KRONOX LAB SCIENCES LTD — valuation model

KRONOX LAB SCIENCES LTDKRONOXChemicals & Petrochemicals

₹93per share · Base Model Note

Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.

Scenario

Value per share, your model₹93implied FY26 P/E 12.0× · EV/EBITDA 10.1×

Against CMP ₹176.50−47.1%close of 2026-09-20

Growth the CMP implies20.8%revenue, a year for 5 years, on your other inputs

Value after FY3174%share of enterprise value in the terminal

This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.

Where the methods land · ₹ per share · the dashed line is the CMP

DCF, rate ±1 · growth ±1your model across the sensitivity grid

₹73₹134

52-week rangetraded range, a fact not a value

₹96₹223

From enterprise to equity · ₹ crore

PV of FY27–FY31 free cash flow	91
PV of terminal value	254
Enterprise value	346
less net debt	1
less non-controlling interest	0
add non-operating investments	0
Equity value	347
÷ 3.71 crore shares	₹93

Free cash flow, filed and modelled · ₹ '000 crore

Filed, cash from operations − capexModelled free cash flow to firm

Sensitivity · ₹ per share

Down Across

WACC ↓terminal growth →	4.0%	4.5%	5.0%	5.5%	6.0%
10.00%	96	103	111	121	134
10.50%	89	95	102	110	119
11.00%	83	88	93	100	108
11.50%	78	82	86	92	98
12.00%	73	77	81	85	91

The outlined cell is your model. Green figures sit above the CMP of ₹176.50; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.

Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together

10th · 50th · 90th percentile, ₹ per share	79 · 93 · 109
Draws below the CMP	100%
Rank correlation with discount rate	−0.72
Rank correlation with ebitda margin	+0.66
Rank correlation with revenue growth	+0.04

Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.

Projected cash flow to the firm · ₹ crore

History Forward

₹ crore	FY24	FY25	FY26	FY27	FY28	FY29	FY30	FY31
Revenue	90	100	101	102	103	104	105	106
growth %	—	11.5	1.0	1.0	1.0	1.0	1.0	1.0
EBITDA	28	33	34	35	35	35	36	36
margin %	31.5	33.1	33.9	33.9	33.9	33.9	33.9	33.9
less depreciation	(1)	(1)	(2)	(2)	(2)	(2)	(2)	(2)
EBIT	27	32	32	33	33	33	34	34
less tax on EBIT			(8)	(8)	(9)	(9)	(9)	(9)
NOPAT			24	24	24	25	25	25
add depreciation	1	1	2	2	2	2	2	2
less capex	(12)	(3)	(3)	(3)	(3)	(3)	(3)	(3)
less working-capital build			—	(0)	(0)	(0)	(0)	(0)
Free cash flow to firm	5	29	—	23	23	24	24	24
Discount factor				0.949	0.855	0.770	0.694	0.625
Present value				21	20	18	17	15

History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.

The three statements, projected · ₹ crore · debt held at 2, dividends at 6.7% of profit

₹ crore	FY26	FY27	FY28	FY29	FY30	FY31
Income statement
EBIT	32	33	33	33	34	34
Interest at 7.1% on debt		(0)	(0)	(0)	(0)	(0)
Profit before tax		32	33	33	33	34
Profit after tax	28	24	24	25	25	25
Dividends	(2)	(2)	(2)	(2)	(2)	(2)
Balance sheet, year end
Cash	3	24	45	67	89	112
Working capital	23	23	23	24	24	24
Net block and other assets	102	103	104	105	106	106
Debt	2	2	2	2	2	2
Equity	116	139	161	184	207	231
Balance check	0	(0)	(0)	(0)	(0)	(0)
Cash flow
From operations		26	26	26	27	27
Investing (capex)		(3)	(3)	(3)	(3)	(3)
Financing (dividends)		(2)	(2)	(2)	(2)	(2)
Net change in cash		21	21	22	22	23
Free cash flow to equity		23	23	23	24	24

Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.

Scenarios side by side · ₹ per share

Scenario	Template	Growth	Margin	Rate	Terminal	₹ / share	vs CMP
Base · editing	DCF	1%	33.9%	11.00%	5%	₹93	(47.1)%

A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.