InCred Equities - Atul Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	47,257	55,763	64,685	73,741
Operating EBITDA (Rsm)	6,367	9,189	10,989	12,208
Net Profit (Rsm)	3,144	4,829	6,014	6,655
Core EPS (Rs)	105.9	162.7	202.6	224.2
Core EPS Growth	(37.5%)	53.6%	24.5%	10.7%
FD Core P/E (x)	55.01	35.81	28.76	25.99
DPS (Rs)	12.7	19.5	24.3	26.9
Dividend Yield	0.22%	0.34%	0.42%	0.46%
EV/EBITDA (x)	25.30	17.46	14.42	12.75
P/FCFE (x)	102.31	117.76	56.54	44.47
Net Gearing	(5.2%)	(6.0%)	(8.7%)	(12.2%)
P/BV (x)	3.38	3.13	2.86	2.62
ROE	6.4%	9.1%	10.4%	10.5%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	47,257	55,763	64,685	73,741
Gross Profit	22,151	28,439	32,989	37,608
Operating EBITDA	6,367	9,189	10,989	12,208
Depreciation And Amortisation	(2,429)	(3,075)	(3,436)	(3,798)
Operating EBIT	3,938	6,114	7,553	8,410
Financial Income/(Expense)	(111)	(240)	(95)	(95)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	582	582	582	582
Profit Before Tax (pre-EI)	4,409	6,456	8,040	8,897
Exceptional Items
Pre-tax Profit	4,409	6,456	8,040	8,897
Taxation	(1,265)	(1,627)	(2,026)	(2,242)
Exceptional Income - post-tax
Profit After Tax	3,144	4,829	6,014	6,655
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,144	4,829	6,014	6,655
Recurring Net Profit	3,144	4,829	6,014	6,655
Fully Diluted Recurring Net Profit	3,144	4,829	6,014	6,655

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	6,367	9,189	10,989	12,208
Cash Flow from Invt. & Assoc.
Change In Working Capital	1,110	(1,739)	(1,824)	(1,851)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	(408)
Other Operating Cashflow	790	693	822	677
Net Interest (Paid)/Received	(111)	(240)	(95)	(95)
Tax Paid	(1,073)	(1,627)	(2,026)	(2,242)
Cashflow From Operations	6,675	6,276	7,866	8,697
Capex	(5,039)	(4,808)	(4,808)	(4,808)
Disposals Of FAs/subsidiaries	4
Acq. Of Subsidiaries/investments	(1,922)
Other Investing Cashflow	125
Cash Flow From Investing	(6,832)	(4,808)	(4,808)	(4,808)
Debt Raised/(repaid)	1,848
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(738)	(695)	(866)	(958)
Preferred Dividends
Other Financing Cashflow	(735)	(111)	(240)	(95)
Cash Flow From Financing	375	(806)	(1,106)	(1,053)
Total Cash Generated	218	662	1,953	2,836
Free Cashflow To Equity	1,691	1,469	3,059	3,889
Free Cashflow To Firm	(47)	1,709	3,154	3,984

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	4,987	5,649	7,602	10,438
Total Debtors	9,270	10,939	12,689	14,466
Inventories	6,183	7,295	8,463	9,648
Total Other Current Assets	2,316	2,316	2,316	2,316
Total Current Assets	22,756	26,200	31,071	36,868
Fixed Assets	30,406	32,138	33,509	34,519
Total Investments	9,689	9,689	9,689	9,689
Intangible Assets	291	291	291	291
Total Other Non-Current Assets	1,621	1,621	1,621	1,621
Total Non-current Assets	42,007	43,739	45,110	46,120
Short-term Debt	226	226	226	226
Current Portion of Long-Term Debt
Total Creditors	5,793	6,836	7,930	9,040
Other Current Liabilities	2,866	2,866	2,866	2,866
Total Current Liabilities	8,884	9,927	11,021	12,131
Total Long-term Debt	2,093	2,093	2,093	2,093
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	99	99	99	99
Total Non-current Liabilities	2,192	2,192	2,192	2,192
Total Provisions	2,053	2,053	2,053	2,053
Total Liabilities	13,129	14,172	15,265	16,376
Shareholders Equity	51,143	55,277	60,425	66,122
Minority Interests	491	491	491	491
Total Equity	51,634	55,768	60,915	66,612

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(12.9%)	18.0%	16.0%	14.0%
Operating EBITDA Growth	(17.8%)	44.3%	19.6%	11.1%
Operating EBITDA Margin	13.5%	16.5%	17.0%	16.6%
Net Cash Per Share (Rs)	89.91	112.23	178.03	273.58
BVPS (Rs)	1,723.16	1,862.44	2,035.88	2,227.82
Gross Interest Cover	35.54	25.48	79.51	88.53
Effective Tax Rate	28.7%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	12.0%	12.0%	12.0%	12.0%
Accounts Receivables Days	68.42	66.14	66.66	67.21
Inventory Days	102.32	90.02	90.73	91.47
Accounts Payables Days	81.26	84.35	85.02	85.71
ROIC (%)	7.0%	11.0%	12.6%	13.1%
ROCE (%)	7.5%	10.6%	12.1%	12.4%
Return On Average Assets	5.3%	7.4%	8.3%	8.5%

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

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

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Market Data

Source: Bloomberg