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Model Note · KSE LTD. · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KSE LTD. Discounted cash flow · base FY26
KSE LTD.
Value per share, this model₹343
CMP 2026-09-10₹177.76
Difference92.9%
Growth the CMP implies(20.0)%/yr
This note states the assumptions and the arithmetic of one model of KSE LTD., 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
2% a year
FY26 1.9% · 5-yr CAGR 1.7%
EBITDA margin
6.5%
FY26 6.5% · 5-yr average 3.2%
Depreciation · capex, % of revenue
0.5% · 0.5%, fading to 1.2× depreciation
FY26 0.5% · 0.5%
Working capital, % of added revenue · tax
8% · 26.3%
29 working-capital days · effective 26.3%
Discount rate
11.00%
1-yr beta —
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(3) · ₹0 · ₹0 cr
FY26 net debt ₹(3) cr
Shares
3.20 crore
3.20 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
1,680
1,714
1,748
1,783
1,819
1,855
growth %
1.9
2.0
2.0
2.0
2.0
2.0
EBITDA
109
111
114
116
118
121
Depreciation
(8)
(9)
(9)
(9)
(9)
(9)
NOPAT
75
76
77
79
80
82
less capex
(8)
(9)
(9)
(10)
(10)
(11)
less working-capital build
—
(3)
(3)
(3)
(3)
(3)
Free cash flow to firm
—
73
74
75
76
77
Present value
69
63
58
53
48
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 · KSE LTD. · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
292
PV of the terminal value (73% of EV)
803
Enterprise value
1,094
less net debt
3
less non-controlling interest
0
add non-operating investments
0
Equity value
1,097
÷ 3.20 crore shares
₹343
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
354
379
409
446
491
10.5%
328
348
373
402
438
11.0%
305
323
343
367
396
11.5%
286
300
318
338
361
12.0%
268
281
296
313
332
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
