InCred Equities - Atul Ltd

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue (Rsm)	54,275	46,677	53,678	60,120
Operating EBITDA (Rsm)	7,749	6,897	8,455	9,982
Net Profit (Rsm)	5,028	3,517	4,347	5,490
Core EPS (Rs)	169.4	118.5	146.5	185.0
Core EPS Growth	(15.8%)	(30.0%)	23.6%	26.3%
FD Core P/E (x)	43.00	61.46	49.73	39.38
DPS (Rs)	20.3	14.2	17.6	22.2
Dividend Yield	0.28%	0.20%	0.24%	0.30%
EV/EBITDA (x)	26.81	29.99	24.57	20.52
P/FCFE (x)	126.75	33.13	37.05	57.46
Net Gearing	(4.1%)	(7.4%)	(5.2%)	(10.0%)
P/BV (x)	4.63	4.35	4.04	3.72
ROE	11.1%	7.3%	8.4%	9.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Net Revenues	54,275	46,677	53,678	60,120
Gross Profit	25,635	22,171	25,229	28,256
Operating EBITDA	7,749	6,897	8,455	9,982
Depreciation And Amortisation	(1,978)	(2,502)	(2,948)	(2,948)
Operating EBIT	5,770	4,395	5,507	7,034
Financial Income/(Expense)	(79)	(94)	(95)	(95)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,149	400	400	400
Profit Before Tax (pre-EI)	6,840	4,702	5,812	7,339
Exceptional Items
Pre-tax Profit	6,840	4,702	5,812	7,339
Taxation	(1,812)	(1,185)	(1,464)	(1,849)
Exceptional Income - post-tax
Profit After Tax	5,028	3,517	4,347	5,490
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	5,028	3,517	4,347	5,490
Recurring Net Profit	5,028	3,517	4,347	5,490
Fully Diluted Recurring Net Profit	5,028	3,517	4,347	5,490

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
EBITDA	7,749	6,897	8,455	9,982
Cash Flow from Invt. & Assoc.
Change In Working Capital	271	3,928	(1,053)	(2,098)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(205)
Other Operating Cashflow	1,266	478	493	494
Net Interest (Paid)/Received	(79)	(94)	(95)	(95)
Tax Paid	(1,934)	(1,185)	(1,464)	(1,849)
Cashflow From Operations	7,067	10,025	6,335	6,434
Capex	(8,747)	(8,500)	(6,500)	(2,672)
Disposals Of FAs/subsidiaries	8
Acq. Of Subsidiaries/investments	3,850
Other Investing Cashflow	196
Cash Flow From Investing	(4,694)	(8,500)	(6,500)	(2,672)
Debt Raised/(repaid)	(668)	5,000	6,000
Proceeds From Issue Of Shares		2
Shares Repurchased
Dividends Paid	(961)	(506)	(626)	(790)
Preferred Dividends
Other Financing Cashflow	(946)	(94)	(95)	(95)
Cash Flow From Financing	(2,575)	4,402	5,279	(885)
Total Cash Generated	(202)	5,926	5,114	2,877
Free Cashflow To Equity	1,706	6,525	5,835	3,763
Free Cashflow To Firm	2,452	1,618	(70)	3,858

(Rs mn)	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Total Cash And Equivalents	2,416	9,165	14,283	17,330
Total Debtors	8,446	7,264	8,353	9,356
Inventories	7,894	7,938	9,129	10,225
Total Other Current Assets	2,154	2,154	2,154	2,154
Total Current Assets	20,910	26,521	33,919	39,065
Fixed Assets	27,702	33,700	37,252	36,975
Total Investments	6,946	5,964	5,964	5,964
Intangible Assets	291	291	291	291
Total Other Non-Current Assets	1,831	1,831	1,831	1,831
Total Non-current Assets	36,770	41,787	45,339	45,062
Short-term Debt	183	183	183	183
Current Portion of Long-Term Debt
Total Creditors	5,385	8,175	9,402	9,402
Other Current Liabilities	2,835	2,835	2,835	2,835
Total Current Liabilities	8,402	11,192	12,419	12,419
Total Long-term Debt	287	5,287	11,287	11,287
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	133	133	133	133
Total Non-current Liabilities	420	5,420	11,420	11,420
Total Provisions	1,663	1,663	1,663	1,663
Total Liabilities	10,486	18,276	25,503	25,503
Shareholders Equity	46,714	49,726	53,446	58,144
Minority Interests	480	306	309	480
Total Equity	47,194	50,032	53,755	58,624

	Mar-23A	Mar-24F	Mar-25F	Mar-26F
Revenue Growth	6.8%	(14.0%)	15.0%	12.0%
Operating EBITDA Growth	(15.0%)	(11.0%)	22.6%	18.1%
Operating EBITDA Margin	14.3%	14.8%	15.8%	16.6%
Net Cash Per Share (Rs)	65.57	124.51	94.77	197.46
BVPS (Rs)	1,573.92	1,675.40	1,800.73	1,959.02
Gross Interest Cover	73.04	47.01	57.97	74.04
Effective Tax Rate	26.5%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	12.0%	12.0%	12.0%	12.0%
Accounts Receivables Days	61.66	61.42	53.10	53.76
Inventory Days	105.36	117.91	109.49	110.85
Accounts Payables Days	74.76	100.99	112.75	107.70
ROIC (%)	12.6%	8.2%	9.8%	11.2%
ROCE (%)	12.0%	8.3%	8.9%	10.2%
Return On Average Assets	8.9%	5.7%	6.0%	6.8%

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

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

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Market Data

Source: Bloomberg