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Model Note · KSH INTERNATIONAL LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KSH INTERNATIONAL LIMITED Discounted cash flow · base FY26
KSH INTERNATIONAL LIMITED
Value per share, this model₹138
CMP 2026-09-10₹1,172.00
Difference(88.2)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of KSH INTERNATIONAL LIMITED, 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
8% a year
FY26 —% · 5-yr CAGR —%
EBITDA margin
6.1%
FY26 6.1% · 5-yr average 6.1%
Depreciation · capex, % of revenue
0.7% · 5.2%, fading to 1.2× depreciation
FY26 0.7% · 5.2%
Working capital, % of added revenue · tax
20.4% · 24.5%
75 working-capital days · effective 24.5%
Discount rate
11.00%
1-yr beta 1.06
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹244 · ₹0 · ₹0 cr
FY26 net debt ₹244 cr
Shares
6.78 crore
6.78 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
3,107
3,356
3,624
3,914
4,227
4,565
growth %
—
8.0
8.0
8.0
8.0
8.0
EBITDA
190
205
221
239
258
278
Depreciation
(22)
(23)
(25)
(27)
(30)
(32)
NOPAT
127
137
148
160
172
186
less capex
(163)
(174)
(149)
(118)
(82)
(38)
less working-capital build
—
(51)
(55)
(59)
(64)
(69)
Free cash flow to firm
—
(65)
(31)
10
56
111
Present value
(62)
(26)
7
39
69
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 · KSH INTERNATIONAL LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
28
PV of the terminal value (98% of EV)
1,150
Enterprise value
1,178
less net debt
(244)
less non-controlling interest
0
add non-operating investments
0
Equity value
934
÷ 6.78 crore shares
₹138
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
145
162
182
207
238
10.5%
127
141
158
178
202
11.0%
112
124
138
154
174
11.5%
99
109
121
135
151
12.0%
88
97
107
118
131
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
