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Model Note · KRISHNA DEF AND ALD IND L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KRISHNA DEF AND ALD IND L Discounted cash flow · base FY26
KRISHNA DEF AND ALD IND L
Value per share, this model₹715
CMP 2026-09-10₹1,074.90
Difference(33.5)%
Growth the CMP implies42.0%/yr
This note states the assumptions and the arithmetic of one model of KRISHNA DEF AND ALD IND L, 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
25.5% a year
FY26 25.6% · 5-yr CAGR —%
EBITDA margin
21.3%
FY26 21.3% · 5-yr average 21.3%
Depreciation · capex, % of revenue
1.7% · 0%, fading to 1.2× depreciation
FY26 1.7% · 0.0%
Working capital, % of added revenue · tax
18.1% · 25%
66 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 1.14
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(4) · ₹0 · ₹0 cr
FY26 net debt ₹(4) cr
Shares
1.49 crore
1.49 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
245
307
386
484
607
762
growth %
25.6
25.5
25.5
25.5
25.5
25.5
EBITDA
52
65
82
103
129
162
Depreciation
(4)
(5)
(7)
(8)
(10)
(13)
NOPAT
36
45
57
71
89
112
less capex
0
0
(2)
(5)
(9)
(16)
less working-capital build
—
(11)
(14)
(18)
(22)
(28)
Free cash flow to firm
—
39
47
57
68
81
Present value
37
40
44
47
51
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 · KRISHNA DEF AND ALD IND L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
219
PV of the terminal value (79% of EV)
845
Enterprise value
1,064
less net debt
4
less non-controlling interest
0
add non-operating investments
0
Equity value
1,068
÷ 1.49 crore shares
₹715
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
739
795
863
946
1,049
10.5%
680
727
782
848
930
11.0%
629
669
715
769
834
11.5%
586
619
658
703
757
12.0%
548
576
609
647
692
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
