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Model Note · KRISHANVEER FORGE LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KRISHANVEER FORGE LIMITED Discounted cash flow · base FY26
KRISHANVEER FORGE LIMITED
Value per share, this model₹166
CMP 2026-09-10₹131.05
Difference26.4%
Growth the CMP implies(1.3)%/yr
This note states the assumptions and the arithmetic of one model of KRISHANVEER FORGE 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
8% a year
FY26 7.9% · 5-yr CAGR 17.2%
EBITDA margin
16.6%
FY26 16.6% · 5-yr average 9.9%
Depreciation · capex, % of revenue
1.8% · 0.4%, fading to 1.2× depreciation
FY26 1.8% · 0.4%
Working capital, % of added revenue · tax
19.5% · 21.9%
71 working-capital days · effective 21.9%
Discount rate
11.00%
1-yr beta 0.52
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(2) · ₹0 · ₹0 cr
FY26 net debt ₹(2) cr
Shares
1.09 crore
1.09 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
89
96
104
112
121
131
growth %
7.9
8.0
8.0
8.0
8.0
8.0
EBITDA
15
16
17
19
20
22
Depreciation
(2)
(2)
(2)
(2)
(2)
(2)
NOPAT
10
11
12
13
14
15
less capex
(0)
(0)
(1)
(1)
(2)
(3)
less working-capital build
—
(1)
(2)
(2)
(2)
(2)
Free cash flow to firm
—
11
12
12
12
13
Present value
11
10
9
9
8
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 · KRISHANVEER FORGE LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
46
PV of the terminal value (74% of EV)
133
Enterprise value
179
less net debt
2
less non-controlling interest
0
add non-operating investments
0
Equity value
181
÷ 1.09 crore shares
₹166
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
171
183
198
215
238
10.5%
158
168
180
194
212
11.0%
147
156
166
177
191
11.5%
138
145
153
163
174
12.0%
130
136
143
151
160
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
