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Model Note · KRBL LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KRBL LIMITED Discounted cash flow · base FY26
KRBL LIMITED
Value per share, this model₹231
CMP 2026-09-10₹420.70
Difference(45.0)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of KRBL 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
9% a year
FY26 9.0% · 5-yr CAGR 8.8%
EBITDA margin
14.8%
FY26 14.8% · 5-yr average 15.0%
Depreciation · capex, % of revenue
1.5% · 1.1%, fading to 1.2× depreciation
FY26 1.5% · 1.1%
Working capital, % of added revenue · tax
66.2% · 25.8%
242 working-capital days · effective 25.8%
Discount rate
11.00%
1-yr beta 1.33
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹60 · ₹0 · ₹0 cr
FY26 net debt ₹60 cr
Shares
22.89 crore
22.89 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
6,098
6,647
7,245
7,897
8,608
9,382
growth %
9.0
9.0
9.0
9.0
9.0
9.0
EBITDA
902
984
1,072
1,169
1,274
1,389
Depreciation
(91)
(100)
(109)
(118)
(129)
(141)
NOPAT
602
656
715
779
849
926
less capex
(68)
(73)
(92)
(115)
(140)
(169)
less working-capital build
—
(363)
(396)
(432)
(470)
(513)
Free cash flow to firm
—
319
335
352
368
385
Present value
303
287
271
256
241
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 · KRBL LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,357
PV of the terminal value (75% of EV)
3,997
Enterprise value
5,354
less net debt
(60)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,294
÷ 22.89 crore shares
₹231
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
239
256
277
303
335
10.5%
221
235
252
273
298
11.0%
205
217
231
248
268
11.5%
191
202
214
228
244
12.0%
179
188
199
210
224
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
