STOVE KRAFT LIMITED — valuation model

STOVE KRAFT LIMITEDSTOVEKRAFTConsumer Durables

₹512per 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₹512implied FY21 P/E —× · EV/EBITDA 15.2×

Against CMP ₹819.00−37.4%close of 2026-09-10

Growth the CMP implies21.2%revenue, a year for 5 years, on your other inputs

Value after FY2681%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

₹388₹760

52-week rangetraded range, a fact not a value

₹447₹877

From enterprise to equity · ₹ crore

PV of FY22–FY26 free cash flow	327
PV of terminal value	1,390
Enterprise value	1,717
less net debt	(21)
less non-controlling interest	0
add non-operating investments	0
Equity value	1,696
÷ 3.31 crore shares	₹512

81% of the value sits after FY26. 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%	530	572	622	684	760
10.50%	486	521	562	612	672
11.00%	449	478	512	553	601
11.50%	417	442	470	504	543
12.00%	388	410	434	462	495

The outlined cell is your model. Green figures sit above the CMP of ₹819.00; 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	418 · 509 · 622
Draws below the CMP	100%
Rank correlation with ebitda margin	+0.64
Rank correlation with discount rate	−0.64
Rank correlation with revenue growth	+0.34

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	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	859	928	1,002	1,082	1,169	1,262
growth %	—	8.0	8.0	8.0	8.0	8.0
EBITDA	113	122	132	143	154	167
margin %	13.2	13.2	13.2	13.2	13.2	13.2
less depreciation	(14)	(16)	(17)	(18)	(20)	(21)
EBIT	99	107	115	124	134	145
less tax on EBIT	0	0	0	0	0	0
NOPAT	99	107	115	124	134	145
add depreciation	14	16	17	18	20	21
less capex	(63)	(69)	(61)	(51)	(39)	(26)
less working-capital build	—	(5)	(6)	(6)	(6)	(7)
Free cash flow to firm	—	49	66	86	108	134
Discount factor		0.949	0.855	0.770	0.694	0.625
Present value		46	56	66	75	84

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 50, dividends at 0% of profit

₹ crore	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
EBIT	99	107	115	124	134	145
Interest at 8% on debt		(4)	(4)	(4)	(4)	(4)
Profit before tax		103	111	120	130	141
Profit after tax	81	103	111	120	130	141
Dividends	0	0	0	0	0	0
Balance sheet, year end
Cash	29	74	136	218	322	452
Working capital	64	69	75	81	87	94
Net block and other assets	476	529	573	606	625	629
Debt	50	50	50	50	50	50
Equity	301	404	515	636	766	907
Balance check	0	0	0	0	0	0
Cash flow
From operations		113	123	133	144	156
Investing (capex)		(69)	(61)	(51)	(39)	(26)
Financing (dividends)		0	0	0	0	0
Net change in cash		45	62	82	104	130
Free cash flow to equity		45	62	82	104	130

Other liabilities are held at their FY21 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%	13.2%	11.00%	5%	₹512	(37.4)%

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.