If management delivers what it guided
arithmetic on filed guidance and past valuations · not a price target
KDDL
FY26 → FY27 · 1 year of guidance · ~0.7 years from today₹3,302 today
BEAR
₹2,179
-34%
13.6% a year · 26.8x exit
BASE
₹2,737
-17%
23.5% a year · 30.9x exit
BULL
₹3,918
+19%
31.9% a year · 41.5x exit
Where the market has priced it
24x46x today110x
- the guided figure reached earnings through a low-confidence bridge
- at 46x its FY26 earnings the stock already trades above the top of its own ten-year range (41x)
How these numbers are produced
| Earnings base | FY26 fiscal year EPS ₹71.63 (screener) |
|---|---|
| Guided growth | 23.5% a year, said on the call of 26-May-2026 · transcript |
| Read across as | operating: unlabelled growth figure, read as revenue — low confidence |
| Delivery calibration | 0.58x / 1x / 1.36x of what was guided — measured: 76 annual guided-vs-filed pairs + 77 near-complete quarterly years — NSE transcripts against the companies' own filings |
| Exit multiple | 26.78x / 30.94x / 41.47x, this company’s own p20 / median / p80 across 9 filed years |
| Filed-industry peers | median 25x across 7 peers — the cross-check, not the input |
| Arithmetic | base EPS × (1 + guided growth × delivery)1 × exit multiple |
Arithmetic on management’s own guidance and this company’s own past valuations. Not a price target, not a recommendation, and not a forecast of what the stock will do.
What management said
from NSE earnings-call filings · extracted, not interpreted
generic growth 25%
And as we have said that we expect value to grow at about 25% CAGR.
Call 26-May-2026 · bridge confidence low · transcript PDF