InCred Equities - Polycab India

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	180,394	224,339	262,895	298,721
Operating EBITDA (Rsm)	24,885	29,026	32,860	38,933
Net Profit (Rsm)	17,837	19,985	24,361	28,175
Core EPS (Rs)	118.7	133.0	162.2	187.5
Core EPS Growth	44.0%	12.0%	21.9%	15.7%
FD Core P/E (x)	44.52	39.74	32.60	28.19
DPS (Rs)	25.0	30.0	35.0	37.5
Dividend Yield	0.47%	0.57%	0.66%	0.71%
EV/EBITDA (x)	31.08	26.44	23.16	19.26
P/FCFE (x)	148.08	81.30	145.32	57.99
Net Gearing	(25.9%)	(27.9%)	(28.9%)	(32.2%)
P/BV (x)	9.70	8.16	6.82	5.71
ROE	24.1%	22.3%	22.8%	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	224,339	262,895	298,721
Gross Profit	47,591	55,993	64,827	73,661
Operating EBITDA	24,885	29,026	32,860	38,933
Depreciation And Amortisation	(2,450)	(2,987)	(3,599)	(5,008)
Operating EBIT	22,435	26,039	29,261	33,926
Financial Income/(Expense)	(1,083)	(1,872)	360	716
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	2,241	1,878	2,160	2,182
Profit Before Tax (pre-EI)	23,593	26,046	31,781	36,823
Exceptional Items
Pre-tax Profit	23,593	26,046	31,781	36,823
Taxation	(5,567)	(6,004)	(7,357)	(8,580)
Exceptional Income - post-tax
Profit After Tax	18,026	20,042	24,424	28,243
Minority Interests	(189)	(57)	(62)	(69)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	17,837	19,985	24,361	28,175
Recurring Net Profit	17,837	19,985	24,361	28,175
Fully Diluted Recurring Net Profit	17,837	19,985	24,361	28,175

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	24,885	29,026	32,860	38,933
Cash Flow from Invt. & Assoc.
Change In Working Capital	(8,090)	(3,532)	(6,858)	(6,479)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	1,158	6	2,520	2,897
Net Interest (Paid)/Received	752	1,872	(360)	(716)
Tax Paid	(5,743)	(6,004)	(7,357)	(8,580)
Cashflow From Operations	12,962	21,368	20,805	26,056
Capex	(8,530)	(9,000)	(9,500)	(10,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	984	(2,500)	(5,741)	(2,262)
Cash Flow From Investing	(7,545)	(11,500)	(15,241)	(12,262)
Debt Raised/(repaid)	(54)	(100)	(100)	(100)
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)	(1,872)	(1,399)	(1,522)
Cash Flow From Financing	(3,874)	(6,479)	(6,757)	(7,256)
Total Cash Generated	1,543	3,389	(1,193)	6,538
Free Cashflow To Equity	5,363	9,768	5,465	13,694
Free Cashflow To Firm	4,334	7,996	4,166	12,272

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	22,248	28,817	35,152	46,218
Total Debtors	20,471	24,229	28,810	34,373
Inventories	36,751	46,097	54,740	63,018
Total Other Current Assets	7,670	9,406	11,524	14,731
Total Current Assets	87,140	108,548	130,226	158,341
Fixed Assets	21,838	27,386	37,536	42,529
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	39,739	45,853	51,067
Short-term Debt	672	1,086	1,011	936
Current Portion of Long-Term Debt
Total Creditors	28,633	37,492	43,216	50,742
Other Current Liabilities	6,006	8,605	11,524	14,731
Total Current Liabilities	35,311	47,183	55,751	66,410
Total Long-term Debt	226	365	340	315
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	2,275	2,343	2,414	2,486
Total Non-current Liabilities	2,501	2,709	2,754	2,801
Total Provisions	415	427	440	454
Total Liabilities	38,227	50,319	58,945	69,664
Shareholders Equity	81,871	97,349	116,453	138,993
Minority Interests	562	619	681	750
Total Equity	82,433	97,968	117,134	139,743

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	27.9%	24.4%	17.2%	13.6%
Operating EBITDA Growth	34.4%	16.6%	13.2%	18.5%
Operating EBITDA Margin	13.8%	12.9%	12.5%	13.0%
Net Cash Per Share (Rs)	142.11	182.15	224.98	299.30
BVPS (Rs)	544.95	647.98	775.13	925.17
Gross Interest Cover	20.71	13.91	20.92	22.29
Effective Tax Rate	23.6%	23.1%	23.1%	23.3%
Net Dividend Payout Ratio	21.1%	22.6%	21.6%	20.0%
Accounts Receivables Days	33.32	36.36	36.82	38.60
Inventory Days	91.06	89.81	92.91	95.49
Accounts Payables Days	67.28	71.68	74.36	76.19
ROIC (%)	45.6%	40.8%	39.9%	39.4%
ROCE (%)	29.5%	28.4%	28.4%	27.8%
Return On Average Assets	17.8%	16.3%	14.8%	14.3%

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg