InCred Equities - Orient Electric

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	28,121	31,629	35,699	40,442
Operating EBITDA (Rsm)	1,443	2,158	2,966	3,455
Net Profit (Rsm)	753	947	1,432	1,753
Core EPS (Rs)	2.9	3.8	6.7	8.2
Core EPS Growth	(20.2%)	31.6%	78.9%	22.4%
FD Core P/E (x)	64.13	51.09	33.79	27.60
DPS (Rs)	1.5	1.8	2.5	3.0
Dividend Yield	0.66%	0.77%	1.10%	1.32%
EV/EBITDA (x)	33.13	22.02	15.77	13.27
P/FCFE (x)	(77.39)	94.20	46.28	35.89
Net Gearing	(7.1%)	(12.6%)	(20.5%)	(28.4%)
P/BV (x)	7.55	6.95	6.16	5.39
ROE	9.9%	12.0%	19.3%	20.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	28,121	31,629	35,699	40,442
Gross Profit	8,551	10,223	11,424	12,892
Operating EBITDA	1,443	2,158	2,966	3,455
Depreciation And Amortisation	(590)	(958)	(898)	(981)
Operating EBIT	853	1,200	2,068	2,474
Financial Income/(Expense)	(160)	(195)	(175)	(156)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	82	14	17	20
Profit Before Tax (pre-EI)	776	1,018	1,909	2,338
Exceptional Items	187	187
Pre-tax Profit	963	1,205	1,909	2,338
Taxation	(210)	(258)	(477)	(584)
Exceptional Income - post-tax
Profit After Tax	753	947	1,432	1,753
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	753	947	1,432	1,753
Recurring Net Profit	607	800	1,432	1,753
Fully Diluted Recurring Net Profit	607	800	1,432	1,753

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	1,443	2,158	2,966	3,455
Cash Flow from Invt. & Assoc.
Change In Working Capital	(443)	(227)	(264)	(307)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	206	(263)	(462)	(480)
Net Interest (Paid)/Received	33	195	175	156
Tax Paid	(57)	(258)	(477)	(584)
Cashflow From Operations	1,183	1,604	1,938	2,239
Capex	(1,400)	(675)	(493)	(512)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(376)	(500)	(500)	(500)
Other Investing Cashflow	70	84	101	121
Cash Flow From Investing	(1,705)	(1,091)	(892)	(891)
Debt Raised/(repaid)	(100)
Proceeds From Issue Of Shares	1
Shares Repurchased
Dividends Paid	(320)	(373)	(534)	(640)
Preferred Dividends
Other Financing Cashflow	(37)	(279)	(276)	(277)
Cash Flow From Financing	(457)	(653)	(809)	(917)
Total Cash Generated	(980)	(140)	236	431
Free Cashflow To Equity	(623)	513	1,046	1,348
Free Cashflow To Firm	(629)	234	770	1,071

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	663	1,087	1,823	2,754
Total Debtors	4,620	5,196	5,865	6,644
Inventories	3,151	3,544	4,000	4,531
Total Other Current Assets	761	856	966	1,094
Total Current Assets	9,194	10,682	12,653	15,023
Fixed Assets	1,537	3,652	3,550	3,425
Total Investments
Intangible Assets
Total Other Non-Current Assets	3,778	1,585	1,585	1,585
Total Non-current Assets	5,316	5,237	5,135	5,010
Short-term Debt	209	209	209	209
Current Portion of Long-Term Debt
Total Creditors	5,439	6,118	6,905	7,822
Other Current Liabilities	1,269	1,427	1,611	1,825
Total Current Liabilities	6,917	7,754	8,725	9,856
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,202	1,202	1,202	1,202
Total Non-current Liabilities	1,202	1,202	1,202	1,202
Total Provisions
Total Liabilities	8,119	8,956	9,927	11,058
Shareholders Equity	6,389	6,963	7,862	8,975
Minority Interests
Total Equity	6,389	6,963	7,862	8,975

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	11.2%	12.5%	12.9%	13.3%
Operating EBITDA Growth	(4.4%)	49.5%	37.5%	16.5%
Operating EBITDA Margin	5.1%	6.8%	8.3%	8.5%
Net Cash Per Share (Rs)	2.14	4.11	7.57	11.93
BVPS (Rs)	30.03	32.63	36.85	42.06
Gross Interest Cover	3.67	4.30	7.49	8.93
Effective Tax Rate	21.8%	21.4%	25.0%	25.0%
Net Dividend Payout Ratio	41.3%	36.7%	27.9%	27.4%
Accounts Receivables Days	53.08	56.64	56.54	56.44
Inventory Days	55.93	57.07	56.71	56.51
Accounts Payables Days	92.96	98.53	97.90	97.55
ROIC (%)	15.6%	16.8%	28.4%	33.2%
ROCE (%)	14.8%	18.6%	28.5%	30.1%
Return On Average Assets	6.9%	8.0%	12.4%	13.2%

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

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg