yr
This note states the assumptions and the arithmetic of one model of KOVAI MEDICAL CENTER & HO, 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
15.5% a year
FY26 15.6% · 5-yr CAGR 18.1%
EBITDA margin
27.7%
FY26 27.7% · 5-yr average 27.7%
Depreciation · capex, % of revenue
6.9% · 15.9%, fading to 1.2× depreciation
FY26 6.9% · 15.9%
Working capital, % of added revenue · tax
2.1% · 24.9%
8 working-capital days · effective 24.9%
Discount rate
11.00%
1-yr beta 0.42
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹306 · ₹0 · ₹0 cr
FY26 net debt ₹306 cr
Shares
1.09 crore
1.09 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
1,586
1,831
2,115
2,443
2,822
3,259
growth %
15.6
15.5
15.5
15.5
15.5
15.5
EBITDA
439
507
586
677
782
903
Depreciation
(109)
(126)
(146)
(169)
(195)
(225)
NOPAT
247
286
330
382
441
509
less capex
(252)
(291)
(296)
(295)
(287)
(270)
less working-capital build
—
(5)
(6)
(7)
(8)
(9)
Free cash flow to firm
—
116
174
248
340
455
Present value
110
149
191
236
284
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 · KOVAI MEDICAL CENTER & HO · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
971
PV of the terminal value (83% of EV)
4,725
Enterprise value
5,696
less net debt
(306)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,390
÷ 1.09 crore shares
₹4,926
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
5,107
5,537
6,053
6,684
7,473
10.5%
4,658
5,015
5,438
5,945
6,565
11.0%
4,274
4,575
4,926
5,341
5,839
11.5%
3,941
4,198
4,493
4,838
5,246
12.0%
3,652
3,872
4,123
4,414
4,753
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
