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Model Note · KPR MILL LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KPR MILL LTD. Discounted cash flow · base FY26
KPR MILL LTD.
Value per share, this model₹318
CMP 2026-09-10₹1,111.00
Difference(71.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of KPR MILL 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
4% a year
FY26 4.1% · 5-yr CAGR 13.5%
EBITDA margin
19.1%
FY26 19.1% · 5-yr average 21.0%
Depreciation · capex, % of revenue
3.2% · 4.7%, fading to 1.2× depreciation
FY26 3.2% · 4.7%
Working capital, % of added revenue · tax
33.9% · 23.6%
124 working-capital days · effective 23.6%
Discount rate
11.00%
1-yr beta 0.78
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹532 · ₹0 · ₹0 cr
FY26 net debt ₹532 cr
Shares
34.18 crore
34.18 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
6,650
6,916
7,193
7,481
7,780
8,091
growth %
4.1
4.0
4.0
4.0
4.0
4.0
EBITDA
1,267
1,321
1,374
1,429
1,486
1,545
Depreciation
(216)
(221)
(230)
(239)
(249)
(259)
NOPAT
803
840
874
909
945
983
less capex
(315)
(325)
(323)
(319)
(315)
(311)
less working-capital build
—
(90)
(94)
(98)
(101)
(105)
Free cash flow to firm
—
646
688
731
777
826
Present value
613
588
563
539
516
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 · KPR MILL LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,820
PV of the terminal value (75% of EV)
8,574
Enterprise value
11,394
less net debt
(532)
less non-controlling interest
0
add non-operating investments
0
Equity value
10,862
÷ 34.18 crore shares
₹318
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
329
354
384
420
466
10.5%
302
323
348
377
413
11.0%
280
297
318
342
371
11.5%
260
275
292
313
336
12.0%
243
256
271
288
307
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
