Models
KRYSTAL INTEGRATED SER LKRYSTALCommercial Services & Supplies
₹468per 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₹468implied FY26 P/E 10.0× · EV/EBITDA 8.7×
Against CMP ₹614.00−23.8%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3175%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
₹351₹701
52-week rangetraded range, a fact not a value
₹500₹696
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 180 |
| PV of terminal value | 550 |
| Enterprise value | 731 |
| less net debt | (77) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 654 |
| ÷ 1.40 crore shares | ₹468 |
75% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
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% | 485 | 524 | 571 | 629 | 701 |
| 10.50% | 444 | 476 | 515 | 561 | 618 |
| 11.00% | 408 | 436 | 468 | 506 | 551 |
| 11.50% | 378 | 401 | 428 | 460 | 497 |
| 12.00% | 351 | 371 | 394 | 421 | 451 |
The outlined cell is your model. Green figures sit above the CMP of ₹614.00; 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 | 357 · 464 · 584 |
| Draws below the CMP | 94% |
| Rank correlation with ebitda margin | +0.80 |
| Rank correlation with discount rate | −0.52 |
| Rank correlation with revenue growth | −0.23 |
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 | 1,027 | 1,213 | 1,277 | 1,348 | 1,422 | 1,500 | 1,582 | 1,669 |
| growth % | — | 18.1 | 5.3 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 |
| EBITDA | 69 | 78 | 84 | 88 | 92 | 97 | 103 | 109 |
| margin % | 6.7 | 6.4 | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 | 6.5 |
| less depreciation | (7) | (9) | (12) | (12) | (13) | (13) | (14) | (15) |
| EBIT | 62 | 69 | 72 | 75 | 80 | 84 | 89 | 93 |
| less tax on EBIT | (10) | (11) | (11) | (12) | (13) | (13) | ||
| NOPAT | 61 | 65 | 68 | 72 | 76 | 80 | ||
| add depreciation | 7 | 9 | 12 | 12 | 13 | 13 | 14 | 15 |
| less capex | (12) | (31) | (16) | (16) | (17) | (17) | (18) | (18) |
| less working-capital build | — | (19) | (21) | (22) | (23) | (24) | ||
| Free cash flow to firm | (10) | (64) | — | 41 | 44 | 47 | 50 | 53 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |||
| Present value | 39 | 38 | 36 | 35 | 33 |
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 111, dividends at 3.3% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 72 | 75 | 80 | 84 | 89 | 93 |
| Interest at 16.5% on debt | (18) | (18) | (18) | (18) | (18) | |
| Profit before tax | 57 | 61 | 66 | 70 | 75 | |
| Profit after tax | 64 | 49 | 53 | 56 | 60 | 64 |
| Dividends | (2) | (2) | (2) | (2) | (2) | (2) |
| Balance sheet, year end | ||||||
| Cash | 34 | 58 | 84 | 113 | 145 | 180 |
| Working capital | 354 | 374 | 394 | 416 | 439 | 463 |
| Net block and other assets | 454 | 458 | 462 | 465 | 469 | 472 |
| Debt | 111 | 111 | 111 | 111 | 111 | 111 |
| Equity | 499 | 547 | 597 | 652 | 710 | 772 |
| Balance check | 0 | 0 | 0 | (0) | (0) | 0 |
| Cash flow | ||||||
| From operations | 42 | 45 | 48 | 52 | 55 | |
| Investing (capex) | (16) | (17) | (17) | (18) | (18) | |
| Financing (dividends) | (2) | (2) | (2) | (2) | (2) | |
| Net change in cash | 24 | 26 | 29 | 32 | 35 | |
| Free cash flow to equity | 25 | 28 | 31 | 34 | 37 | |
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 | 5.5% | 6.5% | 11.00% | 5% | ₹468 | (23.8)% |
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.