InCred Equities - Rallis India Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	29,670	32,725	36,194	40,034
Operating EBITDA (Rsm)	2,183	2,358	2,663	3,083
Net Profit (Rsm)	919	1,367	1,508	1,702
Core EPS (Rs)	4.7	7.0	7.8	8.8
Core EPS Growth	(44.3%)	49.4%	10.3%	12.9%
FD Core P/E (x)	65.32	43.95	39.84	35.28
DPS (Rs)	1.3	2.0	2.2	2.5
Dividend Yield	0.43%	0.64%	0.70%	0.79%
EV/EBITDA (x)	26.77	24.85	21.99	18.92
P/FCFE (x)	59.22	(1,833.58)	122.42	76.60
Net Gearing	(9.3%)	(8.0%)	(7.7%)	(8.4%)
P/BV (x)	3.47	3.28	3.10	2.92
ROE	5.3%	7.7%	8.0%	8.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	29,670	32,725	36,194	40,034
Gross Profit	10,236	11,290	12,487	13,812
Operating EBITDA	2,183	2,358	2,663	3,083
Depreciation And Amortisation	(914)	(873)	(1,057)	(1,223)
Operating EBIT	1,270	1,486	1,607	1,860
Financial Income/(Expense)	(122)	(81)	(58)	(58)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	127	422	466	474
Profit Before Tax (pre-EI)	1,274	1,827	2,015	2,276
Exceptional Items	6
Pre-tax Profit	1,281	1,827	2,015	2,276
Taxation	(361)	(460)	(508)	(574)
Exceptional Income - post-tax
Profit After Tax	919	1,367	1,508	1,702
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	919	1,367	1,508	1,702
Recurring Net Profit	915	1,367	1,508	1,702
Fully Diluted Recurring Net Profit	915	1,367	1,508	1,702

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	2,183	2,358	2,663	3,083
Cash Flow from Invt. & Assoc.
Change In Working Capital	(433)	(784)	(644)	(713)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	779	280	13	14
Other Operating Cashflow	(733)	(418)	(491)	(615)
Net Interest (Paid)/Received	(122)	(81)	(58)	(58)
Tax Paid	494	460	508	574
Cashflow From Operations	2,168	1,817	1,991	2,284
Capex	(1,860)	(1,500)	(1,500)	(1,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	439	108
Cash Flow From Investing	(1,421)	(1,391)	(1,500)	(1,500)
Debt Raised/(repaid)	267	(458)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(584)	(383)	(422)	(477)
Preferred Dividends
Other Financing Cashflow	(93)	(81)	(58)	(58)
Cash Flow From Financing	(410)	(922)	(480)	(535)
Total Cash Generated	337	(496)	11	249
Free Cashflow To Equity	1,014	(33)	491	784
Free Cashflow To Firm	870	507	549	842

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	2,655	2,051	2,062	2,311
Total Debtors	4,986	5,499	6,082	6,727
Inventories	7,929	8,745	9,673	10,699
Total Other Current Assets	1,296	1,631	1,760	1,902
Total Current Assets	16,866	17,927	19,576	21,639
Fixed Assets	7,564	8,192	8,635	8,912
Total Investments	33	32	32	32
Intangible Assets	1,958	1,958	1,958	1,958
Total Other Non-Current Assets	1,556	1,346	1,346	1,346
Total Non-current Assets	11,111	11,527	11,971	12,248
Short-term Debt	1,011	542	542	542
Current Portion of Long-Term Debt
Total Creditors	5,882	6,488	7,176	7,937
Other Current Liabilities	2,994	3,269	3,576	3,915
Total Current Liabilities	9,888	10,299	11,294	12,394
Total Long-term Debt	27	38	38	38
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	224	217	217	217
Total Non-current Liabilities	251	255	255	255
Total Provisions	538	615	628	642
Total Liabilities	10,676	11,170	12,177	13,291
Shareholders Equity	17,301	18,285	19,370	20,596
Minority Interests
Total Equity	17,301	18,285	19,370	20,596

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	13.9%	10.3%	10.6%	10.6%
Operating EBITDA Growth	(20.3%)	8.0%	12.9%	15.8%
Operating EBITDA Margin	7.4%	7.2%	7.4%	7.7%
Net Cash Per Share (Rs)	8.31	7.57	7.62	8.90
BVPS (Rs)	88.95	94.01	99.59	105.89
Gross Interest Cover	10.37	18.37	27.72	32.09
Effective Tax Rate	28.2%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	28.2%	28.0%	28.0%	28.0%
Accounts Receivables Days	58.10	58.47	58.40	58.39
Inventory Days	162.55	141.97	141.78	141.78
Accounts Payables Days	(125.91)	(105.33)	(105.19)	(105.19)
ROIC (%)	7.7%	8.4%	8.6%	9.4%
ROCE (%)	7.0%	7.9%	8.2%	9.0%
Return On Average Assets	3.7%	5.0%	5.1%	5.4%

(91) 22 4161 1562 satish.kumar@incredresearch.com

(91) 22 4161 1598 abbas.punjani@incredresearch.com

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Market Data

Source: Bloomberg