InCred Equities - Havells India

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	185,900	219,680	253,730	291,050
Operating EBITDA (Rsm)	18,426	22,159	29,443	33,269
Net Profit (Rsm)	12,708	15,705	20,451	23,409
Core EPS (Rs)	20.3	25.1	32.6	37.4
Core EPS Growth	18.5%	23.6%	30.2%	14.5%
FD Core P/E (x)	80.51	65.15	50.03	43.71
DPS (Rs)	7.5	8.0	9.0	10.0
Dividend Yield	0.46%	0.49%	0.55%	0.61%
EV/EBITDA (x)	53.87	44.60	33.16	28.91
P/FCFE (x)	331.00	123.37	56.44	48.08
Net Gearing	(40.8%)	(40.8%)	(46.8%)	(52.3%)
P/BV (x)	13.74	11.96	10.19	8.71
ROE	18.1%	19.6%	22.0%	21.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	185,900	219,680	253,730	291,050
Gross Profit	60,213	71,007	86,234	98,918
Operating EBITDA	18,426	22,159	29,443	33,269
Depreciation And Amortisation	(3,385)	(3,903)	(4,482)	(4,880)
Operating EBIT	15,041	18,256	24,961	28,389
Financial Income/(Expense)	1,392	2,393	1,730	2,228
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	641	654	686	721
Profit Before Tax (pre-EI)	17,074	21,303	27,377	31,337
Exceptional Items
Pre-tax Profit	17,074	21,303	27,377	31,337
Taxation	(4,366)	(5,598)	(6,926)	(7,928)
Exceptional Income - post-tax
Profit After Tax	12,708	15,705	20,451	23,409
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	12,708	15,705	20,451	23,409
Recurring Net Profit	12,708	15,705	20,451	23,409
Fully Diluted Recurring Net Profit	12,708	15,705	20,451	23,409

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	18,426	22,159	29,443	33,269
Cash Flow from Invt. & Assoc.
Change In Working Capital	4,272	(2,069)	(1,308)	(1,433)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	2,144	2,084	2,417	2,951
Net Interest (Paid)/Received	(1,393)	(2,393)	(1,730)	(2,228)
Tax Paid	(3,919)	(5,598)	(6,926)	(7,928)
Cashflow From Operations	19,529	14,183	21,896	24,630
Capex	(7,623)	(8,687)	(5,934)	(6,058)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(10,026)
Other Investing Cashflow	1,510	2,796	2,168	2,710
Cash Flow From Investing	(16,139)	(5,890)	(3,766)	(3,348)
Debt Raised/(repaid)	(300)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(4,701)	(5,014)	(5,641)	(6,268)
Preferred Dividends
Other Financing Cashflow	(334)	(403)	(438)	(482)
Cash Flow From Financing	(5,336)	(5,418)	(6,079)	(6,750)
Total Cash Generated	(1,945)	2,875	12,051	14,532
Free Cashflow To Equity	3,090	8,293	18,130	21,282
Free Cashflow To Firm	2,935	7,890	17,692	20,800

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	30,382	34,883	46,933	61,463
Total Debtors	11,650	13,766	15,900	18,239
Inventories	34,086	42,130	48,661	55,818
Total Other Current Assets	2,857	3,009	3,476	3,987
Total Current Assets	78,974	93,789	114,969	139,507
Fixed Assets	36,774	40,280	44,983	46,160
Total Investments	200	200	200	200
Intangible Assets	3,105	3,105	3,105	3,105
Total Other Non-Current Assets	5,209	6,240	2,990	2,990
Total Non-current Assets	45,288	49,824	51,277	52,454
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	26,919	31,810	36,741	42,145
Other Current Liabilities	15,305	18,658	21,550	24,719
Total Current Liabilities	42,224	50,468	58,291	66,864
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	3,996	3,996	3,996	3,996
Total Non-current Liabilities	3,996	3,996	3,996	3,996
Total Provisions	3,575	3,575	3,575	3,575
Total Liabilities	49,795	58,039	65,862	74,435
Shareholders Equity	74,468	85,575	100,385	117,526
Minority Interests
Total Equity	74,468	85,575	100,385	117,526

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	9.9%	18.2%	15.5%	14.7%
Operating EBITDA Growth	15.2%	20.3%	32.9%	13.0%
Operating EBITDA Margin	9.9%	10.1%	11.6%	11.4%
Net Cash Per Share (Rs)	48.49	55.66	74.89	98.08
BVPS (Rs)	118.85	136.55	160.18	187.54
Gross Interest Cover	32.91	45.27	56.95	58.89
Effective Tax Rate	25.6%	26.3%	25.3%	25.3%
Net Dividend Payout Ratio	27.5%	23.5%	20.6%	20.0%
Accounts Receivables Days	21.00	21.11	21.34	21.41
Inventory Days	103.34	93.56	98.92	99.24
Accounts Payables Days	77.47	72.09	74.69	74.93
ROIC (%)	28.4%	35.5%	43.0%	46.7%
ROCE (%)	22.8%	25.2%	28.1%	27.6%
Return On Average Assets	13.3%	14.1%	16.6%	16.3%

(91) 22 4161 1542 arafat.saiyed@incredresearch.com

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg