Models
KS Smart Technologies LimitedBSE 516038IT - Services
₹90per 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₹90implied FY26 P/E —× · EV/EBITDA 14.0×
Against CMP ₹114.00−21.2%close of 2026-09-10
Growth the CMP implies13.2%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
₹67₹135
52-week rangetraded range, a fact not a value
₹72₹291
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 414 |
| PV of terminal value | 1,262 |
| Enterprise value | 1,677 |
| less net debt | (202) |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 1,475 |
| ÷ 16.41 crore shares | ₹90 |
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% | 93 | 101 | 110 | 121 | 135 |
| 10.50% | 85 | 92 | 99 | 108 | 119 |
| 11.00% | 78 | 84 | 90 | 97 | 106 |
| 11.50% | 72 | 77 | 82 | 88 | 96 |
| 12.00% | 67 | 71 | 75 | 81 | 87 |
The outlined cell is your model. Green figures sit above the CMP of ₹114.00; 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 | 73 · 89 · 110 |
| Draws below the CMP | 94% |
| Rank correlation with discount rate | −0.66 |
| Rank correlation with ebitda margin | +0.55 |
| Rank correlation with revenue growth | +0.44 |
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 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Revenue | 1,312 | 1,417 | 1,530 | 1,653 | 1,785 | 1,928 |
| growth % | — | 8.0 | 8.0 | 8.0 | 8.0 | 8.0 |
| EBITDA | 120 | 129 | 139 | 150 | 162 | 175 |
| margin % | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 | 9.1 |
| less depreciation | (5) | (6) | (6) | (7) | (7) | (8) |
| EBIT | 115 | 123 | 133 | 144 | 155 | 168 |
| less tax on EBIT | (31) | (33) | (35) | (38) | (41) | (45) |
| NOPAT | 85 | 90 | 98 | 106 | 114 | 123 |
| add depreciation | 5 | 6 | 6 | 7 | 7 | 8 |
| less capex | (1) | (1) | (3) | (5) | (7) | (9) |
| less working-capital build | — | 0 | 0 | 0 | 0 | 0 |
| Free cash flow to firm | — | 95 | 101 | 107 | 114 | 122 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | |
| Present value | 90 | 86 | 83 | 79 | 76 |
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 202, dividends at 0% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 115 | 123 | 133 | 144 | 155 | 168 |
| Interest at 13.2% on debt | (27) | (27) | (27) | (27) | (27) | |
| Profit before tax | 97 | 106 | 117 | 129 | 141 | |
| Profit after tax | 75 | 71 | 78 | 86 | 94 | 103 |
| Dividends | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance sheet, year end | ||||||
| Cash | 0 | 75 | 156 | 244 | 339 | 441 |
| Working capital | (168) | (168) | (168) | (168) | (168) | (168) |
| Net block and other assets | 1,902 | 1,898 | 1,895 | 1,893 | 1,892 | 1,894 |
| Debt | 202 | 202 | 202 | 202 | 202 | 202 |
| Equity | 295 | 366 | 444 | 530 | 624 | 728 |
| Balance check | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash flow | ||||||
| From operations | 77 | 84 | 93 | 102 | 111 | |
| Investing (capex) | (1) | (3) | (5) | (7) | (9) | |
| Financing (dividends) | 0 | 0 | 0 | 0 | 0 | |
| Net change in cash | 75 | 81 | 88 | 95 | 102 | |
| Free cash flow to equity | 75 | 81 | 88 | 95 | 102 | |
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 | 8% | 9.1% | 11.00% | 5% | ₹90 | (21.2)% |
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.