InCred Equities - SRF Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	131,385	128,357	141,193	155,312
Operating EBITDA (Rsm)	25,841	27,668	30,119	33,037
Net Profit (Rsm)	13,357	13,790	15,509	17,285
Core EPS (Rs)	45.1	46.5	52.3	58.3
Core EPS Growth	(38.2%)	3.2%	12.5%	11.5%
FD Core P/E (x)	48.81	47.27	42.04	37.72
DPS (Rs)	4.0	4.0	4.0	4.0
Dividend Yield	0.18%	0.18%	0.18%	0.18%
EV/EBITDA (x)	26.82	23.45	21.21	18.97
P/FCFE (x)	160.20	18.03	47.53	41.56
Net Gearing	35.8%	(2.5%)	(9.3%)	(16.0%)
P/BV (x)	5.68	5.12	4.60	4.13
ROE	12.3%	11.4%	11.5%	11.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	131,385	128,357	141,193	155,312
Gross Profit	131,385	128,357	141,193	155,312
Operating EBITDA	25,841	27,668	30,119	33,037
Depreciation And Amortisation	(6,726)	(7,221)	(7,742)	(8,284)
Operating EBIT	19,115	20,447	22,378	24,753
Financial Income/(Expense)	(3,023)	(2,841)	(2,474)	(2,474)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	830	830	830	830
Profit Before Tax (pre-EI)	16,922	18,436	20,733	23,109
Exceptional Items
Pre-tax Profit	16,922	18,436	20,733	23,109
Taxation	(3,565)	(4,646)	(5,225)	(5,823)
Exceptional Income - post-tax
Profit After Tax	13,357	13,790	15,509	17,285
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	13,357	13,790	15,509	17,285
Recurring Net Profit	13,357	13,790	15,509	17,285
Fully Diluted Recurring Net Profit	13,357	13,790	15,509	17,285

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	25,841	27,668	30,119	33,037
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,145)	(2,080)	(2,172)	(2,390)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(762)	36,447	163	33
Other Operating Cashflow	(3,798)	(5,621)	(7,145)	(8,342)
Net Interest (Paid)/Received	(3,023)	(2,841)	(2,474)	(2,474)
Tax Paid	3,826	4,646	5,225	5,823
Cashflow From Operations	20,939	58,219	23,715	25,688
Capex	(22,017)	(11,147)	(10,000)	(10,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(256)	325
Cash Flow From Investing	(22,273)	(10,822)	(10,000)	(10,000)
Debt Raised/(repaid)	5,404	(11,244)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(2,137)	(1,173)	(1,173)	(1,173)
Preferred Dividends
Other Financing Cashflow	(3,984)	(2,841)	(2,474)	(2,474)
Cash Flow From Financing	(717)	(15,258)	(3,648)	(3,648)
Total Cash Generated	(2,052)	32,138	10,068	12,040
Free Cashflow To Equity	4,070	36,152	13,715	15,688
Free Cashflow To Firm	1,688	50,237	16,190	18,162

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	8,131	41,114	51,182	63,222
Total Debtors	19,428	18,980	20,879	22,966
Inventories	23,265	22,729	25,001	27,502
Total Other Current Assets	5,669	4,921	5,084	5,265
Total Current Assets	56,493	87,744	102,146	118,955
Fixed Assets	107,472	111,399	113,657	115,373
Total Investments	1,211	42	42	42
Intangible Assets
Total Other Non-Current Assets	39,643	3,877	3,820	3,908
Total Non-current Assets	148,327	115,318	117,519	119,323
Short-term Debt	26,691	20,425	20,425	20,425
Current Portion of Long-Term Debt
Total Creditors	21,978	21,471	23,618	25,980
Other Current Liabilities	6,139	2,834	2,849	2,866
Total Current Liabilities	54,808	44,730	46,892	49,272
Total Long-term Debt	22,511	17,533	17,533	17,533
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	2,609	3,293	3,293	3,293
Total Non-current Liabilities	25,120	20,826	20,826	20,826
Total Provisions	10,101	10,098	10,203	10,325
Total Liabilities	90,029	75,654	77,922	80,423
Shareholders Equity	114,790	127,407	141,743	157,855
Minority Interests
Total Equity	114,790	127,407	141,743	157,855

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(11.6%)	(2.3%)	10.0%	10.0%
Operating EBITDA Growth	(26.8%)	7.1%	8.9%	9.7%
Operating EBITDA Margin	19.7%	21.6%	21.3%	21.3%
Net Cash Per Share (Rs)	(138.57)	10.65	44.61	85.23
BVPS (Rs)	387.28	429.85	478.21	532.57
Gross Interest Cover	6.32	7.20	9.04	10.00
Effective Tax Rate	21.1%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	8.8%	8.5%	7.6%	6.8%
Accounts Receivables Days	51.79	54.61	51.52	51.52
Inventory Days
Accounts Payables Days
ROIC (%)	11.4%	14.9%	15.8%	16.9%
ROCE (%)	11.6%	11.7%	12.3%	12.6%
Return On Average Assets	8.3%	8.2%	8.5%	8.6%

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

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

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Market Data

Source: Bloomberg