InCred Equities - Polycab India

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	180,394	227,048	262,841	298,746
Operating EBITDA (Rsm)	24,885	27,748	32,650	38,319
Net Profit (Rsm)	17,837	19,626	24,360	28,162
Core EPS (Rs)	118.7	130.6	162.1	187.5
Core EPS Growth	44.0%	10.0%	24.1%	15.6%
FD Core P/E (x)	54.89	49.89	40.19	34.77
DPS (Rs)	25.0	30.0	35.0	37.5
Dividend Yield	0.38%	0.46%	0.54%	0.58%
EV/EBITDA (x)	38.51	34.45	29.06	24.47
P/FCFE (x)	182.57	154.27	156.24	71.53
Net Gearing	(25.9%)	(24.4%)	(26.5%)	(30.1%)
P/BV (x)	11.96	10.09	8.43	7.06
ROE	24.1%	21.9%	22.9%	22.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	180,394	227,048	262,841	298,746
Gross Profit	47,591	55,663	69,675	79,193
Operating EBITDA	24,885	27,748	32,650	38,319
Depreciation And Amortisation	(2,450)	(2,877)	(3,374)	(4,382)
Operating EBIT	22,435	24,871	29,275	33,937
Financial Income/(Expense)	(1,083)	(1,884)	183	552
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	2,241	2,985	3,045	3,105
Profit Before Tax (pre-EI)	23,593	25,972	32,503	37,595
Exceptional Items
Pre-tax Profit	23,593	25,972	32,503	37,595
Taxation	(5,567)	(6,289)	(8,077)	(9,361)
Exceptional Income - post-tax
Profit After Tax	18,026	19,683	24,426	28,234
Minority Interests	(189)	(57)	(65)	(72)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	17,837	19,626	24,360	28,162
Recurring Net Profit	17,837	19,626	24,360	28,162
Fully Diluted Recurring Net Profit	17,837	19,626	24,360	28,162

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	24,885	27,748	32,650	38,319
Cash Flow from Invt. & Assoc.
Change In Working Capital	(8,090)	(6,597)	(5,943)	(5,968)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	1,158	1,101	3,227	3,658
Net Interest (Paid)/Received	752	1,884	(183)	(552)
Tax Paid	(5,743)	(6,289)	(8,077)	(9,361)
Cashflow From Operations	12,962	17,847	21,675	26,096
Capex	(8,530)	(9,000)	(9,500)	(10,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	984	(2,500)	(5,908)	(2,408)
Cash Flow From Investing	(7,545)	(11,500)	(15,408)	(12,408)
Debt Raised/(repaid)	(54)
Proceeds From Issue Of Shares	194
Shares Repurchased
Dividends Paid	(2,997)	(4,507)	(5,258)	(5,634)
Preferred Dividends
Other Financing Cashflow	(1,017)	(1,884)	(1,409)	(1,539)
Cash Flow From Financing	(3,874)	(6,391)	(6,668)	(7,173)
Total Cash Generated	1,543	(44)	(401)	6,514
Free Cashflow To Equity	5,363	6,347	6,267	13,687
Free Cashflow To Firm	4,334	4,463	4,857	12,148

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	22,248	25,384	32,510	43,552
Total Debtors	20,471	24,521	28,387	32,265
Inventories	36,751	46,256	53,548	60,862
Total Other Current Assets	7,670	9,519	11,020	12,525
Total Current Assets	87,140	105,680	125,465	149,205
Fixed Assets	21,838	27,496	37,871	43,489
Total Investments
Intangible Assets	46	46	46	46
Total Other Non-Current Assets	11,637	12,307	8,270	8,492
Total Non-current Assets	33,521	39,849	46,188	52,028
Short-term Debt	672	1,161	1,161	1,161
Current Portion of Long-Term Debt
Total Creditors	28,633	36,038	41,720	47,419
Other Current Liabilities	6,006	7,559	8,751	9,946
Total Current Liabilities	35,311	44,758	51,631	58,525
Total Long-term Debt	226	391	391	391
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	2,275	2,343	2,414	2,486
Total Non-current Liabilities	2,501	2,734	2,804	2,877
Total Provisions	415	427	440	454
Total Liabilities	38,227	47,919	54,875	61,855
Shareholders Equity	81,871	96,991	116,093	138,621
Minority Interests	562	619	684	756
Total Equity	82,433	97,609	116,777	139,377

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	27.9%	25.9%	15.8%	13.7%
Operating EBITDA Growth	34.4%	11.5%	17.7%	17.4%
Operating EBITDA Margin	13.8%	12.2%	12.4%	12.8%
Net Cash Per Share (Rs)	142.11	158.63	206.07	279.56
BVPS (Rs)	544.95	645.59	772.74	922.69
Gross Interest Cover	20.71	13.20	20.77	22.05
Effective Tax Rate	23.6%	24.2%	24.9%	24.9%
Net Dividend Payout Ratio	21.1%	23.0%	21.6%	20.0%
Accounts Receivables Days	33.32	36.16	36.74	37.05
Inventory Days	91.06	88.39	94.29	95.10
Accounts Payables Days	67.28	68.87	73.46	74.09
ROIC (%)	45.6%	39.0%	38.2%	38.3%
ROCE (%)	29.5%	27.1%	28.3%	27.7%
Return On Average Assets	17.8%	16.2%	15.3%	14.8%

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Market Data

Source: Bloomberg