InCred Equities - Bharat Electronics Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	176,462	201,694	252,000	299,430
Operating EBITDA (Rsm)	40,475	49,982	69,802	78,233
Net Profit (Rsm)	30,067	40,200	54,833	62,126
Core EPS (Rs)	6.2	5.5	7.5	8.5
Core EPS Growth	(36.0%)	(10.9%)	36.4%	13.3%
FD Core P/E (x)	45.77	51.35	37.65	33.23
DPS (Rs)	1.7	2.0	2.9	3.2
Dividend Yield	0.60%	0.71%	1.01%	1.14%
EV/EBITDA (x)	32.02	39.11	27.79	24.48
P/FCFE (x)	34.95	(166.36)	60.76	45.20
Net Gearing	(59.0%)	(68.2%)	(63.9%)	(63.7%)
P/BV (x)	15.20	12.84	10.60	8.85
ROE	23.5%	27.1%	30.8%	29.0%
% 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	201,694	252,000	299,430
Gross Profit	78,374	96,035	120,928	138,337
Operating EBITDA	40,475	49,982	69,802	78,233
Depreciation And Amortisation	(4,079)	(4,124)	(5,114)	(5,679)
Operating EBIT	36,397	45,857	64,688	72,554
Financial Income/(Expense)	(148)	(70)	(126)	(150)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	3,600	7,558	8,064	9,881
Profit Before Tax (pre-EI)	39,849	53,346	72,626	82,286
Exceptional Items
Pre-tax Profit	39,849	53,346	72,626	82,286
Taxation	(9,782)	(13,146)	(17,793)	(20,160)
Exceptional Income - post-tax
Profit After Tax	30,067	40,200	54,833	62,126
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	30,067	40,200	54,833	62,126
Recurring Net Profit	30,067	40,200	54,833	62,126
Fully Diluted Recurring Net Profit	30,067	40,200	54,833	62,126

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	40,475	49,982	69,802	78,233
Cash Flow from Invt. & Assoc.
Change In Working Capital	(21,179)	(2,376)	(5,619)	(4,156)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	1,026	1,885	1,764	2,395
Other Operating Cashflow	380	11,119
Net Interest (Paid)/Received
Tax Paid	(9,150)	(14,130)	(17,793)	(20,160)
Cashflow From Operations	11,552	46,480	48,154	56,312
Capex	(5,621)	(6,423)	(7,643)	(8,184)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	33,442	(52,466)	(6,535)	(2,460)
Cash Flow From Investing	27,820	(58,889)	(14,178)	(10,644)
Debt Raised/(repaid)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(12,424)	(14,615)	(20,836)	(23,608)
Preferred Dividends
Other Financing Cashflow	(697)	(128)	1,642	2,222
Cash Flow From Financing	(13,121)	(14,743)	(19,194)	(21,386)
Total Cash Generated	26,251	(27,152)	14,782	24,282
Free Cashflow To Equity	39,372	(12,408)	33,976	45,668
Free Cashflow To Firm	39,372	(12,408)	33,976	45,668

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	80,090	109,681	124,463	148,745
Total Debtors	70,220	73,622	95,277	113,209
Inventories	64,062	74,076	92,552	109,971
Total Other Current Assets	84,661	81,533	101,868	121,042
Total Current Assets	299,033	338,912	414,160	492,968
Fixed Assets	35,135	36,500	39,028	41,533
Total Investments	6,644	7,678	15,120	20,960
Intangible Assets
Total Other Non-Current Assets	9,733	8,467	13,860	17,966
Total Non-current Assets	51,512	52,645	68,008	80,459
Short-term Debt
Current Portion of Long-Term Debt
Total Creditors	33,197	36,937	46,149	54,835
Other Current Liabilities	165,660	176,074	219,990	260,053
Total Current Liabilities	198,857	213,011	266,139	314,888
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	9,637	10,832	12,600	14,972
Total Non-current Liabilities	9,637	10,832	12,600	14,972
Total Provisions	6,232	6,890	8,608	10,229
Total Liabilities	214,725	230,733	287,348	340,088
Shareholders Equity	135,820	160,824	194,820	233,338
Minority Interests
Total Equity	135,820	160,824	194,820	233,338

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	15.2%	14.3%	24.9%	18.8%
Operating EBITDA Growth	22.3%	23.5%	39.7%	12.1%
Operating EBITDA Margin	22.9%	24.8%	27.7%	26.1%
Net Cash Per Share (Rs)	10.96	15.00	17.03	20.35
BVPS (Rs)	18.58	22.00	26.65	31.92
Gross Interest Cover	246.09	653.24	513.40	484.62
Effective Tax Rate	24.5%	24.6%	24.5%	24.5%
Net Dividend Payout Ratio	41.3%	36.4%	38.0%	38.0%
Accounts Receivables Days	135.75	130.15	122.32	127.07
Inventory Days	222.26	238.60	232.01	229.43
Accounts Payables Days	(124.39)	(121.14)	(115.69)	(114.40)
ROIC (%)	56.0%	74.9%	84.6%	81.7%
ROCE (%)	28.5%	30.9%	36.4%	33.9%
Return On Average Assets	8.8%	10.9%	12.6%	11.8%

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg