InCred Equities - ABB India Ltd

	Dec-23A	Dec-24A	Dec-25F	Dec-26F
Revenue (Rsm)	104,465	121,883	148,099	174,020
Operating EBITDA (Rsm)	14,898	23,052	25,648	30,766
Net Profit (Rsm)	12,482	18,746	20,678	24,864
Core EPS (Rs)	58.9	88.5	97.6	117.3
Core EPS Growth	81.9%	50.2%	10.3%	20.2%
FD Core P/E (x)	90.20	60.06	54.45	45.28
DPS (Rs)	11.0	34.3	19.5	23.5
Dividend Yield	0.21%	0.65%	0.37%	0.44%
EV/EBITDA (x)	72.34	46.45	41.52	34.33
P/FCFE (x)	(56.27)	135.89	275.19	225.75
Net Gearing	(81.0%)	(77.8%)	(69.7%)	(65.0%)
P/BV (x)	18.94	15.91	12.90	10.50
ROE	28.3%	36.6%	33.6%	33.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Dec-23A	Dec-24A	Dec-25F	Dec-26F
Total Net Revenues	104,465	121,883	148,099	174,020
Gross Profit	38,173	50,980	62,202	73,437
Operating EBITDA	14,898	23,052	25,648	30,766
Depreciation And Amortisation	(1,199)	(1,289)	(1,400)	(1,628)
Operating EBIT	13,699	21,763	24,248	29,138
Financial Income/(Expense)	(127)	(165)	(128)	(118)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,017	3,534	3,636	4,354
Profit Before Tax (pre-EI)	16,589	25,133	27,755	33,375
Exceptional Items
Pre-tax Profit	16,589	25,133	27,755	33,375
Taxation	(4,107)	(6,387)	(7,078)	(8,511)
Exceptional Income - post-tax
Profit After Tax	12,482	18,746	20,678	24,864
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	12,482	18,746	20,678	24,864
Recurring Net Profit	12,482	18,746	20,678	24,864
Fully Diluted Recurring Net Profit	12,482	18,746	20,678	24,864

(Rs mn)	Dec-23A	Dec-24A	Dec-25F	Dec-26F
EBITDA	14,898	23,052	25,648	30,766
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,696	(3,690)	(14,892)	(17,054)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	589	582	592	870
Net Interest (Paid)/Received
Tax Paid	(3,667)	(6,626)	(7,078)	(8,511)
Cashflow From Operations	13,515	13,318	4,271	6,071
Capex	(1,831)	(2,137)	(3,042)	(3,536)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(31,691)	(2,896)	2,862	2,452
Cash Flow From Investing	(33,522)	(5,033)	(179)	(1,084)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(2,331)	(7,265)	(4,136)	(4,973)
Preferred Dividends
Other Financing Cashflow	(364)	(439)	44	(14)
Cash Flow From Financing	(2,695)	(7,704)	(4,091)	(4,987)
Total Cash Generated	(22,701)	581	0
Free Cashflow To Equity	(20,007)	8,285	4,091	4,987
Free Cashflow To Firm	(20,007)	8,285	4,091	4,987

(Rs mn)	Dec-23A	Dec-24A	Dec-25F	Dec-26F
Total Cash And Equivalents	48,162	55,078	60,852	69,669
Total Debtors	25,443	29,837	40,575	50,061
Inventories	15,608	17,780	25,157	32,420
Total Other Current Assets	6,263	4,931	12,173	15,257
Total Current Assets	95,475	107,626	138,756	167,406
Fixed Assets	10,393	11,420	13,062	14,971
Total Investments	16	16	15	17
Intangible Assets
Total Other Non-Current Assets	3,983	4,706	4,887	5,917
Total Non-current Assets	14,391	16,141	17,964	20,905
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	31,091	31,980	42,604	50,061
Other Current Liabilities	14,599	15,611	20,288	23,838
Total Current Liabilities	45,690	47,591	62,891	73,899
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	424	420	592	696
Total Non-current Liabilities	424	420	592	696
Total Provisions	4,452	5,148	6,086	6,675
Total Liabilities	50,566	53,159	69,570	81,270
Shareholders Equity	59,446	70,754	87,296	107,187
Minority Interests
Total Equity	59,446	70,754	87,296	107,187

	Dec-23A	Dec-24A	Dec-25F	Dec-26F
Revenue Growth	21.9%	16.7%	21.5%	17.5%
Operating EBITDA Growth	54.9%	54.7%	11.3%	20.0%
Operating EBITDA Margin	14.3%	18.9%	17.3%	17.7%
Net Cash Per Share (Rs)	227.29	259.93	287.17	328.78
BVPS (Rs)	280.54	333.90	411.97	505.84
Gross Interest Cover	108.20	132.30	188.88	246.72
Effective Tax Rate	24.8%	25.4%	25.5%	25.5%
Net Dividend Payout Ratio
Accounts Receivables Days	78.47	70.05	73.21	74.45
Inventory Days	66.69	67.41	74.89	84.60
Accounts Payables Days	137.94	126.61	132.19	138.67
ROIC (%)	64.4%	77.2%	55.0%	48.7%
ROCE (%)	31.0%	42.5%	39.4%	38.9%
Return On Average Assets	14.4%	19.5%	18.4%	18.6%

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg