InCred Equities - Finolex Cables

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	50,144	53,845	61,061	68,409
Operating EBITDA (Rsm)	5,882	6,182	6,939	7,979
Net Profit (Rsm)	6,517	6,875	7,826	8,865
Core EPS (Rs)	42.0	45.0	51.2	58.0
Core EPS Growth	27.4%	7.1%	13.8%	13.3%
FD Core P/E (x)	26.24	24.87	21.85	19.29
DPS (Rs)	7.0	7.5	8.6	9.7
Dividend Yield	0.63%	0.67%	0.77%	0.87%
EV/EBITDA (x)	24.83	23.32	20.50	17.61
P/FCFE (x)	127.53	622.41	105.43	124.30
Net Gearing	(50.4%)	(48.6%)	(46.6%)	(44.2%)
P/BV (x)	3.46	3.10	2.77	2.48
ROE	13.8%	13.1%	13.4%	13.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	50,144	53,845	61,061	68,409
Gross Profit	10,661	10,480	12,151	13,819
Operating EBITDA	5,882	6,182	6,939	7,979
Depreciation And Amortisation	(439)	(535)	(728)	(895)
Operating EBIT	5,444	5,647	6,211	7,084
Financial Income/(Expense)	412	(17)	833	903
Pretax Income/(Loss) from Assoc.	1,461	1,674	1,840	2,127
Non-Operating Income/(Expense)	1,195	1,722	1,550	1,705
Profit Before Tax (pre-EI)	8,512	9,027	10,434	11,820
Exceptional Items	126
Pre-tax Profit	8,638	9,027	10,434	11,820
Taxation	(2,121)	(2,152)	(2,609)	(2,955)
Exceptional Income - post-tax
Profit After Tax	6,517	6,875	7,826	8,865
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	6,517	6,875	7,826	8,865
Recurring Net Profit	6,422	6,875	7,826	8,865
Fully Diluted Recurring Net Profit	6,422	6,875	7,826	8,865

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	5,882	6,182	6,939	7,979
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,402	(1,302)	(1,933)	(4,027)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	508	3,380	4,223	4,735
Net Interest (Paid)/Received	(422)	17	(833)	(903)
Tax Paid	(1,601)	(2,152)	(2,609)	(2,955)
Cashflow From Operations	5,769	6,125	5,787	4,830
Capex	(2,186)	(4,850)	(4,030)	(3,389)
Disposals Of FAs/subsidiaries	0
Acq. Of Subsidiaries/investments	(3,073)	(1,000)	(1,000)	(1,000)
Other Investing Cashflow	863		865	935
Cash Flow From Investing	(4,396)	(5,850)	(4,165)	(3,454)
Debt Raised/(repaid)	(33)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,070)	(1,151)	(1,310)	(1,484)
Preferred Dividends
Other Financing Cashflow	(14)	(17)	(32)	(32)
Cash Flow From Financing	(1,117)	(1,168)	(1,342)	(1,516)
Total Cash Generated	257	(893)	280	(140)
Free Cashflow To Equity	1,341	275	1,622	1,376
Free Cashflow To Firm	1,353	258	1,590	1,344

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	24,936	26,811	28,765	30,513
Total Debtors	1,775	2,065	2,509	3,374
Inventories	5,763	6,638	7,863	10,308
Total Other Current Assets	5,168	5,549	6,293	7,497
Total Current Assets	37,642	41,064	45,429	51,691
Fixed Assets	4,291	10,032	13,334	15,828
Total Investments	11,939	11,939	11,939	11,939
Intangible Assets	12	12	12	12
Total Other Non-Current Assets	2,480	1,055	1,055	1,055
Total Non-current Assets	18,722	23,037	26,339	28,833
Short-term Debt	1	1	1	1
Current Portion of Long-Term Debt
Total Creditors	2,342	2,515	2,852	3,195
Other Current Liabilities	985	1,057	1,199	1,343
Total Current Liabilities	3,327	3,573	4,052	4,539
Total Long-term Debt	8	8	8	8
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	290	290	290	290
Total Non-current Liabilities	298	298	298	298
Total Provisions	3,268	3,268	3,268	3,268
Total Liabilities	6,893	7,139	7,617	8,105
Shareholders Equity	49,459	55,183	61,698	69,078
Minority Interests
Total Equity	49,459	55,183	61,698	69,078

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	11.9%	7.4%	13.4%	12.0%
Operating EBITDA Growth	15.5%	5.1%	12.2%	15.0%
Operating EBITDA Margin	11.7%	11.5%	11.4%	11.7%
Net Cash Per Share (Rs)	162.99	175.25	188.02	199.45
BVPS (Rs)	323.39	360.81	403.41	451.67
Gross Interest Cover	268.16	340.65	196.44	224.06
Effective Tax Rate	24.6%	23.8%	25.0%	25.0%
Net Dividend Payout Ratio	12.6%	12.8%	12.6%	12.6%
Accounts Receivables Days	14.38	13.02	13.67	15.69
Inventory Days	57.82	52.19	54.11	60.75
Accounts Payables Days	20.47	20.44	20.03	20.22
ROIC (%)	46.3%	34.9%	28.5%	26.2%
ROCE (%)	11.9%	10.2%	11.5%	11.7%
Return On Average Assets	15.3%	15.0%	14.1%	14.3%

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

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg