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Model Note · KPIT TECHNOLOGIES LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KPIT TECHNOLOGIES LIMITED Discounted cash flow · base FY26
KPIT TECHNOLOGIES LIMITED
Value per share, this model₹478
CMP 2026-09-10₹553.75
Difference(13.7)%
Growth the CMP implies16.6%/yr
This note states the assumptions and the arithmetic of one model of KPIT TECHNOLOGIES LIMITED, 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
10.5% a year
FY26 10.5% · 5-yr CAGR 26.0%
EBITDA margin
18.6%
FY26 18.6% · 5-yr average 19.4%
Depreciation · capex, % of revenue
4.7% · 2.2%, fading to 1.2× depreciation
FY26 4.7% · 2.2%
Working capital, % of added revenue · tax
14% · 25.8%
51 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.03
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(856) · ₹0 · ₹0 cr
FY26 net debt ₹(856) cr
Shares
27.24 crore
27.24 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
6,455
7,133
7,882
8,709
9,624
10,634
growth %
10.5
10.5
10.5
10.5
10.5
10.5
EBITDA
1,198
1,327
1,466
1,620
1,790
1,978
Depreciation
(301)
(335)
(370)
(409)
(452)
(500)
NOPAT
666
736
813
898
993
1,097
less capex
(143)
(157)
(241)
(341)
(460)
(600)
less working-capital build
—
(95)
(105)
(116)
(128)
(141)
Free cash flow to firm
—
819
837
850
857
855
Present value
777
716
655
595
535
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 · KPIT TECHNOLOGIES LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
3,278
PV of the terminal value (73% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
492
525
564
611
671
10.5%
458
485
517
555
602
11.0%
429
451
478
509
547
11.5%
403
422
445
471
502
12.0%
381
397
417
438
464
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
