InCred Equities - ABB India Ltd

	Dec-23A	Dec-24F	Dec-25F	Dec-26F
Revenue (Rsm)	104,465	123,349	148,091	173,952
Operating EBITDA (Rsm)	14,898	22,990	25,640	30,765
Net Profit (Rsm)	12,482	18,732	20,695	24,890
Core EPS (Rs)	58.9	88.4	97.7	117.5
Core EPS Growth	81.9%	50.1%	10.5%	20.3%
FD Core P/E (x)	113.77	75.81	68.62	57.05
DPS (Rs)	11.0	17.7	19.5	23.5
Dividend Yield	0.16%	0.26%	0.29%	0.35%
EV/EBITDA (x)	92.09	59.32	52.92	43.81
P/FCFE (x)	(70.98)	389.67	340.68	284.43
Net Gearing	(81.0%)	(75.8%)	(69.5%)	(65.1%)
P/BV (x)	23.89	19.08	15.61	12.80
ROE	28.3%	36.1%	32.9%	32.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Dec-23A	Dec-24F	Dec-25F	Dec-26F
Total Net Revenues	104,465	123,349	148,091	173,952
Gross Profit	38,173	51,911	56,467	66,624
Operating EBITDA	14,898	22,990	25,640	30,765
Depreciation And Amortisation	(1,199)	(1,287)	(1,489)	(1,717)
Operating EBIT	13,699	21,703	24,151	29,048
Financial Income/(Expense)	(127)	(144)	(128)	(118)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,017	3,615	3,756	4,480
Profit Before Tax (pre-EI)	16,589	25,174	27,778	33,410
Exceptional Items
Pre-tax Profit	16,589	25,174	27,778	33,410
Taxation	(4,107)	(6,442)	(7,083)	(8,520)
Exceptional Income - post-tax
Profit After Tax	12,482	18,732	20,695	24,890
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	12,482	18,732	20,695	24,890
Recurring Net Profit	12,482	18,732	20,695	24,890
Fully Diluted Recurring Net Profit	12,482	18,732	20,695	24,890

(Rs mn)	Dec-23A	Dec-24F	Dec-25F	Dec-26F
EBITDA	14,898	22,990	25,640	30,765
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,696	(12,439)	(14,409)	(17,165)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	589	617	592	870
Net Interest (Paid)/Received
Tax Paid	(3,667)	(6,442)	(7,083)	(8,520)
Cashflow From Operations	13,515	4,726	4,739	5,950
Capex	(1,831)	(3,325)	(3,409)	(3,538)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(31,691)	2,244	2,838	2,580
Cash Flow From Investing	(33,522)	(1,082)	(571)	(957)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(2,331)	(3,746)	(4,139)	(4,978)
Preferred Dividends
Other Financing Cashflow	(364)	(75)	(29)	(15)
Cash Flow From Financing	(2,695)	(3,821)	(4,168)	(4,993)
Total Cash Generated	(22,701)	(177)	0	0
Free Cashflow To Equity	(20,007)	3,644	4,168	4,993
Free Cashflow To Firm	(20,007)	3,644	4,168	4,993

(Rs mn)	Dec-23A	Dec-24F	Dec-25F	Dec-26F
Total Cash And Equivalents	48,162	56,420	63,256	72,189
Total Debtors	25,443	32,105	40,573	50,041
Inventories	15,608	19,263	25,155	32,408
Total Other Current Assets	6,263	8,787	12,172	15,251
Total Current Assets	95,475	116,574	141,155	169,889
Fixed Assets	10,393	12,431	14,351	16,172
Total Investments	16	12	15	17
Intangible Assets
Total Other Non-Current Assets	3,983	4,564	4,887	5,914
Total Non-current Assets	14,391	17,007	19,252	22,103
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	31,091	35,484	42,601	50,041
Other Current Liabilities	14,599	17,573	20,286	23,829
Total Current Liabilities	45,690	53,057	62,888	73,870
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	424	493	592	696
Total Non-current Liabilities	424	493	592	696
Total Provisions	4,452	5,745	6,086	6,672
Total Liabilities	50,566	59,295	69,566	81,238
Shareholders Equity	59,446	74,432	90,988	110,900
Minority Interests
Total Equity	59,446	74,432	90,988	110,900

	Dec-23A	Dec-24F	Dec-25F	Dec-26F
Revenue Growth	21.9%	18.1%	20.1%	17.5%
Operating EBITDA Growth	54.9%	54.3%	11.5%	20.0%
Operating EBITDA Margin	14.3%	18.6%	17.3%	17.7%
Net Cash Per Share (Rs)	227.29	266.26	298.52	340.68
BVPS (Rs)	280.54	351.26	429.39	523.36
Gross Interest Cover	108.20	150.92	188.14	246.05
Effective Tax Rate	24.8%	25.6%	25.5%	25.5%
Net Dividend Payout Ratio
Accounts Receivables Days	78.47	72.58	73.22	74.46
Inventory Days	66.69	70.69	70.20	79.26
Accounts Payables Days	137.94	134.61	123.92	129.92
ROIC (%)	64.4%	67.4%	52.7%	47.3%
ROCE (%)	31.0%	41.8%	38.4%	37.7%
Return On Average Assets	14.4%	19.1%	18.0%	18.1%

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Market Data

Source: Bloomberg