Models
KPIT TECHNOLOGIES LIMITEDKPITTECHIT - Software
₹478per 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₹478implied FY26 P/E 22.3× · EV/EBITDA 10.2×
Against CMP ₹553.75−13.7%close of 2026-09-10
Growth the CMP implies16.6%revenue, a year for 5 years, on your other inputs
Value after FY3173%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
₹381₹671
52-week rangetraded range, a fact not a value
₹543₹1,328
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 3,278 |
| PV of terminal value | 8,883 |
| Enterprise value | 12,161 |
| less net debt | 856 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 13,017 |
| ÷ 27.24 crore shares | ₹478 |
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% | 492 | 525 | 564 | 611 | 671 |
| 10.50% | 458 | 485 | 517 | 555 | 602 |
| 11.00% | 429 | 451 | 478 | 509 | 547 |
| 11.50% | 403 | 422 | 445 | 471 | 502 |
| 12.00% | 381 | 397 | 417 | 438 | 464 |
The outlined cell is your model. Green figures sit above the CMP of ₹553.75; 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 | 389 · 474 · 576 |
| Draws below the CMP | 84% |
| Rank correlation with ebitda margin | +0.75 |
| Rank correlation with discount rate | −0.53 |
| Rank correlation with revenue growth | +0.29 |
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 | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,365 | 4,872 | 5,842 | 6,455 | 7,133 | 7,882 | 8,709 | 9,624 | 10,634 |
| growth % | 38.3 | 44.8 | 19.9 | 10.5 | 10.5 | 10.5 | 10.5 | 10.5 | 10.5 |
| EBITDA | 633 | 991 | 1,230 | 1,198 | 1,327 | 1,466 | 1,620 | 1,790 | 1,978 |
| margin % | 18.8 | 20.3 | 21.0 | 18.6 | 18.6 | 18.6 | 18.6 | 18.6 | 18.6 |
| less depreciation | (146) | (196) | (225) | (301) | (335) | (370) | (409) | (452) | (500) |
| EBIT | 487 | 796 | 1,005 | 898 | 991 | 1,096 | 1,211 | 1,338 | 1,478 |
| less tax on EBIT | (232) | (256) | (283) | (312) | (345) | (381) | |||
| NOPAT | 666 | 736 | 813 | 898 | 993 | 1,097 | |||
| add depreciation | 146 | 196 | 225 | 301 | 335 | 370 | 409 | 452 | 500 |
| less capex | (129) | (155) | (130) | (143) | (157) | (241) | (341) | (460) | (600) |
| less working-capital build | — | (95) | (105) | (116) | (128) | (141) | |||
| Free cash flow to firm | 333 | 846 | 1,260 | — | 819 | 837 | 850 | 857 | 855 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 777 | 716 | 655 | 595 | 535 |
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 462, dividends at 35.2% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 898 | 991 | 1,096 | 1,211 | 1,338 | 1,478 |
| Interest at 8% on debt | (37) | (37) | (37) | (37) | (37) | |
| Profit before tax | 954 | 1,059 | 1,174 | 1,301 | 1,441 | |
| Profit after tax | 637 | 708 | 785 | 871 | 965 | 1,069 |
| Dividends | (224) | (249) | (276) | (307) | (340) | (376) |
| Balance sheet, year end | ||||||
| Cash | 1,318 | 1,861 | 2,394 | 2,911 | 3,400 | 3,852 |
| Working capital | 902 | 997 | 1,102 | 1,218 | 1,346 | 1,487 |
| Net block and other assets | 5,036 | 4,858 | 4,728 | 4,661 | 4,668 | 4,768 |
| Debt | 462 | 462 | 462 | 462 | 462 | 462 |
| Equity | 3,549 | 4,008 | 4,517 | 5,081 | 5,706 | 6,399 |
| Balance check | 0 | (0) | (0) | (0) | (0) | (0) |
| Cash flow | ||||||
| From operations | 949 | 1,051 | 1,164 | 1,289 | 1,428 | |
| Investing (capex) | (157) | (241) | (341) | (460) | (600) | |
| Financing (dividends) | (249) | (276) | (307) | (340) | (376) | |
| Net change in cash | 542 | 533 | 516 | 490 | 452 | |
| Free cash flow to equity | 792 | 810 | 823 | 829 | 828 | |
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 | 10.5% | 18.6% | 11.00% | 5% | ₹478 | (13.7)% |
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.