InCred Equities - Bharat Electronics Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	176,462	204,545	237,812	277,904
Operating EBITDA (Rsm)	40,476	48,821	56,433	66,932
Net Profit (Rsm)	30,067	39,026	43,245	50,361
Core EPS (Rs)	4.1	5.3	5.9	6.9
Core EPS Growth	28.0%	29.8%	10.8%	16.5%
FD Core P/E (x)	67.83	52.26	47.16	40.50
DPS (Rs)	1.7	2.2	2.4	2.8
Dividend Yield	0.61%	0.79%	0.88%	1.02%
EV/EBITDA (x)	48.41	40.46	35.10	29.70
P/FCFE (x)	52.82	7,593.49	164.19	152.87
Net Gearing	(59.0%)	(40.5%)	(31.9%)	(24.0%)
P/BV (x)	15.02	12.85	11.08	9.55
ROE	23.5%	26.5%	25.2%	25.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	176,462	204,545	237,812	277,904
Gross Profit	78,374	90,000	102,259	118,109
Operating EBITDA	40,476	48,821	56,433	66,932
Depreciation And Amortisation	(4,079)	(4,608)	(5,202)	(5,796)
Operating EBIT	36,397	44,212	51,231	61,136
Financial Income/(Expense)	(148)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,600	7,510	6,083	5,610
Profit Before Tax (pre-EI)	39,849	51,723	57,314	66,746
Exceptional Items
Pre-tax Profit	39,849	51,723	57,314	66,746
Taxation	(9,782)	(12,697)	(14,069)	(16,385)
Exceptional Income - post-tax
Profit After Tax	30,067	39,026	43,245	50,361
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	30,067	39,026	43,245	50,361
Recurring Net Profit	30,067	39,026	43,245	50,361
Fully Diluted Recurring Net Profit	30,067	39,026	43,245	50,361

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	40,476	48,821	56,433	66,932
Cash Flow from Invt. & Assoc.	(627)	2,902	881	(186)
Change In Working Capital	(21,179)	(36,366)	(29,025)	(35,816)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	4,079	4,608	5,202	5,796
Other Operating Cashflow	(2,640)	(7,510)	(6,083)	(5,610)
Net Interest (Paid)/Received	(148)
Tax Paid	(9,150)	(12,697)	(14,069)	(16,385)
Cashflow From Operations	10,811	(242)	13,339	14,731
Capex
Disposals Of FAs/subsidiaries	17
Acq. Of Subsidiaries/investments	3,260	(7,000)	(7,000)	(7,000)
Other Investing Cashflow	24,522	7,510	6,083	5,610
Cash Flow From Investing	27,799	510	(917)	(1,390)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(12,424)	(16,130)	(17,873)	(20,815)
Preferred Dividends
Other Financing Cashflow	(617)
Cash Flow From Financing	(13,041)	(16,130)	(17,873)	(20,815)
Total Cash Generated	25,569	(15,861)	(5,452)	(7,474)
Free Cashflow To Equity	38,610	269	12,421	13,341
Free Cashflow To Firm	38,757	269	12,421	13,341

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	80,090	64,229	58,777	51,303
Total Debtors	70,220	81,395	94,633	110,587
Inventories	64,121	74,325	86,413	100,981
Total Other Current Assets	89,302	100,968	117,389	137,179
Total Current Assets	303,732	320,917	357,212	400,051
Fixed Assets	35,135	37,526	39,324	40,528
Total Investments	6,644	6,644	6,644	6,644
Intangible Assets
Total Other Non-Current Assets	5,034	5,034	5,034	5,034
Total Non-current Assets	46,813	49,204	51,002	52,206
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	181,374	172,747	179,181	186,101
Other Current Liabilities	33,351	38,658	44,945	52,523
Total Current Liabilities	214,725	211,405	224,126	238,624
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities
Total Provisions
Total Liabilities	214,725	211,405	224,126	238,624
Shareholders Equity	135,820	158,716	184,087	213,634
Minority Interests
Total Equity	135,820	158,716	184,087	213,634

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	15.2%	15.9%	16.3%	16.9%
Operating EBITDA Growth	22.3%	20.6%	15.6%	18.6%
Operating EBITDA Margin	22.9%	23.9%	23.7%	24.1%
Net Cash Per Share (Rs)	10.96	8.79	8.04	7.02
BVPS (Rs)	18.58	21.71	25.18	29.23
Gross Interest Cover	246.09
Effective Tax Rate	24.5%	24.5%	24.5%	24.5%
Net Dividend Payout Ratio	41.3%	41.3%	41.3%	41.3%
Accounts Receivables Days	135.75	135.27	135.09	134.77
Inventory Days	222.88	220.58	216.41	214.02
Accounts Payables Days	124.40	114.21	112.05	110.82
ROIC (%)	74.1%	50.3%	43.2%	39.3%
ROCE (%)	28.5%	30.0%	29.9%	30.7%
Return On Average Assets	8.8%	10.8%	11.1%	11.7%

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Market Data

Source: Bloomberg