InCred Equities - PI Industries Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	64,920	77,806	85,079	93,082
Operating EBITDA (Rsm)	15,421	22,418	24,583	26,965
Net Profit (Rsm)	12,295	17,448	17,953	19,612
Core EPS (Rs)	80.9	114.9	118.2	129.1
Core EPS Growth	38.0%	41.9%	2.9%	9.2%
FD Core P/E (x)	50.93	35.89	34.88	31.93
DPS (Rs)	3.1	4.4	4.5	4.9
Dividend Yield	0.08%	0.11%	0.11%	0.12%
EV/EBITDA (x)	38.51	26.62	23.75	21.06
P/FCFE (x)	93.46	221.35	45.55	39.19
Net Gearing	(44.8%)	(33.0%)	(40.0%)	(55.0%)
P/BV (x)	8.70	7.05	5.91	5.91
ROE	18.5%	21.7%	18.4%	18.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	64,920	77,806	85,079	93,082
Gross Profit	64,920	77,806	85,079	93,082
Operating EBITDA	15,421	22,418	24,583	26,965
Depreciation And Amortisation	(2,265)	(3,631)	(4,062)	(4,492)
Operating EBIT	13,156	18,787	20,521	22,473
Financial Income/(Expense)	(371)
Pretax Income/(Loss) from Assoc.	68
Non-Operating Income/(Expense)	1,590	600	600	600
Profit Before Tax (pre-EI)	14,443	19,387	21,121	23,073
Exceptional Items
Pre-tax Profit	14,443	19,387	21,121	23,073
Taxation	(2,148)	(1,939)	(3,168)	(3,461)
Exceptional Income - post-tax
Profit After Tax	12,295	17,448	17,953	19,612
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	12,295	17,448	17,953	19,612
Recurring Net Profit	12,295	17,448	17,953	19,612
Fully Diluted Recurring Net Profit	12,295	17,448	17,953	19,612

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	15,421	22,418	24,583	26,965
Cash Flow from Invt. & Assoc.
Change In Working Capital	2,050	(9,902)	(2,284)	22,116
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(1,557)	(302)	16	(137)
Other Operating Cashflow	(3,087)	(3,277)	(5,736)	(26,965)
Net Interest (Paid)/Received	(371)
Tax Paid	2,558	1,939	3,168
Cashflow From Operations	15,014	10,876	19,747	21,978
Capex	(3,225)	(10,676)	(6,000)	(6,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(1,737)	2,629
Cash Flow From Investing	(4,962)	(8,047)	(6,000)	(6,000)
Debt Raised/(repaid)	(3,352)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,137)	(667)	(686)
Preferred Dividends
Other Financing Cashflow	(342)
Cash Flow From Financing	(4,831)	(667)	(686)
Total Cash Generated	5,221	2,162	13,061	15,978
Free Cashflow To Equity	6,700	2,829	13,747	15,978
Free Cashflow To Firm	10,423	2,829	13,747	15,978

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	32,272	29,320	42,382	58,360
Total Debtors	7,720	13,449	14,706	0
Inventories	13,976	20,714	22,650	0
Total Other Current Assets	2,655	6,147	6,244	5,117
Total Current Assets	56,623	69,631	85,982	63,477
Fixed Assets	28,901	35,946	37,884	43,884
Total Investments	313	448	448	448
Intangible Assets	828	828	828	828
Total Other Non-Current Assets	482	482	482	482
Total Non-current Assets	30,524	37,704	39,642	45,642
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	8,380	13,449	14,706	0
Other Current Liabilities	3,438	4,427	4,175	2,515
Total Current Liabilities	11,818	17,876	18,882	2,515
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	678	571	571	571
Total Non-current Liabilities	678	571	571	571
Total Provisions	316	121	137
Total Liabilities	12,812	18,568	19,590	3,086
Shareholders Equity	71,985	88,767	106,034	106,034
Minority Interests
Total Equity	71,985	88,767	106,034	106,034

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	21.4%	19.8%	9.3%	9.4%
Operating EBITDA Growth	29.6%	45.4%	9.7%	9.7%
Operating EBITDA Margin	23.8%	28.8%	28.9%	29.0%
Net Cash Per Share (Rs)	212.44	193.01	278.99	384.17
BVPS (Rs)	473.86	584.32	697.99	697.99
Gross Interest Cover	35.46
Effective Tax Rate	14.9%	10.0%	15.0%	15.0%
Net Dividend Payout Ratio	3.8%	3.8%	3.8%	3.8%
Accounts Receivables Days	46.12	49.65	60.40	28.83
Inventory Days
Accounts Payables Days
ROIC (%)	30.8%	31.5%	32.1%	47.0%
ROCE (%)	19.2%	23.3%	21.1%	21.2%
Return On Average Assets	15.3%	17.9%	15.4%	16.7%

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

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

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Market Data

Source: Bloomberg