InCred Equities - Anupam Rasayan India Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	14,751	13,571	16,285	17,913
Operating EBITDA (Rsm)	3,807	2,998	3,963	4,359
Net Profit (Rsm)	1,674	1,272	1,620	1,916
Core EPS (Rs)	16.8	12.7	16.2	19.2
Core EPS Growth	(22.8%)	(24.0%)	27.3%	18.3%
FD Core P/E (x)	44.74	58.90	46.26	39.10
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	21.97	28.92	21.78	19.44
P/FCFE (x)	(67.42)	(48.46)	58.73	30.34
Net Gearing	24.0%	33.0%	30.2%	23.9%
P/BV (x)	2.71	2.59	2.46	2.31
ROE	6.5%	4.5%	5.5%	6.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	14,751	13,571	16,285	17,913
Gross Profit	8,607	8,278	9,771	10,748
Operating EBITDA	3,807	2,998	3,963	4,359
Depreciation And Amortisation	(797)	(800)	(1,200)	(1,200)
Operating EBIT	3,010	2,198	2,763	3,159
Financial Income/(Expense)	(592)	(498)	(598)	(598)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	2,418	1,700	2,165	2,561
Exceptional Items
Pre-tax Profit	2,418	1,700	2,165	2,561
Taxation	(743)	(428)	(546)	(645)
Exceptional Income - post-tax
Profit After Tax	1,674	1,272	1,620	1,916
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,674	1,272	1,620	1,916
Recurring Net Profit	1,674	1,272	1,620	1,916
Fully Diluted Recurring Net Profit	1,674	1,272	1,620	1,916

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	3,807	2,998	3,963	4,359
Cash Flow from Invt. & Assoc.
Change In Working Capital	(3,035)	976	(2,244)	(1,346)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	1,185	1,102	1,202	1,202
Net Interest (Paid)/Received	(894)	(800)	(900)	(900)
Tax Paid	(472)	(428)	(546)	(645)
Cashflow From Operations	590	3,847	1,476	2,670
Capex	(7,160)	(6,094)	(200)	(200)
Disposals Of FAs/subsidiaries	129
Acq. Of Subsidiaries/investments
Other Investing Cashflow	3,110
Cash Flow From Investing	(3,921)	(6,094)	(200)	(200)
Debt Raised/(repaid)	2,220	700
Proceeds From Issue Of Shares	1,894
Shares Repurchased
Dividends Paid	(263)
Preferred Dividends
Other Financing Cashflow	101	(800)	(900)	(900)
Cash Flow From Financing	3,951	(100)	(900)	(900)
Total Cash Generated	620	(2,346)	376	1,570
Free Cashflow To Equity	(1,111)	(1,546)	1,276	2,470
Free Cashflow To Firm	(2,436)	(1,446)	2,176	3,370

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	3,150	804	1,179	2,749
Total Debtors	5,794	5,330	6,396	7,036
Inventories	10,553	9,709	11,651	12,816
Total Other Current Assets	2,769	2,769	2,769	2,769
Total Current Assets	22,266	18,612	21,996	25,370
Fixed Assets	15,160	19,654	17,454	15,254
Total Investments	14	14	14	14
Intangible Assets	1,232	1,232	1,232	1,232
Total Other Non-Current Assets	2,600	2,600	2,600	2,600
Total Non-current Assets	19,007	23,501	21,301	19,101
Short-term Debt	8,216	8,216	8,216	8,216
Current Portion of Long-Term Debt
Total Creditors	4,152	3,820	4,584	5,042
Other Current Liabilities	725	725	725	725
Total Current Liabilities	13,093	12,760	13,524	13,983
Total Long-term Debt	1,980	2,680	2,680	2,680
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	399	399	399	399
Total Non-current Liabilities	2,379	3,079	3,079	3,079
Total Provisions	1,238	1,238	1,238	1,238
Total Liabilities	16,710	17,078	17,842	18,300
Shareholders Equity	27,610	28,882	30,502	32,418
Minority Interests	1,696	1,696	1,696	1,696
Total Equity	29,307	30,578	32,198	34,114

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(7.9%)	(8.0%)	20.0%	10.0%
Operating EBITDA Growth	(11.8%)	(21.2%)	32.2%	10.0%
Operating EBITDA Margin	25.8%	22.1%	24.3%	24.3%
Net Cash Per Share (Rs)	(70.52)	(101.01)	(97.25)	(81.54)
BVPS (Rs)	276.32	289.05	305.26	324.43
Gross Interest Cover	3.37	2.75	3.07	3.51
Effective Tax Rate	30.7%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio
Accounts Receivables Days	123.04	149.60	131.42	136.85
Inventory Days	590.16	698.69	598.44	623.16
Accounts Payables Days	219.15	274.88	235.44	245.17
ROIC (%)	12.7%	6.6%	7.5%	8.6%
ROCE (%)	8.1%	5.3%	6.4%	7.0%
Return On Average Assets	6.0%	4.2%	5.2%	5.7%

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

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

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Market Data

Source: Bloomberg