InCred Equities - UltraTech Cement Ltd

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	709,081	759,551	895,294	990,757
Operating EBITDA (Rsm)	129,686	125,575	170,798	215,066
Net Profit (Rsm)	70,050	60,391	84,280	116,043
Core EPS (Rs)	244.5	211.6	292.0	402.0
Core EPS Growth	39.4%	(13.4%)	38.0%	37.7%
FD Core P/E (x)	46.38	53.79	38.54	27.99
DPS (Rs)	70.0	77.5	73.0	100.5
Dividend Yield	0.75%	0.83%	0.65%
EV/EBITDA (x)	25.37	27.60	20.37	16.07
P/FCFE (x)	146.72	117.05	180.58	58.84
Net Gearing	6.7%	25.0%	24.9%	20.0%
P/BV (x)	5.39	4.59	4.24	3.83
ROE	12.3%	9.3%	11.4%	14.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	709,081	759,551	895,294	990,757
Gross Profit	709,081	759,551	895,294	990,757
Operating EBITDA	129,686	125,575	170,798	215,066
Depreciation And Amortisation	(31,453)	(40,150)	(44,967)	(50,364)
Operating EBIT	98,233	85,425	125,830	164,702
Financial Income/(Expense)	(9,680)	(16,505)	(19,476)	(15,581)
Pretax Income/(Loss) from Assoc.	220	(199)	(199)	(199)
Non-Operating Income/(Expense)	6,170	7,442	7,814	7,970
Profit Before Tax (pre-EI)	94,942	76,162	113,969	156,892
Exceptional Items	(720)	(881)
Pre-tax Profit	94,222	75,281	113,969	156,892
Taxation	(24,183)	(14,885)	(29,684)	(40,844)
Exceptional Income - post-tax
Profit After Tax	70,040	60,396	84,285	116,048
Minority Interests	10	(5)	(5)	(5)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	70,050	60,391	84,280	116,043
Recurring Net Profit	70,585	61,098	84,280	116,043
Fully Diluted Recurring Net Profit	70,585	61,098	84,280	116,043

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	129,686	125,575	170,798	215,066
Cash Flow from Invt. & Assoc.
Change In Working Capital	(4,811)	(6,711)	(292)	3,758
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	6,170	7,442	7,814	7,970
Other Operating Cashflow	4,116	9,941	9,941	9,941
Net Interest (Paid)/Received	(9,680)	(16,505)	(19,476)	(15,581)
Tax Paid	(16,505)	(13,006)	(29,684)	(40,844)
Cashflow From Operations	108,975	106,734	139,100	180,310
Capex	(88,841)	(89,506)	(88,144)	(72,748)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	959	(75,538)	(28,967)	(40,364)
Cash Flow From Investing	(87,881)	(165,045)	(117,112)	(113,112)
Debt Raised/(repaid)	1,047	86,064	(4,000)	(12,000)
Proceeds From Issue Of Shares	(825)	(670)	(4,115)	(34,753)
Shares Repurchased
Dividends Paid	(24,351)	(26,960)	(25,389)	(34,958)
Preferred Dividends
Other Financing Cashflow	4,872	(7,676)	(5,826)	24,813
Cash Flow From Financing	(19,257)	50,758	(39,330)	(56,898)
Total Cash Generated	1,838	(7,553)	(17,341)	10,299
Free Cashflow To Equity	22,141	27,754	17,989	55,198
Free Cashflow To Firm	30,774	(41,805)	41,465	82,779

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	62,680	45,324	27,983	38,282
Total Debtors	42,782	58,903	61,322	67,860
Inventories	83,297	95,630	103,020	111,291
Total Other Current Assets	42,825	37,516	42,974	47,556
Total Current Assets	231,584	237,372	235,298	264,989
Fixed Assets	565,321	868,824	955,969	1,027,717
Total Investments	27,642	22,974	22,974	22,974
Intangible Assets	131,567	168,427	152,427	142,427
Total Other Non-Current Assets	51,907	39,374	40,374	41,374
Total Non-current Assets	776,436	1,099,600	1,171,744	1,234,492
Short-term Debt	49,906	72,502	72,502	72,502
Current Portion of Long-Term Debt
Total Creditors	84,783	93,275	96,017	101,029
Other Current Liabilities	134,370	157,873	170,106	188,244
Total Current Liabilities	269,060	323,650	338,626	361,775
Total Long-term Debt	53,078	157,808	153,808	141,808
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	83,049	116,581	116,581	116,581
Total Non-current Liabilities	136,126	274,388	270,388	258,388
Total Provisions
Total Liabilities	405,186	598,038	609,014	620,163
Shareholders Equity	602,275	707,062	766,157	847,447
Minority Interests	559	31,872	31,872	31,872
Total Equity	602,834	738,934	798,029	879,318

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	12.1%	7.1%	17.9%	10.7%
Operating EBITDA Growth	22.1%	(3.2%)	36.0%	25.9%
Operating EBITDA Margin	18.3%	16.5%	19.1%	21.7%
Net Cash Per Share (Rs)	(139.61)	(640.78)	(687.11)	(609.85)
BVPS (Rs)	2,086.23	2,449.21	2,654.37	2,936.00
Gross Interest Cover	10.15	5.18	6.46	10.57
Effective Tax Rate	25.7%	19.8%	26.0%	26.0%
Net Dividend Payout Ratio	34.4%	44.0%	25.0%
Accounts Receivables Days	20.96	24.43	24.51	23.80
Inventory Days	(38.46)	(42.99)	(40.49)	(39.48)
Accounts Payables Days	49.41	51.26	47.68	46.36
ROIC (%)	14.1%	8.4%	11.5%	14.3%
ROCE (%)	14.6%	10.2%	12.6%	15.6%
Return On Average Assets	8.4%	6.6%	7.6%	9.1%

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

(91) 2241611558 saurabh.singh@incredresearch.com

(91) 22 4161 1561 rohan.kalle@incredresearch.com

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Market Data

Source: Bloomberg