InCred Equities - KEI Industries

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	81,101	94,983	111,542	131,191
Operating EBITDA (Rsm)	8,540	9,772	12,148	14,429
Net Profit (Rsm)	5,808	6,896	8,498	10,297
Core EPS (Rs)	64.4	76.4	94.2	114.1
Core EPS Growth	21.6%	18.6%	23.2%	21.2%
FD Core P/E (x)	59.65	50.28	40.80	33.67
DPS (Rs)	3.1	3.2	3.3	3.4
Dividend Yield	0.08%	0.08%	0.09%	0.09%
EV/EBITDA (x)	39.91	34.94	27.92	23.17
P/FCFE (x)	130.67	8,982.89	131.68	82.12
Net Gearing	(18.0%)	(14.0%)	(16.3%)	(22.0%)
P/BV (x)	11.00	9.10	7.49	6.16
ROE	20.3%	19.8%	20.1%	20.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	81,101	94,983	111,542	131,191
Gross Profit	20,328	23,291	28,640	34,406
Operating EBITDA	8,540	9,772	12,148	14,429
Depreciation And Amortisation	(673)	(660)	(980)	(1,132)
Operating EBIT	7,867	9,112	11,167	13,297
Financial Income/(Expense)	(275)	(266)	(284)	(81)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	221	416	478	550
Profit Before Tax (pre-EI)	7,813	9,261	11,361	13,766
Exceptional Items	(2)
Pre-tax Profit	7,811	9,261	11,361	13,766
Taxation	(2,002)	(2,365)	(2,863)	(3,469)
Exceptional Income - post-tax
Profit After Tax	5,808	6,896	8,498	10,297
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	5,808	6,896	8,498	10,297
Recurring Net Profit	5,810	6,896	8,498	10,297
Fully Diluted Recurring Net Profit	5,810	6,896	8,498	10,297

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	8,540	9,772	12,148	14,429
Cash Flow from Invt. & Assoc.
Change In Working Capital	(689)	(3,210)	(3,771)	(4,419)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	97	149	193	468
Net Interest (Paid)/Received	273	266	284	81
Tax Paid	(2,045)	(2,365)	(2,863)	(3,469)
Cashflow From Operations	6,176	4,612	5,992	7,091
Capex	(4,000)	(4,265)	(3,100)	(1,750)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	265	(1,100)	(1,100)	(1,100)
Other Investing Cashflow	209	291	341	481
Cash Flow From Investing	(3,526)	(5,074)	(3,859)	(2,369)
Debt Raised/(repaid)	0	500	500	(500)
Proceeds From Issue Of Shares	11
Shares Repurchased
Dividends Paid	(281)	(290)	(299)	(308)
Preferred Dividends
Other Financing Cashflow	(412)	(558)	(625)	(563)
Cash Flow From Financing	(682)	(347)	(424)	(1,370)
Total Cash Generated	1,968	(809)	1,709	3,352
Free Cashflow To Equity	2,650	39	2,633	4,222
Free Cashflow To Firm	2,167	(1,019)	1,508	4,160

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	7,004	7,181	9,871	14,197
Total Debtors	15,179	17,777	20,876	24,553
Inventories	13,427	15,726	18,467	21,721
Total Other Current Assets	1,365	1,598	1,877	2,207
Total Current Assets	36,974	42,282	51,091	62,679
Fixed Assets	5,427	8,742	11,361	12,729
Total Investments	16	16	16	16
Intangible Assets
Total Other Non-Current Assets	4,147	4,852	4,771	4,447
Total Non-current Assets	9,590	13,609	16,148	17,192
Short-term Debt	1,342	1,342	1,342	1,342
Current Portion of Long-Term Debt
Total Creditors	2,892	3,387	3,977	4,678
Other Current Liabilities	10,079	11,805	13,862	16,305
Total Current Liabilities	14,313	16,534	19,182	22,325
Total Long-term Debt		500	1,000	500
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	495	495	495	495
Total Non-current Liabilities	495	995	1,495	995
Total Provisions	273	273	273	273
Total Liabilities	15,082	17,802	20,950	23,593
Shareholders Equity	31,483	38,089	46,288	56,277
Minority Interests
Total Equity	31,483	38,089	46,288	56,277

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	17.3%	17.1%	17.4%	17.6%
Operating EBITDA Growth	20.9%	14.4%	24.3%	18.8%
Operating EBITDA Margin	10.5%	10.3%	10.9%	11.0%
Net Cash Per Share (Rs)	62.78	59.16	83.43	136.91
BVPS (Rs)	349.14	422.08	512.95	623.64
Gross Interest Cover	16.27	16.34	17.85	23.63
Effective Tax Rate	25.6%	25.5%	25.2%	25.2%
Net Dividend Payout Ratio	3.6%	3.1%	2.6%	2.2%
Accounts Receivables Days	65.39	63.32	63.24	63.20
Inventory Days	73.42	74.21	75.27	75.78
Accounts Payables Days	15.71	15.98	16.21	16.32
ROIC (%)	35.0%	34.3%	33.3%	33.7%
ROCE (%)	26.6%	25.7%	25.8%	25.7%
Return On Average Assets	19.2%	18.6%	18.9%	18.8%

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

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg