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Model Note · KOVALAM INVESTMENT & TRADING C · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KOVALAM INVESTMENT & TRADING C Discounted cash flow · base FY26
KOVALAM INVESTMENT & TRADING C
Value per share, this model₹164
CMP 2026-03-17₹14.13
Difference1063.1%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of KOVALAM INVESTMENT & TRADING C, 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% a year
FY26 15.0% · 5-yr CAGR (10.9)%
EBITDA margin
73.7%
FY26 73.7% · 5-yr average 86.0%
Depreciation · capex, % of revenue
0% · 0%, fading to 1.2× depreciation
FY26 0.0% · 0.0%
Working capital, % of added revenue · tax
0% · 27.7%
0 working-capital days · effective 27.7%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(1) · ₹0 · ₹0 cr
FY26 net debt ₹(1) cr
Shares
0.22 crore
0.22 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
3
3
4
4
5
growth %
15.0
15.0
15.0
15.0
15.0
15.0
EBITDA
2
2
2
3
3
4
Depreciation
0
0
0
0
0
0
NOPAT
1
2
2
2
2
3
less capex
0
0
0
0
0
0
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
2
2
2
2
3
Present value
1
2
2
2
2
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 · KOVALAM INVESTMENT & TRADING C · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
8
PV of the terminal value (78% of EV)
28
Enterprise value
36
less net debt
1
less non-controlling interest
0
add non-operating investments
0
Equity value
37
÷ 0.22 crore shares
₹164
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
170
182
197
215
238
10.5%
157
167
179
194
212
11.0%
145
154
164
176
191
11.5%
136
143
152
162
174
12.0%
127
134
141
149
159
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
