InCred Equities - Vinati Organics

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	19,000	22,799	26,675	31,210
Operating EBITDA (Rsm)	4,701	6,216	7,498	8,873
Net Profit (Rsm)	3,234	4,356	5,260	6,235
Core EPS (Rs)	31.2	42.0	50.7	60.1
Core EPS Growth	(30.0%)	34.7%	20.7%	18.5%
FD Core P/E (x)	56.85	42.21	34.95	29.49
DPS (Rs)	7.1	9.6	11.6	13.8
Dividend Yield	0.40%	0.54%	0.66%	0.78%
EV/EBITDA (x)	38.98	29.50	24.28	20.29
P/FCFE (x)	(714.21)	(440.46)	72.38	53.60
Net Gearing	(2.5%)	(1.8%)	(5.8%)	(10.4%)
P/BV (x)	7.43	6.57	5.74	4.99
ROE	13.8%	16.5%	17.5%	18.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	19,000	22,799	26,675	31,210
Gross Profit	19,000	22,799	26,675	31,210
Operating EBITDA	4,701	6,216	7,498	8,873
Depreciation And Amortisation	(728)	(931)	(1,062)	(1,194)
Operating EBIT	3,973	5,285	6,435	7,679
Financial Income/(Expense)	(36)	(4)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	388	544	599	659
Profit Before Tax (pre-EI)	4,325	5,825	7,034	8,337
Exceptional Items
Pre-tax Profit	4,325	5,825	7,034	8,337
Taxation	(1,091)	(1,469)	(1,774)	(2,103)
Exceptional Income - post-tax
Profit After Tax	3,234	4,356	5,260	6,235
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,234	4,356	5,260	6,235
Recurring Net Profit	3,234	4,356	5,260	6,235
Fully Diluted Recurring Net Profit	3,234	4,356	5,260	6,235

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	4,701	6,216	7,498	8,873
Cash Flow from Invt. & Assoc.
Change In Working Capital	(684)	(841)	(1,282)	(1,499)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(152)	(178)
Other Operating Cashflow	(1,319)	(2,390)	(2,949)	(3,547)
Net Interest (Paid)/Received	(36)	(4)
Tax Paid	871	1,469	1,774	2,103
Cashflow From Operations	3,382	4,272	5,040	5,930
Capex	(2,436)	(5,500)	(2,500)	(2,500)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(1,098)	858
Cash Flow From Investing	(3,534)	(4,642)	(2,500)	(2,500)
Debt Raised/(repaid)	(104)	(46)
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(723)	(997)	(1,204)	(1,428)
Preferred Dividends
Other Financing Cashflow	(238)	(4)
Cash Flow From Financing	(1,064)	(1,048)	(1,204)	(1,428)
Total Cash Generated	(1,216)	(1,418)	1,336	2,003
Free Cashflow To Equity	(256)	(417)	2,540	3,430
Free Cashflow To Firm	(116)	(366)	2,540	3,430

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	670	513	1,849	3,851
Total Debtors	5,296	6,355	7,436	8,700
Inventories	1,984	2,381	2,786	3,260
Total Other Current Assets	2,280	1,292	1,305	1,318
Total Current Assets	10,231	10,541	13,375	17,129
Fixed Assets	15,751	20,325	21,763	23,069
Total Investments	2,124
Intangible Assets
Total Other Non-Current Assets	162	162	162	162
Total Non-current Assets	18,037	20,487	21,925	23,231
Short-term Debt	46
Current Portion of Long-Term Debt
Total Creditors	1,007	1,208	1,413	1,653
Other Current Liabilities	997	423	433	445
Total Current Liabilities	2,050	1,631	1,846	2,099
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	239	60	60	60
Total Non-current Liabilities	239	60	60	60
Total Provisions	1,335	1,335	1,335	1,335
Total Liabilities	3,624	3,026	3,242	3,494
Shareholders Equity	24,644	28,003	32,058	36,865
Minority Interests
Total Equity	24,644	28,003	32,058	36,865

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(8.9%)	20.0%	17.0%	17.0%
Operating EBITDA Growth	(21.0%)	32.2%	20.6%	18.3%
Operating EBITDA Margin	24.7%	27.3%	28.1%	28.4%
Net Cash Per Share (Rs)	6.04	4.95	17.83	37.15
BVPS (Rs)	238.74	270.12	309.25	355.62
Gross Interest Cover	109.42	1,273.14
Effective Tax Rate	25.2%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	22.9%	22.9%	22.9%	22.9%
Accounts Receivables Days	95.98	93.27	94.35	94.35
Inventory Days
Accounts Payables Days
ROIC (%)	16.9%	18.3%	20.4%	22.3%
ROCE (%)	16.1%	19.1%	20.5%	21.5%
Return On Average Assets	12.2%	14.7%	15.9%	16.5%

(91) 22 4161 1562 satish.kumar@incredresearch.com

(91) 22 4161 1598 abbas.punjani@incredresearch.com

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Market Data

Source: Bloomberg