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Model Note · KSOLVES INDIA LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
KSOLVES INDIA LIMITED Discounted cash flow · base FY26
KSOLVES INDIA LIMITED
Value per share, this model₹379
CMP 2026-09-10₹260.00
Difference45.8%
Growth the CMP implies6.8%/yr
This note states the assumptions and the arithmetic of one model of KSOLVES INDIA 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
18.5% a year
FY26 18.4% · 5-yr CAGR —%
EBITDA margin
29.7%
FY26 29.7% · 5-yr average 37.3%
Depreciation · capex, % of revenue
2% · 1%, fading to 1.2× depreciation
FY26 2.0% · 1.0%
Working capital, % of added revenue · tax
18.7% · 23.9%
68 working-capital days · effective 23.9%
Discount rate
11.00%
1-yr beta 1.35
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(5) · ₹0 · ₹0 cr
FY26 net debt ₹(5) cr
Shares
2.37 crore
2.37 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
163
193
228
271
321
380
growth %
18.4
18.5
18.5
18.5
18.5
18.5
EBITDA
48
57
68
80
95
113
Depreciation
(3)
(4)
(5)
(5)
(6)
(8)
NOPAT
34
41
48
57
68
80
less capex
(2)
(2)
(3)
(5)
(7)
(9)
less working-capital build
—
(6)
(7)
(8)
(9)
(11)
Free cash flow to firm
—
37
43
50
58
68
Present value
35
37
38
40
42
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 · KSOLVES INDIA LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
193
PV of the terminal value (78% of EV)
701
Enterprise value
894
less net debt
5
less non-controlling interest
0
add non-operating investments
0
Equity value
899
÷ 2.37 crore shares
₹379
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
392
421
456
500
554
10.5%
361
385
414
449
491
11.0%
334
355
379
407
441
11.5%
311
329
349
373
401
12.0%
291
307
324
344
367
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
