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Model Note · KRYSTAL INTEGRATED SER L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KRYSTAL INTEGRATED SER L Discounted cash flow · base FY26
KRYSTAL INTEGRATED SER L
Value per share, this model₹468
CMP 2026-09-10₹614.00
Difference(23.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of KRYSTAL INTEGRATED SER 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
5.5% a year
FY26 5.3% · 5-yr CAGR —%
EBITDA margin
6.5%
FY26 6.5% · 5-yr average 6.5%
Depreciation · capex, % of revenue
0.9% · 1.2%, fading to 1.2× depreciation
FY26 0.9% · 1.2%
Working capital, % of added revenue · tax
27.7% · 14.3%
101 working-capital days · effective 14.3%
Discount rate
11.00%
1-yr beta 0.68
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹77 · ₹0 · ₹0 cr
FY26 net debt ₹77 cr
Shares
1.40 crore
1.40 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
1,277
1,348
1,422
1,500
1,582
1,669
growth %
5.3
5.5
5.5
5.5
5.5
5.5
EBITDA
84
88
92
97
103
109
Depreciation
(12)
(12)
(13)
(13)
(14)
(15)
NOPAT
61
65
68
72
76
80
less capex
(16)
(16)
(17)
(17)
(18)
(18)
less working-capital build
—
(19)
(21)
(22)
(23)
(24)
Free cash flow to firm
—
41
44
47
50
53
Present value
39
38
36
35
33
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 · KRYSTAL INTEGRATED SER L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
180
PV of the terminal value (75% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
485
524
571
629
701
10.5%
444
476
515
561
618
11.0%
408
436
468
506
551
11.5%
378
401
428
460
497
12.0%
351
371
394
421
451
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
