InCred Equities - Bharat Dynamics Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	24,894	32,428	43,823	53,952
Operating EBITDA (Rsm)	4,082	6,679	9,741	12,223
Net Profit (Rsm)	3,522	6,418	8,151	9,993
Core EPS (Rs)	19.2	35.0	44.5	54.5
Core EPS Growth	(34.0%)	82.3%	27.0%	22.6%
FD Core P/E (x)	50.29	27.60	21.73	17.72
DPS (Rs)	9.2	10.5	13.3	16.4
Dividend Yield	0.95%	1.09%	1.38%	1.69%
EV/EBITDA (x)	33.94	21.89	14.84	11.44
P/FCFE (x)	8.29	(30.96)	43.07	23.26
Net Gearing	(120.2%)	(84.5%)	(77.1%)	(75.5%)
P/BV (x)	5.52	4.84	4.19	3.59
ROE	11.3%	18.7%	20.7%	21.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	24,894	32,428	43,823	53,952
Gross Profit	12,981	17,511	23,445	28,864
Operating EBITDA	4,082	6,679	9,741	12,223
Depreciation And Amortisation	(773)	(939)	(1,019)	(1,116)
Operating EBIT	3,309	5,739	8,722	11,108
Financial Income/(Expense)	(45)	(45)	(45)	(45)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,554	3,087	2,475	2,609
Profit Before Tax (pre-EI)	4,818	8,781	11,152	13,671
Exceptional Items
Pre-tax Profit	4,818	8,781	11,152	13,671
Taxation	(1,296)	(2,362)	(3,000)	(3,678)
Exceptional Income - post-tax
Profit After Tax	3,522	6,418	8,151	9,993
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,522	6,418	8,151	9,993
Recurring Net Profit	3,522	6,418	8,151	9,993
Fully Diluted Recurring Net Profit	3,522	6,418	8,151	9,993

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	4,082	6,679	9,741	12,223
Cash Flow from Invt. & Assoc.	736	2,102	1,410	1,448
Change In Working Capital	18,915	(12,080)	(3,558)	(1,993)
(Incr)/Decr in Total Provisions	262
Other Non-Cash (Income)/Expense	773	939	1,019	1,116
Other Operating Cashflow	(1,137)	(2,996)	(2,385)	(2,518)
Net Interest (Paid)/Received	(45)	(45)	(45)	(45)
Tax Paid	(2,181)	(2,362)	(3,000)	(3,678)
Cashflow From Operations	21,405	(7,764)	3,183	6,552
Capex	(1,083)	(1,000)	(1,500)	(1,500)
Disposals Of FAs/subsidiaries	2
Acq. Of Subsidiaries/investments
Other Investing Cashflow	1,085	3,087	2,475	2,609
Cash Flow From Investing	5	2,087	975	1,109
Debt Raised/(repaid)	(31)	(45)	(45)	(45)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,669)	(1,926)	(2,445)	(2,998)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(1,701)	(1,971)	(2,491)	(3,043)
Total Cash Generated	19,709	(7,647)	1,668	4,617
Free Cashflow To Equity	21,378	(5,722)	4,113	7,615
Free Cashflow To Firm	21,455	(5,631)	4,204	7,706

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	38,589	30,941	32,609	37,226
Total Debtors	1,846	3,554	4,803	5,913
Inventories	18,224	19,546	26,414	32,519
Total Other Current Assets	18,673	19,595	26,480	32,601
Total Current Assets	77,331	73,636	90,305	108,259
Fixed Assets	8,829	8,889	9,370	9,754
Total Investments
Intangible Assets
Total Other Non-Current Assets	564	564	564	564
Total Non-current Assets	9,393	9,454	9,934	10,319
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	4,644	6,219	8,404	10,347
Other Current Liabilities	49,966	40,263	49,521	58,921
Total Current Liabilities	54,609	46,482	57,926	69,268
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions
Total Liabilities	54,609	46,482	57,926	69,268
Shareholders Equity	32,115	36,608	42,314	49,309
Minority Interests
Total Equity	32,115	36,608	42,314	49,309

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	(11.6%)	30.3%	35.1%	23.1%
Operating EBITDA Growth	(43.8%)	63.6%	45.9%	25.5%
Operating EBITDA Margin	16.4%	20.6%	22.2%	22.7%
Net Cash Per Share (Rs)	210.54	168.82	177.92	203.11
BVPS (Rs)	175.22	199.74	230.87	269.03
Gross Interest Cover	72.95	126.51	192.26	244.86
Effective Tax Rate	26.9%	26.9%	26.9%	26.9%
Net Dividend Payout Ratio	47.6%	30.0%	30.0%	30.0%
Accounts Receivables Days	35.83	30.39	34.80	36.25
Inventory Days	532.64	462.09	411.61	428.71
Accounts Payables Days	155.78	132.90	130.97	136.41
ROIC (%)	(51.1%)	101.3%	89.9%	91.9%
ROCE (%)	10.6%	16.7%	22.1%	24.2%
Return On Average Assets	4.7%	7.6%	8.9%	9.2%

(91) 22 4161 1542 arafat.saiyed@incredresearch.com

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg