InCred Equities - SRF Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	131,385	137,795	151,574	166,732
Operating EBITDA (Rsm)	25,841	24,119	26,216	28,743
Net Profit (Rsm)	13,357	10,432	11,720	13,332
Core EPS (Rs)	45.1	35.2	39.5	45.0
Core EPS Growth	(38.2%)	(21.9%)	12.4%	13.7%
FD Core P/E (x)	66.16	84.72	75.40	66.29
DPS (Rs)	4.0	4.0	4.0	4.0
Dividend Yield	0.13%	0.13%	0.13%	0.13%
EV/EBITDA (x)	35.79	38.06	35.00	31.85
P/FCFE (x)	217.16	78.63	184.33	134.92
Net Gearing	35.8%	27.6%	25.1%	21.6%
P/BV (x)	7.70	7.12	6.57	6.02
ROE	12.3%	8.7%	9.1%	9.5%
% 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	137,795	151,574	166,732
Gross Profit	131,385	137,795	151,574	166,732
Operating EBITDA	25,841	24,119	26,216	28,743
Depreciation And Amortisation	(6,726)	(7,796)	(8,169)	(8,543)
Operating EBIT	19,115	16,323	18,046	20,200
Financial Income/(Expense)	(3,023)	(3,207)	(3,207)	(3,207)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	830	830	830	830
Profit Before Tax (pre-EI)	16,922	13,946	15,669	17,823
Exceptional Items
Pre-tax Profit	16,922	13,946	15,669	17,823
Taxation	(3,565)	(3,514)	(3,949)	(4,491)
Exceptional Income - post-tax
Profit After Tax	13,357	10,432	11,720	13,332
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	13,357	10,432	11,720	13,332
Recurring Net Profit	13,357	10,432	11,720	13,332
Fully Diluted Recurring Net Profit	13,357	10,432	11,720	13,332

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	25,841	24,119	26,216	28,743
Cash Flow from Invt. & Assoc.
Change In Working Capital	(1,145)	(355)	(2,332)	(2,565)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(762)	6,159	29	33
Other Operating Cashflow	(3,798)	(2,991)	(3,859)	(4,945)
Net Interest (Paid)/Received	(3,023)	(3,207)	(3,207)	(3,207)
Tax Paid	3,826	3,514	3,949	4,491
Cashflow From Operations	20,939	27,239	20,794	22,550
Capex	(22,017)	(16,000)	(16,000)	(16,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(256)
Cash Flow From Investing	(22,273)	(16,000)	(16,000)	(16,000)
Debt Raised/(repaid)	5,404
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(2,137)	(1,173)	(1,173)	(1,173)
Preferred Dividends
Other Financing Cashflow	(3,984)	(3,207)	(3,207)	(3,207)
Cash Flow From Financing	(717)	(4,381)	(4,381)	(4,381)
Total Cash Generated	(2,052)	6,859	414	2,170
Free Cashflow To Equity	4,070	11,239	4,794	6,550
Free Cashflow To Firm	1,688	14,447	8,002	9,758

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	8,131	14,990	15,404	17,573
Total Debtors	19,428	20,376	22,414	24,655
Inventories	23,265	24,400	26,840	29,524
Total Other Current Assets	5,669	5,027	5,201	5,394
Total Current Assets	56,493	64,793	69,858	77,146
Fixed Assets	136,508	144,712	152,543	160,000
Total Investments	1,211	1,211	1,211	1,211
Intangible Assets
Total Other Non-Current Assets	10,607	4,445	4,521	4,609
Total Non-current Assets	148,327	150,368	158,275	165,820
Short-term Debt	26,691	26,691	26,691	26,691
Current Portion of Long-Term Debt
Total Creditors	21,978	23,050	25,355	27,890
Other Current Liabilities	6,139	6,153	6,168	6,186
Total Current Liabilities	54,808	55,894	58,214	60,767
Total Long-term Debt	22,511	22,511	22,511	22,511
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	2,609	2,609	2,609	2,609
Total Non-current Liabilities	25,120	25,120	25,120	25,120
Total Provisions	10,101	10,098	10,203	10,325
Total Liabilities	90,029	91,112	93,538	96,212
Shareholders Equity	114,790	124,049	134,596	146,754
Minority Interests
Total Equity	114,790	124,049	134,596	146,754

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(11.6%)	4.9%	10.0%	10.0%
Operating EBITDA Growth	(26.8%)	(6.7%)	8.7%	9.6%
Operating EBITDA Margin	19.7%	17.5%	17.3%	17.2%
Net Cash Per Share (Rs)	(138.57)	(115.43)	(114.03)	(106.71)
BVPS (Rs)	387.28	418.52	454.10	495.12
Gross Interest Cover	6.32	5.09	5.63	6.30
Effective Tax Rate	21.1%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	8.8%	11.2%	10.0%	8.8%
Accounts Receivables Days	51.79	52.72	51.52	51.52
Inventory Days
Accounts Payables Days
ROIC (%)	11.4%	9.6%	10.0%	10.6%
ROCE (%)	11.6%	9.2%	9.6%	10.1%
Return On Average Assets	8.3%	6.5%	6.7%	7.0%

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

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

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Market Data

Source: Bloomberg