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Model Note · STOVE KRAFT LIMITED · 12 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
STOVE KRAFT LIMITED Discounted cash flow · base FY21
STOVE KRAFT LIMITED
Value per share, this model₹512
CMP 2026-09-10₹819.00
Difference(37.4)%
Growth the CMP implies21.2%/yr
This note states the assumptions and the arithmetic of one model of STOVE KRAFT LIMITED, built on its filed FY21 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
FY21 —% · 5-yr CAGR —%
EBITDA margin
13.2%
FY21 13.2% · 5-yr average 13.2%
Depreciation · capex, % of revenue
1.7% · 7.4%, fading to 1.2× depreciation
FY21 1.7% · 7.4%
Working capital, % of added revenue · tax
7.5% · 0%
27 working-capital days · effective 0.0%
Discount rate
11.00%
1-yr beta 0.56
After FY26
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹21 · ₹0 · ₹0 cr
FY21 net debt ₹21 cr
Shares
3.31 crore
3.31 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ 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
Depreciation
(14)
(16)
(17)
(18)
(20)
(21)
NOPAT
99
107
115
124
134
145
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
Present value
46
56
66
75
84
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 · STOVE KRAFT LIMITED · 12 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
327
PV of the terminal value (81% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
530
572
622
684
760
10.5%
486
521
562
612
672
11.0%
449
478
512
553
601
11.5%
417
442
470
504
543
12.0%
388
410
434
462
495
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
