InCred Equities - Voltas Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	124,812	157,926	181,087	203,724
Operating EBITDA (Rsm)	4,746	11,951	13,846	16,140
Net Profit (Rsm)	2,481	8,856	11,123	13,565
Core EPS (Rs)	7.5	26.8	33.6	41.0
Core EPS Growth	1.5%	256.9%	25.6%	22.0%
FD Core P/E (x)	179.35	50.25	40.00	32.80
DPS (Rs)	4.3	5.6	7.3	9.5
Dividend Yield	0.32%	0.42%	0.54%	0.71%
EV/EBITDA (x)	93.53	37.04	31.77	27.12
P/FCFE (x)	132.24	348.49	121.94	112.90
Net Gearing	(2.4%)	(4.0%)	(7.3%)	(9.0%)
P/BV (x)	7.64	6.82	6.02	5.28
ROE	4.4%	14.4%	16.0%	17.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	124,812	157,926	181,087	203,724
Gross Profit	26,672	35,626	42,374	48,079
Operating EBITDA	4,746	11,951	13,846	16,140
Depreciation And Amortisation	(476)	(599)	(612)	(668)
Operating EBIT	4,270	11,352	13,234	15,472
Financial Income/(Expense)	(559)	(607)	(655)	(699)
Pretax Income/(Loss) from Assoc.	(1,386)	(1,331)	(799)	(319)
Non-Operating Income/(Expense)	2,533	3,019	3,359	3,790
Profit Before Tax (pre-EI)	4,858	12,433	15,139	18,243
Exceptional Items
Pre-tax Profit	4,858	12,433	15,139	18,243
Taxation	(2,377)	(3,577)	(4,016)	(4,678)
Exceptional Income - post-tax
Profit After Tax	2,481	8,856	11,123	13,565
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	2,481	8,856	11,123	13,565
Recurring Net Profit	2,481	8,856	11,123	13,565
Fully Diluted Recurring Net Profit	2,481	8,856	11,123	13,565

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	4,746	11,951	13,846	16,140
Cash Flow from Invt. & Assoc.
Change In Working Capital	801	(7,374)	(3,330)	(4,472)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	4,183	2,369	2,716	3,056
Net Interest (Paid)/Received
Tax Paid	(2,115)	(3,577)	(4,016)	(4,678)
Cashflow From Operations	7,615	3,368	9,216	10,046
Capex	(2,883)	984	(1,120)	(1,120)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(2,341)	(3,432)	(4,821)	(5,378)
Cash Flow From Investing	(5,224)	(2,448)	(5,941)	(6,498)
Debt Raised/(repaid)	974	357	374	393
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,432)	(1,862)	(2,421)	(3,147)
Preferred Dividends
Other Financing Cashflow	(713)	(1,527)	(1,228)	(794)
Cash Flow From Financing	(1,172)	(3,033)	(3,275)	(3,548)
Total Cash Generated	1,219	(2,112)	0	0
Free Cashflow To Equity	3,365	1,277	3,649	3,941
Free Cashflow To Firm	2,392	920	3,275	3,548

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	8,523	10,103	13,254	15,859
Total Debtors	25,328	31,153	34,729	39,070
Inventories	21,354	25,961	28,775	32,373
Total Other Current Assets	17,027	21,677	24,360	27,405
Total Current Assets	72,232	88,893	101,118	114,707
Fixed Assets	7,980	6,441	6,949	7,401
Total Investments	35,532	37,902	41,650	46,857
Intangible Assets	723	723	723	723
Total Other Non-Current Assets	3,890	5,527	7,243	8,149
Total Non-current Assets	48,125	50,593	56,565	63,129
Short-term Debt	4,853	5,096	5,351	5,618
Current Portion of Long-Term Debt
Total Creditors	38,557	48,460	55,070	61,954
Other Current Liabilities	12,043	12,980	14,884	16,744
Total Current Liabilities	55,453	66,536	75,305	84,317
Total Long-term Debt	2,280	2,394	2,514	2,639
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,383	1,895	2,173	2,445
Total Non-current Liabilities	3,663	4,289	4,687	5,084
Total Provisions	2,699	3,126	3,454	3,778
Total Liabilities	61,815	73,951	83,445	93,179
Shareholders Equity	58,205	65,199	73,901	84,320
Minority Interests	337	337	337	337
Total Equity	58,542	65,536	74,238	84,657

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	31.4%	26.5%	14.7%	12.5%
Operating EBITDA Growth	(17.1%)	151.8%	15.9%	16.6%
Operating EBITDA Margin	3.8%	7.6%	7.6%	7.9%
Net Cash Per Share (Rs)	4.20	7.90	16.29	22.97
BVPS (Rs)	175.91	197.04	223.34	254.83
Gross Interest Cover	7.64	18.71	20.22	22.15
Effective Tax Rate	48.9%	28.8%	26.5%	25.6%
Net Dividend Payout Ratio	57.7%	21.0%	21.8%	23.2%
Accounts Receivables Days	69.08	65.27	66.40	66.11
Inventory Days	69.31	70.60	72.01	71.70
Accounts Payables Days	127.72	129.85	136.21	137.22
ROIC (%)	12.3%	28.0%	29.8%	31.4%
ROCE (%)	6.7%	16.2%	17.0%	17.6%
Return On Average Assets	2.6%	7.2%	7.8%	8.4%

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg